Prime Focus reports profit for third quarter of 2017

Prime Focus reported consolidated Profit After Tax (PAT) of Rs 22.68 crore (4.5 percent margin) for the period ended 31 December 2016 (Q3-17, current quarter) as compared to a loss of Rs 19.43 lakh in the corresponding year ago quarter Q3-16. The company’s consolidated simple EBIDTA without other income in Q3-17 at increased 56.7 percent year-over-year (y-o-y) to Rs 111.01 crore (21.9 percent margin) from Rs 70.86 crore (15.1 percent margin). PFL’s consolidated Total Income from operations (TIO) in Q3-17 increased 8.3 percent y-o-y in the current quarter to Rs 507.19 crore from Rs 468.52 crore. Total Expenditure in Q3-17 was almost flat (increased 0.5 percent) to Rs 461.49 crore (91 percent of TIO) from Rs 459.32 crore (98 percent of TIO) in Q2-16. Employee benefits expense in Q3-17 declined 4.9 percent to Rs 268.73 crore (53 percent of TIO) from Rs 282.64 crore (60.3 percent of TIO) in the corresponding quarter of the previous year. Finance cost in Q3-17 reduced 26.3 percent to Rs 22.94 crore (4.5 percent of TIO) from Rs 32.12 crore (6.6 percent of TIO) in Q3-16. Technicians fees in Q3-17 reduced by 7.7 percent to Rs 7.27 crore (1.4 percent of TIO) from Rs 7.88 crore (1.7 percent of TIO) in Q3-16. Technical Services cost in the current quarter reduced by 16.1 percent to Rs 16.50 crore (3.3 percent of TIO) from Rs 19.67 crore (4.2 percent of TIO) in Q3-16.
Namit_Malhotra
Namit Malhotra
Commenting on the results, Prime Focus, founder, executive chairman and global CEO, Namit Malhotra said, “We are very happy to report strong financial performance this quarter as we move well ahead of set targets. We are today positioned as a leader in all three of our businesses i.e. creative services, technology services and India FMS and are witnessing accelerating growth along with increasing industry recognition and acclaim. We are pleased to share that our Creative Services delivered VFX on the recent Hollywood blockbuster Fantastic Beasts and Where to find them which is amongst the top 10 movies of 2016 and has grossed over $800 million at the box office. Our creative order book is robust $250 million with many upcoming prestigious projects. Our Tech/Tech Enabled business grew steadily adding new clients and orders while the India FMS business continues to do well, growing robustly with high margins, a testimony of our superior quality. We have established a global track record in delivering top-end, innovative and commercially successful projects. We are beginning to clearly see the benefits of working on a larger canvas.” Notes: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be: (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore. (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.