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Tag: Namit Malhotra

  • DNEG group raises $200M to boost innovation in visual entertainment tech

    DNEG group raises $200M to boost innovation in visual entertainment tech

    Mumbai: The DNEG Group (“the Group”), the London headquartered world leader in visual entertainment technology and services, announced today that United Al Saqer Group (“UASG”) will make a strategic investment of $200 million in the Group, at a total enterprise valuation over $2 billion.

    The DNEG Group has a consistent 25-year track record of innovating to lead in the visual effects (VFX) segment and strong profitable growth. Like all parts of the media & entertainment sector, the market in which The DNEG Group operates is undergoing a rapid evolution. The investment by UASG will accelerate The DNEG Group’s strategy of innovation and diversification to evolve from a pure visual effects services provider to a sector-agnostic content production and AI-powered technology partner, ensuring continued technology and creative leadership. In particular:

    The DNEG Group will fully activate its technology division, Brahma, which is developing the industry’s most comprehensive AI-powered, photo-real CGI creator, including Ziva, to which DNEG recently acquired the exclusive license from Unity. Brahma will democratize photo-real content creation in a wide range of applications and will be built on over 25 years of industry-leading proprietary data to create a product of unique quality.  

    The DNEG Group’s intellectual property (IP) and content creation arm, Prime Focus Studios, will be enabled to expand its investment in, and production of high-quality content, following its recent successful co-production of The Garfield Movie.

    The DNEG Group will open a new office and visual experience hub in Abu Dhabi, with plans to develop a world-class ecosystem in the Middle East for content production, storage, and distribution. This will support the creation of highly skilled jobs across the media and technology sectors, strengthening the region’s place as a creative powerhouse.

    DNEG Chairman and CEO Namit Malhotra will continue in his current role. He will be joined on the Group’s Board of Directors by Nabil Kobeissi and Edouard Zard from UASG, and by Prabhu Narasimhan from NaMa Capital, a leading investor in The DNEG Group, who will also become Executive Chairman of Brahma. Prabhu Narasimhan will take a leave of absence from NaMa Capital to oversee the launch and expansion of Brahma.

    The DNEG Group consists of:

    DNEG, which will continue providing its Academy Award® winning visual effects, animation, and associated creative services to Hollywood and global visual entertainment creators. DNEG is known for its work on numerous high-profile movies and animations, such as Dune, Oppenheimer, Interstellar, Tenet and Blade Runner 2049, as well as the Harry Potter, James Bond, Fast and Furious, Mission: Impossible and Marvel Cinematic Universe franchises.

    Brahma, which will be fully activated and will provide the industry’s leading AI-powered, photo-real CGI creator.

    Prime Focus Studios, will increase its content and IP investment and development across live-action, animation, and gaming. Prime Focus is currently co-producing several high-profile feature films, including Animal Friends, the Indian epic Ramayana, and The Angry Birds Movie 3.  

    Prime Focus Technologies, a leader in cloud-based software and artificial intelligence (AI) technology, including the CLEAR AI content creation, content management and content marketing and distribution suite.  

    His excellency  Abu Dhabi Department of Economic Development Al Zaabi, chairman Ahmed Jasim said, “The strategic investment by United Al Saqer Group in The DNEG Group is a testament to Abu Dhabi’s emergence as a global powerhouse for creativity, innovation, technology, and investment. This partnership not only accelerates technological advancements in the media and entertainment sectors but also underscores our commitment to fostering a robust ecosystem for content creation. By establishing a new visual experience hub in Abu Dhabi, we are creating numerous job opportunities and enhancing our ecosystem that supports high-tech industries and creative excellence. This move reaffirms Abu Dhabi’s status as a prime destination for groundbreaking investments, visionary enterprises, and a thriving environment where creativity and technology converge.”

    UASG CEO  Nabil Kobeissi said, “We are thrilled to join forces with Namit, Prabhu, and the DNEG Group. Namit’s visionary approach to revolutionizing the media and entertainment industry through cutting-edge technology is unparalleled. This strategic partnership not only turbo-charges the development of Brahma, the Group’s ground-breaking AI-powered CGI creator but also, under Namit’s leadership, demonstrates Abu Dhabi’s positioning as a global epicentre for content creation and distribution. By championing advanced AI technologies and expanding Prime Focus Studios, we are set to drive innovation and generate significant job opportunities across the UAE.”

