Mumbai: Prime Focus Limited (PFL)declared its financial results for the quarter ending June 30, 2017. The Company continues to deliver steady profitable growth, with consolidated quarterly revenues at Rs.5.22 bn, adjusted EBITDA up 9% YoY at Rs.1.12 bn on the back of strong progress in India integration.
Key financial highlights
Q1 FY18(Consolidated Limited Review Financials)
- Revenueat 5,220mn compared to Rs. 5,275mn in Q1 FY17
- Creative & Tech/Tech Enabled services contributed 76% &16% todivisionalrevenues, respectively
- AdjustedEBITDA*up 9% at Rs. 1,118mn (Q1 FY17:Rs. 1,023mn), withmargin at21.4% (Q1 FY17: 19.4%), with significant work being delivered on projects from India
- Foreign exchange gain for the period is at Rs. 22mn
- ESOP charge for the quarter of Rs. 115mn
- Finance cost at Rs. 376mn, includes includes non-operating charges of Rs. 85mn on account of amortizations of debt like items
- Operating PBT** at Rs. 203mnandPAT at Rs.31mn
- Cash Profit (i.e. PAT + Depreciation+ ESOP Charge) at Rs. 791mn, Cash Profit Margin at 15.2%
(Note:*Adjusted EBITDA before forex & ESOP charge ** Operating PBT is before ESOP and non-operating financial charges)
Key operational highlights for the quarter
- Movies delivered:Transformers: The Last Knight, Wonder Woman, The Mummy, Pirates of the Caribbean: Dead Men Tell No Talesand King Arthur: Legend of the Sword, among others
- Launched PFAMES (Prime Focus Academy of Media & Entertainment Studies) for training personnel in India
- Order book at $250mn+with projects like,M:I 6 – Mission Impossible, Godzilla Sequel, Pacific Rim: Uprising, American Assassin,Justice League, Geostorm,Avengers, etc.
Tech & Tech Enabled Services
- Signed contracts with Public Broadcasting System (US Government channel), ALT Digital, Indira Gandhi National Centre for the Arts, SRSG Broadcast, International Cricket Council, Tata Sky – Children’s Channel, Annapurna Films, while CBS and Warner Bros migrated to DAX Production Cloud
- Order book at ~$200mn to be executed over next 3-5 years
Commenting on the results, Mr. Namit Malhotra,Founder, Executive Chairman and Global CEO, Prime Focus Ltd said:
We are happy to report another quarter of strong progress. Our strategic focus to deliver more and more from our cost advantageous locations continues to drive profitability.We are also taking proactive steps to up size and up skill our Indian workforce and expect to further increase delivery from India. With 6 out of the world’s largest box office hits of 2017 from our stable and an expanding high profile order book including new additions like M:I 6 – Mission Impossible, Godzilla Sequel, Avengers: Infinity War amongst others, Creative Services business continue to grow strength to strength. Our Technology and India FMS businesses also continue to deliver strong margins and profitability. We expect growth momentum to increase further through fiscal year 2018.