Financial Performance
• Date of Call: August 2, 2024
• Key Participants: Rajesh Mishra (Executive Director & Group CEO), Ashish Malushte (CFO)
• Revenue Trends:
• 13% decrease in theatrical revenue
• 18% drop in overall movie releases
• Consolidated revenue increased to INR 945 million
• EBITDA fell to INR 66 million
• Net loss of INR 42 million
Future Outlook
• Optimism for Growth:
• Anticipated growth in advertisement revenue, especially from multiplex screens
• Continued focus on multiplexes as primary growth drivers
Audience Behavior and Film Performance
• Film Releases:
• Seasonal nature of film business affects revenue
• Smaller films and South Indian films gaining traction despite underperformance of major films
Expenses and Partnerships
• Expense Trends:
• Increase in expenses due to higher product sales costs and TSR network acquisition
• Reassurance that rising expenses are a healthy sign for business
• Partnership with NeuralGarage:
• Focus on enhancing dubbed films using AI technology
• Operates on a revenue-sharing model
Advertisement Revenue Insights
• Government Sector Challenges:
• Low central government revenue due to election periods
• Shift in focus to state governments and corporate advertising
• Generated INR 4 crores from political ads this quarter
TSR Network Integration
• Impact on Revenue:
• Initial integration challenges expected to stabilize by Q3
• Revenue from TSR screens projected to be 30-90% higher than average
Caravan Advertisement Revenue
• Working Capital Cycle:
• Similar to corporate and government ad contracts
• Limited revenue growth due to operational van constraints
Nova Cinema Update
• Expansion Plans:
• One screen in Uttar Pradesh licensed and set to launch soon
• Two more screens under construction targeting semi-urban and rural areas
Closing Remarks
• Conclusion: The call ended with thanks from Tushar Pendharkar to management and participants.

Financial Performance
• Q4 FY24 Results:
• Consolidated revenue: ₹1,192 million (up from ₹884 million in Q4 FY23)
• Profit: ₹60 million (compared to a loss of ₹12 million in Q4 FY23)
• Full Year FY24 Results:
• Consolidated revenue: ₹4,101 million
• Net profit: ₹164 million
• Significant improvement in EBITDA
Key Highlights
• Growth in advertising revenue and expansion of screen network.
• Optimism for future film releases.
• Importance of the number of film releases over individual film success.
Content Delivery and Revenue Insights
• Content delivery charges increase with more movie releases; blockbusters can reduce charges in subsequent weeks.
• Notable increase in cash flow due to tax refunds and improved working capital.
Caravan Business and Advertising
• Positive growth trajectory for the Caravan business due to government advertising.
• Transition to multiplex screens enhances advertising potential.
• Significant increase in government advertisement revenue, especially from state governments.
Government Revenue Growth
• Revenue from government sector currently at INR 28 crores.
• Optimism for growth despite uncertainties during the election year.
Movie Distribution
• Released 550 movies last quarter; handled 2,117 films in the past year.
• Charges distributors for network use without taking on distribution risks.
Future Projections and Technology
• No specific revenue guidance for FY25; insights shared on revenue model and margins.
• Development of programmatic advertising solutions to enhance advertising value.
Advertising Trends
• Decline in ad revenue since FY15 due to government austerity measures.
• Growth in state government advertising provides a positive outlook.
NOVA Cinemaz Project
• Progressing well with plans for 16 screens across 8 properties.
• Minimal capital investment from UFO Moviez; local partners handle setup costs.
Closing Remarks
• The call concluded with thanks from the moderator and closing remarks from Tanuj Khiyani.

Financial Performance
• Q3FY24 Highlights:
• 502 movie releases.
• 83% year-over-year growth in in-cinema advertising revenue (₹341 million).
• Consolidated revenue reached ₹1,184 million.
• EBITDA of ₹184 million (4% QoQ and 83% YoY increase).
• Expanded advertisement screen network to 3,407 screens.
Challenges and Optimism
• Margin Concerns:
• Lower margins attributed to a shift from fixed to variable salaries (INR 5.7 crores provision impacting EBITDA).
• Cinema viewing rebounded to pre-COVID levels, indicating potential for future margin improvement.
• Debt and Capital Expenditure:
• Gross debt reduced from INR 83 crores to INR 65 crores.
• Cautious approach to Capex, projected to return to pre-COVID levels of INR 40-50 crores next year.
Advertising Insights
• Government Ad Spending:
• Slight increase from Central Government; significant growth from State Governments.
• Pre-COVID ad revenue levels may not be reached in the next year, but cinema-goer return could drive growth.
• Partnership with TSR:
• New partnership for advertising rights in southern markets.
• Asset-light model avoids upfront capital expenditures; revenue sharing starts immediately.
• 75% of screens in the network are premium quality.
Technology and Market Trends
• Technological Advancements:
• Company keeps pace with B2B technological advancements.
• Positive developments for Caravan Talkies, with renewed government interest.
• Corporate Advertising Landscape:
• Decline in spending from satellite channels; increased utilization by OTT platforms.
• Future calls will provide more detailed advertising data.
Market Demand and Future Outlook
• Rural Demand Impact:
• Network primarily operates in urban areas; ticket sales influenced by movie content quality.
• Stable advertisement revenue despite attendance dips during weaker film releases.
• Growth in Cinema Viewing:
• Rising demand for quality cinemas in Tier 1, Tier 2, and Tier 3 towns.
• Optimism about future advertisement revenue growth and increasing advertising minutes sold per show.
• Advertising Pricing Trends:
• Current network rates lower than premium multiplexes.
• Cautious approach to dependency on government revenue while maximizing advertising inventory.