    DNEG chairman and CEO Namit Malhotra said, “My career has been built on investing in and leading visual creativity with technology. Our partnership with UASG, the launch of Brahma, and the success of our content creation platform are all being fuelled by the power of our technology. We are redefining our business model as a leader in top-end solutions across the world, raising the bar in storytelling by using the latest technology and creative capabilities.

    “This investment will accelerate our plans to further drive The DNEG Group’s existing activities and enable the Group to expand its offering, both in terms of the services we provide and the markets we operate in. We are building on our success with the opening of a studio in Abu Dhabi, bringing content creation and technological capabilities to the region, positioning us as a leader there, and allowing us to leverage our global capabilities like no other.”

    Brahma executive chairman Prabhu Narasimhan said, “Our aim is to enable every storyteller to translate their imagination to screen faster, cheaper, and better, by equipping them with Brahma, which we are developing to be the most comprehensive AI-driven photo-real CGI creator. In the coming months, we will add to the leadership team of Brahma, fusing top technology and AI talent with visual effects creatives to make Brahma available to everyone with a story to tell.”

  • Rovio, SEGA & Prime Focus Studios announce The Angry Birds Movie 3

    Rovio, SEGA & Prime Focus Studios announce The Angry Birds Movie 3

    Mumbai: Rovio Entertainment Corporation, SEGA, and Namit Malhotra’s production company Prime Focus Studios, has announced that they are starting production on The Angry Birds Movie 3, with DNEG Animation attached as animation partner. Prime Focus Studios, Rovio, and SEGA will produce the movie in association with One Cool Group, Flywheel Media, and dentsu.

    The third installment in the franchise will follow the continuing adventures of Red and Chuck, voiced once again by Jason Sudeikis (Ted Lasso, SNL, We’re the Millers) and Josh Gad (Frozen, Beauty and the Beast, Gutenberg!, Murder on the Orient Express). Jason Sudeikis is represented by Brillstein Entertainment Partners and TAG. Josh Gad is represented by Sugar 23, CAA and JSSK. More casting news will be coming soon.

    The film follows the success of the first two Angry Birds movies, which together have grossed more than $500m at the worldwide box office and have demonstrated fantastic results on streaming platforms, signalling strong demand for the third installment.

    The Angry Birds Movie 3 will be directed by John Rice (Angry Birds, Beavis and Butt-Head Do The Universe). The screenplay will be written by Thurop Van Orman (Angry Birds 2, Adventure Time, Flapjack), who will also executive produce alongside Toru Nakahara (Sonic the Hedgehog, Sonic Prime, Golden Axe). The film will be produced by John Cohen (Despicable Me, The Garfield Movie, Angry Birds), Dan Chuba (The Mitchells vs. the Machines), and Carla Connor (The Willoughbys).

    Returning to the Angry Birds design team is Jeanie Chang as production designer and Francesca Natale as character designer. The head of story is Vadim Bazhanov and the lead editor is Sarah K. Reimers. Storyboards, art development, and animation will be handled by DNEG Animation.

    Rovio and SEGA will produce alongside Namit Malhotra and his production company Prime Focus Studios, which recently co-produced The Garfield Movie with Alcon Entertainment. Prime Focus Studios is also currently in production on Animal Friends with Legendary Entertainment and Ryan Reynolds’ Maximum Effort, and Indian epic Ramayana with actor-producer Yash’s Monster Mind Creations.

    “The Angry Birds brand knows no bounds, and an all-new Angry Birds adventure underscores how the worlds and narratives crafted in our games can seamlessly transcend into the realm of film and beyond,” said Rovio Entertainment CEO Alexandre Pelletier-Normand. “Rovio is fully committed to creating entertainment that sparks imagination across various platforms. We’ve seen continuous success in everything from games and feature films to licensed products and amusement parks, and we are thrilled to return once again to the vibrant Angry Birds world with our new partners.”

