Dear Shareholders,
Financial year 2024 turned out to be a year of growth and rejuvenation.
Building on the momentum from last year, the company navigated through an evolving market
landscape with resilience and strategic foresight.
The year commenced on a positive note with a notable uptick in
advertisement revenue during the first half, driven by successful releases across various
languages and genres. Despite some underperforming titles and rescheduled releases, the
widespread success of Hindi movies and regional hits underscored the resilience of the
theatrical business. This also highlighted the growing confidence of advertisers in cinema
as a potent advertising platform.
The third quarter of FY24 continued a positive trend, defying the
initial challenges posed by the Cricket World Cup. Although the quarter began
with subdued performance and content volatility,
momentum picked up in the latter part and continued through the last quarter with a steady
flow of content. While the theatrical business remained steady, the growth in
advertisement revenue played a pivotal role in the overall business performance during the
year. Despite continued challenges with the Central Government advertising, overall
advertising revenue grew by 62% compared to the previous year, on the back of strong
corporate advertisements and positive traction from State Government advertising.
Additionally, our mobile cinema venture, Caravan, secured an empanelment with the Central
Bureau of Communications and demonstrated notable progress.
To further solidify our financial health, several cost optimization
measures were implemented, which helped us to maintain a lower level of SG&A costs.
All these factors culminated in our first profitable year since FY20, highlighting
substantial business improvements.
Concurrently, the company also entered into a strategic alliance, which
strengthened our presence in Southern markets, taking the total advertising screen count
to over 3,800 screens pan India.
Looking ahead, with these strategic developments and a focus on
leveraging new revenue opportunities while optimizing existing ones to drive sustainable
growth, we remain optimistic about continuing our positive momentum.
We extend sincere gratitude to all shareholders, employees, customers,
and other stakeholders for their unwavering support throughout our journey.
Thank you for your continued confidence and investment in our company.
Warm Regards,
Sanjay Gaikwad
Founder and Managing Director