The Mumbai-based company, which turned profitable in FY23, saw its net profit expand during FY24 mainly because of rapid topline growth.
The company posted operating revenue of Rs 1,397 crore, and net profit of Rs 109 crore in FY24, according to its financial statements sourced from Tofler.
Online ticketing is the biggest contributor to BookMyShow’s revenue as well as profit. However, the fast-growing live events segment, which is the company’s second-largest business, recorded a loss of Rs 138 crore during the year.
In FY24, BookMyShow’s online ticketing segment saw revenue of Rs 801 crore, while income from live events came in at Rs 455 crore.
The company is expected to witness an increase in competition with food and grocery delivery platform Zomato doubling down on its going-out business in the ongoing fiscal with the acquisition of Paytm’s events and ticketing business in August for Rs 2,048 crore.
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In the current year, BookMyShow is organising large-scale music concerts including that of popular British band Coldplay.Despite a second consecutive year of net profit, BookMyShow’s operating cash flows fell by 85% in FY24 to Rs 33 crore, on account of a heavy increase in operational expenses.
The Reliance and Accel-backed firm also saw an increase of 40% in total expenditure, reaching Rs 1,320 crore in FY24. The company spent Rs 171 crore on employee benefit expenses, which grew by 24%, while other expenses increased to Rs 1,093 crore from Rs 755 crore.
Advertising expenses rose by 49% in FY24 to Rs 79 crore. Other factors driving a rise in expenses include a revenue share, with cinema owners receiving Rs 323 crore in commissions for movies, and artist fees for live events amounting to Rs 211 crore.
BookMyShow is the current leader in India’s entertainment ticketing market with a 75% market share.
On September 5, ET reported that Zomato’s acquisition of Paytm Insider created uncertainty regarding private equity (PE) firm KKR’s planned investment of $250-300 million in BookMyShow to acquire a significant minority stake.