    “The Angry Birds games are a global phenomenon and the film franchise has enjoyed worldwide success,” added DNEG Animation MD Crosby Clyse. “Our amazing DNEG Animation team is thrilled to be teaming up once again with Prime Focus Studios and with our new friends at Rovio to create an all-new high-velocity adventure set in this colourful, crazy world.”

    “Innovation is part of dentsu’s DNA and we are always looking for new and exciting projects to deliver differentiated, integrated growth opportunities for our clients. We believe in the positive impact of entertainment, creating meaningful connections between people and brands,” commented dentsu global president – global practices Jean Lin. “We are so proud to partner with Prime Focus Studios and DNEG Animation to help bring the next installment of the beloved global Angry Birds franchise to life.”

    “The Angry Birds brand truly reflects the size and scale of content Flywheel Media are focusing on,” said Flywheel Media founder and CEO Don McGregor. “We are thrilled to be joining forces with such incredible partners to deliver this film to audiences around the world.”

    The Angry Birds Movie opened at #1 in 50 countries on its release in 2016 and has grossed more than $350m at the worldwide box office. Rovio’s mobile games surpassed 5 billion downloads in 2022.

    “We are thrilled to announce that the brand-new film of the globally beloved and successful Angry Birds franchise is to be in production,” said SEGA president and COO Shuji Utsumi. “SEGA has been focusing on its Transmedia strategy to advance the value of its intellectual properties (IP) across games and diverse media landscapes. We believe that the upcoming The Angry Birds Movie 3 perfectly aligns with our strategy and presents a great opportunity for us to bring the charm of the Angry Birds brand to fans across the globe.”

    “I’m delighted to be partnering with Rovio, SEGA, One Cool, Flywheel, dentsu, and the incredible team of returning filmmakers and voice talent on this movie. It’s an honour to be part of the next chapter in the amazing Angry Birds story,” concluded producer Namit Malhotra. “Prime Focus Studios is in production on an impressive roster of high-profile features and I am excited that The Angry Birds Movie 3 will be the next big animated project on our slate after The Garfield Movie.”

    Angry Birds and all related properties, titles, logos, and characters are trademarks of Rovio Entertainment Corporation and are used with permission. All Rights Reserved.

  • Daniel Jurow joins DNEG as COO

    Daniel Jurow joins DNEG as COO

    Mumbai: Double Negative (DNEG) has roped in former Technicolor and R/GA executive Daniel Jurow as chief operating officer.

    With over twenty years of expertise in the creative industry, Jurow will be based out of DNEG’s London studio. He will be reporting directly to DNEG chairman & CEO Namit Malhotra.

    Speaking on Jurow’s appointment, Malhotra said, “As we continue to scale our business, growing our creative teams, bringing in the industry’s best creative leaders, and building out our technology infrastructure, it is important that we have a strong, forward-thinking executive committee dedicated to leading, supporting and empowering our teams.”

    “Daniel’s career-long passion for creative technology, his experience of delivering breakthrough results for both brands and for the teams that he oversees, and his strategic and methodical approach to his work, all mark him out as a great leader. I am delighted to welcome him to DNEG’s senior management team, where I have no doubt he will make a great impact,” he added.

    Jurow was serving as the Film and Episodic VFX division’s Chief Operating Officer .

    At Technicolor, Daniel was appointed as chief operating officer for the Film and Episodic VFX division. He spent more than 15 years with the international digital product and marketing agency R/GA before that, where he advanced to the position of EVP, global head of production, overseeing more than 200 producers.

    Jurow launched the ground-breaking Nike+ product agreement between Nike and Apple in 2006, which earned R/GA the title of “Digital Agency of the Decade” by Adweek. By the time of his departure in 2019, the agency had grown from 200 workers to over 2,000 across 17 global sites.

    Jurow has spoken at a number of international conferences, including the first 4 A’s Digital Conference for Agencies,Internet & Mobile World, Innovation Summit, ArabNet Digital Summit, and the annual Creative Equals conference, which aims to advance women in creative roles into leadership positions in the advertising industry.