Key Highlights
• Date of Call: November 3, 2023
• Submission to BSE and NSE: Transcript submitted on November 10, 2023
• Key Executives Present:
• Rajesh Mishra (Executive Director and Group CEO)
• Ashish Malushte (CFO)
Financial Performance
• Q2 FY24 Results:
• Consolidated Revenue: INR 871 million
• EBITDA: INR 177 million
• Profit After Tax: INR 33 million
• Growth: 26% quarter-on-quarter, 120% year-on-year in advertising revenue
• H1 FY24 Results:
• Total Revenues: INR 1,725 million
• Improvement in EBITDA and profitability noted
Future Outlook
• Optimism for Upcoming Releases: Strong film lineup expected to boost performance
• Challenges:
• Reduced advertising spending from the central government
• Operational challenges in the Qube joint venture (JV)
Advertising Revenue Insights
• Government Advertising:
• Uncertainty in central government spending, but positive engagement with state governments
• Corporate Advertising:
• Shift towards OTT platforms noted; focus on increasing advertiser spending
• Detailed breakdown of advertisement revenue by industry to be provided in the future
Operational Challenges
• Qube Joint Venture:
• No legal issues, but operational challenges exist
• Distribution Revenue:
• Decline attributed to reduced screen count and slow recovery in the Hindi film market
EBITDA and Margins
• EBITDA Contribution:
• 65-70% of incremental ad revenue impacts EBITDA
• Strategic adjustments post-GST have improved EBITDA margins
Additional Discussions
• Previous Merger Attempt with Qube:
• Failed due to unfavorable NCLT order
• Promoter Pledge:
• Current pledge relates to Apollo International's holdings; founders' shares remain unpledged
• Government Advertising Growth:
• Optimism about reaching a revenue run rate of INR 200 crore with upcoming elections
Closing Remarks
• Advertising Rates:
• Improved screen quality and product mix expected to support rate stability
• Call Conclusion: Closing remarks by Tushar Pendharkar.

Q4 FY23 Performance
• Date of Call: May 26, 2023
• Participants: Rajesh Mishra (Executive Director and Group CEO), Ashish Malushte (CFO)
• Financial Results:
• Consolidated revenue: ₹884 million (up from ₹561 million in Q4 FY22)
• EBITDA: ₹115 million (improved from a loss in the previous year)
• Film Industry Overview:
• Mixed performance with strong box office results for some films and underperformance for others.
• FY23 Total Revenue: ₹3,978 million
• Advertisement revenue growth: 240% year-over-year
• Outlook: Optimistic about future growth driven by diverse content and strong film lineup.
Q1 FY24 Insights
• Market Challenges: Noted difficulties in the Hindi film market, but strong results in the South.
• Upcoming Releases: Anticipation for "Adipurush" to boost revenues.
• Corporate Advertising: Healthy order book of around ₹20 crores; 58% recovery in ad revenue compared to pre-COVID levels.
• Business Strategy: Emphasis on consistent successful releases rather than reliance on blockbusters.
Expense Management
• SG&A Expenses: Reduced from ₹92 crores to ₹77 crores, resulting in permanent savings of ₹14-15 crores (17-18%).
• Revenue Strategy: Focus on enhancing advertisement revenues while being cautious about shifting to a high variable cost structure that could harm long-term profitability.
Conclusion
• Q&A Session: Addressed various inquiries from analysts.
• Cautious Outlook: Executives remain optimistic but cautious about providing specific revenue guidance for FY24-25 due to dependency on film success.

Conference Call Overview
• Date: February 14, 2023
• Participants: Rajesh Mishra (Executive Director & Group CEO), Ashish Malushte (CFO)
• Focus: Financial performance and market trends
Financial Performance
• Consolidated Revenue: Rs. 1,109 million for Q3 FY23
• 78% recovery compared to pre-pandemic Q3 FY20
• Loss of Rs. 3 million reported
• Theatrical Revenues: Recovery driven by steady film releases
• Advertisement Revenues: Challenges noted, particularly from the central government
Future Outlook
• Management optimistic about growth due to:
• Strong film lineup
• Increased advertiser confidence post "Pathaan" success
• Incremental profitability expected from advertisement revenue
Advertisement Revenue Insights
• Corporate Advertising:
• 38% increase in Q3 compared to Q2
• Recovery to pre-pandemic levels noted
• Government Advertising:
• Decrease in spending, impacting overall advertisement revenue
• Positive trend in state-level advertising observed
Challenges and Strategies
• Digital Cinema Advertising:
• Need for consistent success in Hindi films to regain advertiser confidence
• COVID Impact:
• Net reduction of 72 screens due to closures
• Expectations for stabilization or growth in screen numbers
Additional Discussions
• NOVA Cinemaz Pilot: Development of a business model to engage local entrepreneurs
• Operating Costs: Expected rise in line with advertising revenue growth, but salary costs stabilizing
• Fundraising: Funds raised during COVID remain unutilized; no immediate deployment plans
Conclusion
• The call concluded with a positive outlook on revenue and profitability, emphasizing the importance of recovering corporate and government advertising revenues.