BookMyShow turns profitable; FY23 operating revenue nears Rs 1,000 crore

economictimes.indiatimes.com:

BookMyShow reported a financial recovery in FY23, rebounding from the impact of pandemic-induced lockdowns and challenges to its operations in FY21.
Its operating revenue surged 3.5 times to Rs 976 crore for the fiscal year ended March 2023, from Rs 277 crore in FY22, according to documents sourced from company data and intelligence platform Tofler.

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In FY23, the company posted a profit of Rs 85.72 crore, turning around from the Rs 92.2-crore loss incurred in the previous fiscal year.

Online ticket bookings played a pivotal role in this, constituting 63% of the total operating revenue. The income from online ticket booking surged to Rs 613 crore in FY23, a 2.81-times increase from Rs 218 crore in FY22.

The increase can be attributed to the opening up of the Covid19 lockdowns and consumers returning outdoors for movies and other events. During FY21, when outdoor events and movie halls largely remained shut, BookMyShow had laid off as many as 470 employees in two batches.

Diverse revenue streams such as advertising, streaming, food and beverage sales, and other non-operating income contributed to the overall revenue, which soared to Rs 1,026 crore in FY23 from Rs 302 crore in FY22.

Also, BookMyShow saw a marked expansion of its live events business, with income from the segment surging to Rs 237 crore, from only Rs 25 crore recorded in FY22.

However, the company also witnessed an increase in total