    Commenting on joining his new role as DNEG COO, Daniel said, “I have long admired DNEG’s focus on its people, uniting the business in support of its incredibly talented artists, creative technologists, production and support staff. As a result of this focus, DNEG has a great track record of leaping from strength to strength, delivering stunningly innovative creative work, navigating unprecedented industry shifts, and stewarding impressive global growth. I feel very privileged to join Namit and his team as we usher in the next brilliant act of the DNEG story.”

  • DNEG hires Academy Award winners Eric Brevig, Greg Butler as visual effects supervisors

    DNEG hires Academy Award winners Eric Brevig, Greg Butler as visual effects supervisors

    MUMBAI: Visual effects (VFX) and animation studio DNEG has announced on Friday the hiring of Eric Brevig and Greg Butler as visual effects supervisors. Brevig and Butler each join DNEG with decades of experience in the film industry.

    Brevig’s notable award-winning credits as VFX supervisor include ‘Total Recall’ (1990), for which he received the Academy Award for Best Visual Effects, “Hook” (1991), for which he was nominated for the Academy Award for Best Visual Effects, “Men In Black” (1997), which earned him a Bafta nomination for Best Visual Effects, and “Pearl Harbor” (2001), which earned him an Academy Award nomination for Best Visual Effects.

    Butler’s portfolio of credits as VFX supervisor includes Sam Mendes’ ‘single shot’ war drama ‘1917’ (2019), which earned him an Academy Award and a Bafta for Best Visual Effects, and ‘Harry Potter and the Deathly Hallows: Part 2’ (2011), which earned him his first Bafta. Earlier in his career, Butler received a Visual Effects Society Award for ‘Outstanding Character Animation’ for his work on Gollum in ‘The Lord of the Rings: Return of the King’ (2003).

    “I am proud to have both Eric and Greg, two highly accomplished industry veterans each with their own incredible legacy of breathtaking work, join DNEG’s creative ranks. Eric and Greg will certainly help us continue to push the creative boundaries of what is possible during this period of technological advancement in our industry and unprecedented demand for our services. Adding professionals with track records, talent, and expertise such as theirs further solidifies DNEG as the VFX and animation studio leader in the category” said DNEG chairman & CEO Namit Malhotra.

    Talking about his new role, Brevig said, “I have had the pleasure of working with DNEG and Namit on several projects in the past and I am delighted to become part of this world-class creative team. DNEG’s commitment to excellence and future growth plans make this a very exciting time for me to join the company.

    “My approach to the craft of VFX has always been to find the right techniques to create the most believable, engaging, and immersive experience for the audience. Using both virtual and physical tools, we can now realize anything the filmmaker can envision.”

    Butler joins DNEG from Method Studios, where he worked as a VFX Supervisor on various feature, episodic, and advertising projects, including most recently on a large scale, yet to be announced project for Amazon.

    “I have been following DNEG for many years – even before my London Soho days – as a competitor, a collaborator and as the home to many of my favorite people in visual effects. I am very excited to join DNEG’s Montréal office and I know we are going to make some great work together.

    “Visual effects is a magic trick. Its purpose, to keep the audience engaged in the story and the world of the film. Whether it is used to create fantastic wand duels in Harry Potter or invisible cuts in 1917, visual effects is a series of illusions created in service of the story. While it’s the end result that matters, I have always been enthralled by the filmmaking process; the dynamic behind-the-scenes collaboration of VFX artists and the live action crews whose work is their foundation” said Butler.

  • DNEG receives two nominations for VFX at 94th Academy Awards

    DNEG receives two nominations for VFX at 94th Academy Awards

    Mumbai: The VFX and animation studio DNEG, led by Namit Malhotra, has received two nominations in the ‘Best Visual Effects’ category for the 94th Academy Awards, scheduled for 27 March in Los Angeles. DNEG has been nominated for its work on “Dune” and “No Time to Die.”

