Online ticketing giant BookMyShow reported a strong financial performance for FY24, posting nearly ₹110 crore in profit despite ongoing losses in its live events segment. The company’s operational revenue surged to almost ₹1,400 crore, marking a 43.2% year-on-year increase, cementing its position as a leader in the ticketing industry.
Revenue Growth Powered by Ticketing and Events
BookMyShow’s consolidated revenue from operations grew to ₹1,396.86 crore in FY24, up from ₹975.51 crore in FY23. This growth reflects the company’s resilience and its ability to scale across key revenue streams:
- Online ticketing: Accounted for 57.4% of revenue, generating ₹801.57 crore, a 23.8% increase year-on-year.
- Live events: Contributed ₹454.72 crore, surging by a remarkable 91.5% over the previous year.
- Other streams: Advertisement, food & beverage sales, gift vouchers, and software brought in ₹140.57 crore, completing the revenue mix.
The company also earned ₹33.28 crore from interest and financial assets, bringing its total revenue to ₹1,430.14 crore.
Rising Costs and Operational Challenges
BookMyShow’s expenditures jumped 40.3% to ₹1,319.88 crore in FY24 from ₹940.86 crore in FY23, driven by higher costs in key areas:
- Revenue sharing with cinemas: ₹323.03 crore, accounting for 43.6% of online ticketing revenue.
- Production costs: Nearly doubled, reaching ₹233.49 crore.
- Artist fees: Soared 103.3% to ₹211.32 crore.
Employee benefits, advertising, and payment gateway charges also rose significantly, contributing to the overall cost burden.
Profits from Ticketing, Losses from Events
While BookMyShow reported robust profits in online ticketing and ancillary streams, its live events vertical continued to bleed:
- Online ticketing profit: ₹258.65 crore.
- Other streams profit: ₹84.13 crore.
- Live events loss: ₹137.99 crore.
Despite the drag from live events, the company’s overall profitability increased by 27.6% year-on-year, reaching ₹108.63 crore in FY24, up from ₹85.11 crore in FY23.
Operational Cashflows and Financial Health
BookMyShow faced pressure on its operational cashflows, which fell 85.3% to ₹33.54 crore during FY24. However, the company maintained a healthy financial position:
- Cash and bank balances: ₹306.72 crore.
- Current assets: ₹1,209.84 crore, with a current ratio of 138%.
The company’s EBITDA margin and ROCE stood at 11.07% and 15.25%, respectively. On a unit level, BookMyShow spent ₹0.94 to earn a rupee of operating revenue, reflecting operational efficiency despite rising costs.
Competitive Landscape and Future Prospects
BookMyShow, backed by investors like TPG Growth, Elevation Capital, and Accel, has raised ₹1,490 crore to date. Network 18 remains the largest stakeholder, holding around a 39% stake. The company’s valuation was estimated at nearly ₹5,700 crore during its Series D funding.
However, the competitive landscape is heating up. Foodtech giant Zomato’s acquisition of Paytm’s ticketing business poses a direct challenge to BookMyShow. The battle for market share in India’s entertainment and ticketing space is likely to intensify, requiring strategic investments and operational adjustments.
Key Metrics FY24 | Value (₹ crore) |
---|---|
Revenue from Operations | 1,396.86 |
Online Ticketing Revenue | 801.57 |
Live Events Revenue | 454.72 |
Profit from Online Ticketing | 258.65 |
Loss from Live Events | 137.99 |
Net Profit | 108.63 |
Cash and Bank Balances | 306.72 |
As BookMyShow builds on its strong foundation, it must navigate rising costs, competitive threats, and operational challenges to sustain growth and profitability in the years ahead.
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