Mumbai: In-cinema advertising platform UFO Moviez reported its first quarter results for the financial year 2023. The company reported revenue of Rs 90.6 crore versus Rs 28.2 crore in the corresponding quarter last year. It saw a loss of Rs 2.5 crore versus Rs 26.7 crore in Q1 FY22.

The company reported earnings before interest, tax, depreciation and amortisation (Ebitda) of Rs 9.8 crore compared to Rs 18.1 crore year-on-year.

While theatrical revenues are increasing due to the consistent and uninterrupted release of films by both the Hindi and regional film industries, advertisement revenues are slowly recovering due to lower government advertising spending. The corporate advertising segment has, however, shown a significant recovery.

"The steady release of movies has resulted in a fuller resumption of operations and a revival in revenues," said UFO Moviez executive director and group CEO Rajesh Mishra. "The success of big budget movies in April'22 and May'22, provided an impetus to all revenue streams, especially the corporate advertisement revenue that has seen a substantial recovery. Whereas, the lag in government advertising spending continued to put pressure on the overall advertisement revenue. We have already turned Ebitda positive and we expect this upward trend to continue. Meanwhile, the increasing appetite of audiences to consume movies in different languages and genres will continue to benefit our theatrical revenues.