    “I am very grateful to the Academy of Motion Picture Arts & Sciences for these nominations and I am proud to see our teams receiving this well-deserved recognition,” said DNEG chairman and CEO Namit Malhotra. “These nominations validate our high ambitions for DNEG to become the foremost and most highly-regarded VFX and animation company in the world, and to make my country, my India, proud.”

    DNEG’s VFX work has previously won six Academy Awards for ‘Best Visual Effects’ including five of the last seven – for “Tenet,” “First Man,” “Blade Runner 2049,” “Ex Machina,” “Interstellar,” and “Inception.”

    Earlier this month, DNEG won a BAFTA for its VFX work on “Dune.” Four of the five 2022 BAFTA-nominated films in the ‘Special Visual Effects’ category feature DNEG-led VFX work including “Dune,” “Ghostbusters: Afterlife,” “The Matrix Resurrections,” and “No Time to Die.”

    DNEG also received 12 nominations for the 2022 Visual Effects Society (VES) Awards, across six shows – “Dune,” “The Matrix Resurrections,” “No Time to Die,” “Last Night In Soho,” “Venom: Let There Be Carnage” and “Foundation.” The studio picked up seven awards out of 12 nominations.

    In the past, DNEG has won seven BAFTA Awards, 18 Visual Effects Society (VES) Awards and three Primetime Emmy Awards.

  • DNEG set to become the only Pure-play publicly-traded visual effects, animation company

    DNEG set to become the only Pure-play publicly-traded visual effects, animation company

    Mumbai: DNEG, a technology-enabled visual effects, and animation company, and Sports Ventures Acquisition Corp, a publicly-traded special purpose acquisition company have entered into a definitive business combination agreement that will result in DNEG becoming a public company.

    Upon closing of the transaction, the combined company will be renamed DNEG and it is expected that its ordinary shares will be listed on the Nasdaq. The combined company will be led by DNEG chairman and chief executive officer Namit Malhotra.

    A subsidiary of Prime Focus, DNEG creates visual effects and animation for feature films, television, as well as multiplatform content, with operations based in North America (Los Angeles, Montréal, Toronto and Vancouver), Europe (London) and Asia (Bangalore, Chandigarh, Chennai and Mumbai)

    Commenting on this merger, DNEG chairman and CEO Namit Malhotra said, “This transaction creates long-term stability for our teams while also allowing us to exploit the tailwinds in the media and entertainment industry and the explosion in demand for content, which are huge growth drivers for our company. Leveraging our leading technology stack, DNEG is already making great strides into new growth areas such as gaming and content creation partnerships, and we are perfectly positioned to exploit massive new opportunities in the metaverse and the convergence of all forms of content creation.”

    DNEG’s work has earned the company six Academy Awards®️ for Best Visual Effects and numerous BAFTA and Primetime EMMY®️ Awards. Current and upcoming DNEG projects on behalf of its Hollywood and global studio and production company partners include Uncharted (February 2022), Death on the Nile (February 2022), Moonfall (February 2022), Borderlands (2022), Stranger Things S4 (2022), Aquaman and the Lost Kingdom (2022), Knives Out 2 (2022), The Last of Us (2022), The Flash (2022), and Shazam! Fury of the Gods (2023).

  • DNEG expands global footprint with new Toronto Studio

    DNEG expands global footprint with new Toronto Studio

    Mumbai: DNEG- visual effects (VFX) and animation studio for the creation of feature film, television and multiplatform content- has announced plans for increasing its Canada-based VFX and animation operations and talent pool.

    With surging worldwide demand for its content across all platforms, DNEG is planning a new studio in the Greater Toronto Area that will initially employ up to 200 people, including many new technology positions. It will also expand its existing Vancouver and Montreal offices, and add a new studio for its Feature Animation division in Vancouver.

    DNEG also has North American operations in Los Angeles. North American expansion and investment will bolster DENG’s leadership and multi-platform capabilities as a modern-day content production powerhouse for major Hollywood and independent studios and production companies, it said in a media statement.

    DNEG chairman and CEO Namit Malhotra said, “We are also continuing to build out our studios in Vancouver and Montreal to support our upcoming slate of VFX projects, and extending our highly successful Feature Animation team to Vancouver as they move into production on five new animation projects. Growth in our Canadian talent and capabilities will help us strategically align with the demands of the entertainment industry and seize upon our new growth initiatives and content creation opportunities.”

    The new Toronto studio will create up to 200 new jobs, initially in a remote-work capacity. Roles will encompass visual effects for film and episodic projects, feature animation, and technology positions. Opportunities will be posted at DNEG.com.

    DNEG Global CTO Paul Salvini added, “I’m excited that DNEG is bringing these new opportunities to the visual effects and technology communities of the Greater Toronto Area. This is a great chance for technologists working in AI, machine learning, UX and across a broad spectrum of technology areas to refocus their talents on helping to create incredible imagery for some of the world’s biggest feature films and episodic series. We are not fixed on candidates having previous film or media industry experience – we’re looking for passionate and curious technologists who are excited at the prospect of a new challenge.”

    DNEG will be creating up to 300 new roles across its Vancouver and Montreal offices, including up to 100 new positions in Vancouver for its Feature Animation team, to support their upcoming slate of animation projects. Opportunities will be posted at DNEG.com.

  • Prime Focus joins hands with Pritam and Kwan to create JAM8

    Prime Focus joins hands with Pritam and Kwan to create JAM8

    MUMBAI: Integrated media services company Prime Focus Ltd has announced its collaboration with Jam8, a musical platform founded by Indian music composer/director Pritam, and KWAN, a talent management company to serve as a 360-degree creative solution provider for the M&E industry.

    The move has been made by Prime Focus with an aim to branch out, expand and establish its foothold in the music business. The company in association with Jam8 and Kwan plan to deliver the best in terms of high-quality infrastructure and technology that caters to all kinds of sonic requirement. Having the likes of Pritam and Jam8, his dream project as able partners, this venture will serve as a one-stop platform that will offer solutions to music across all segments covering movies, advertisements and the OTT space, providing the best of quality music output.

    Founder of Jam8 and music composer/director Pritam Chakraborty said, “Jam8 is my baby and helping me nurture it are Kwan and Prime Focus and Kwan. After successfully launching composers who are active in films, television, and advertising…now finally our state of art studio is ready. I am really excited. "

    Prime Focus non-executive chairman Namit Malhotra said, “It’s a great opportunity for us to partner with JAM8. Music is something that I hold very close to my heart. Through this collaboration, we would look to enable new talent to bring about a diversified mix of music for all the audiences. Jam8 is a platform under the leadership of someone like Pritam that can bring the best of talent and produce music that will be enjoyed for years to come and we are thrilled to be partnering in that.”

    Kwan CEO Vijay Subramanium said, "Pritam da has had the vision of jam8 for years and when he discussed it with us, we truly believed that his vision was transformational. The idea and the platform are unique and will create opportunities for musicians across the country to live their dream. It’s been an absolute pleasure to see this dream take shape."

    Prime Focus Business Head Niraj Sanghai said, “Our aim through this venture is to support the abundance of upcoming talent we have in our country. We would like to present these budding youngsters a platform and provide all the best amenities and opportunities to encourage and nurture them. We are proud to associate with Jam8 and we very excited to be part of this initiative”.

  • PFL reports growth in operating revenue

    PFL reports growth in operating revenue

    BENGALURU: Integrated media services player Prime Focus Ltd (PFL) reported 20 per cent year-on-year (yoy) growth in operating revenue at Rs 609.61 crore for the quarter ended 31 December 2017 (Q3 2018, quarter, the quarter under review) as compared with Rs 508.03 crore for the corresponding year ago quarter (Q3 2017). Total income increased by 20.3 per cent yoy in Q3 2018 to Rs 612.21 crore from Rs 508.84 crore. The company, however, reported a net loss of Rs 7.03 crore for the quarter under review as compared with profit after tax (PAT) of Rs 28.18 crore in Q3 2017. The company says finance charges considered for Q3 2018 were higher by Rs 5.5 crore on account of change in accounting treatment towards redemption premium on Standard Chartered PE NCDs–expensed as against capitalised in the balance sheet in earlier quarters.

    Adjusted operating EBITDA for the quarter at Rs 157.34 crore (25.8 per cent of operating revenue) grew by 27.8 per cent yoy from Rs 123.16 crore (24.2 per cent of operating revenue). Adjusted EBIDTA of Rs 157.34 crore for Q3 2018 includes ESOP costs of Rs 4.21 crore, foreign exchange (forex) losses of Rs 2.51 crore and Rs 10 crore of non-operating non-cash forex charges on account of balance sheet translation exposure and approximately Rs 20 crore for certain one-time Montreal setup costs and conservative provisions at PFW/DNEG.

    Total expenditure in Q3 2018 increased by 25.9 per cent to Rs 610.09 crore from Rs 484.43 crore in Q3 2017. Employee benefits expense in Q3 2018 rose by 25.9 per cent to Rs 332.61 crore from Rs 268.74 crore in the corresponding quarter of the previous year. Technician fees more than doubled (2.08 times) to Rs 15.12 crore from Rs 7.27 crore in Q3 2017. Technical services cost in the quarter under review increased by 72.4 per cent to Rs 28.45 crore from Rs 16.50 crore in Q3 2017. Finance cost in Q3 2018 increased 97.6 per cent yoy to Rs 45.32 crore from Rs 22.94 crore in Q3 2017. Other expenditure in the quarter increased 14.9 per cent yoy to Rs 106.08 crore as compared to Rs 92.36 crore in the corresponding quarter of fiscal 2017.

    Commenting on the results, PFL founder, executive chairman and global CEO Namit Malhotra said, “We are pleased to report a strong quarter with continued momentum across businesses. Ourcreative services continued to deliver marquee projects such as recent Hollywood blockbusters – Thor: Ragnarok and Justice League which have grossed over $800 million and $600 million, respectively. Our order book includes good projects like Venom, which is the next movie in the Spiderman franchise. In tech/tech enabled business, we added new clients and invested in new talent to strengthen our reach in North America while India FMS continues to deliver robust profitability in line with our expectations.

    “Given the significant growth we have witnessed in our creative services business and continued momentum visible going forward, the board has decided that Vikas should focus all his energies toward helping manage this growth and maximise the potential at PFW/DNEG. Vikas has relocated to London and will now be fully focused on his role as the CFO of PFW/DNEG. Nishant Fadia has now been re-appointed as the CFO of PFL. As you may know, Nishant has been with Prime Focus for the last 18 years and was the CFO of PFL till 2014 and since then has been the COO for the Group. I wish them both the very best as we look to take the Prime Focus Group to greater heights in the years ahead.

    “We are happy to continue to deliver performance ahead of plans and look forward to ending FY18 on a higher note.”

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  • Prime Focus reports flat results for first quarter

    BENGALURU: After the sale of certain investments and restructuring and integration costs in the previous fiscal (FY-17), including in the quarter ended 30 June 2016 (Q1-17), Prime Focus Limited (PFL) had reported healthy numbers for FY-17. The company has now reported almost flat revenue and EBIDTA numbers for the quarter ended 30 June 2017 (Q1-18, current quarter) as compared to Q1-17. Revenue Income from operations was 2.41 percent lower in the current quarter at Rs 5,135.22 million as compared to Rs 5,262.13 million in Q1-17. Total Income in Q1-18 was 0.82 percent lower year-over-year (y-o-y) at Rs 5,241.89 million as compared to Rs 5,285.09 million in Q1-17.

    EBIDTA including other income in the current quarter was flat (down 0.01 percent) at Rs 1,033.16 million (19.71 percent of Total Income) as compared to Rs 1,033.30 million (19.55 percent of Total Income) in Q1-17. The company says that adjusted EBIDTA was up 9 percent at Rs. 1,118mn (Q1-17: Rs. 1,023 million), with margin at 21.4 percent (Q1-17: 19.4 percent), with significant work being delivered on projects from India. The company reported foreign exchange gain for the period at Rs. 22 million.

    Total Expenditure in Q1-18 declined fractionally by 0.11 percent to Rs 5,239.58 million from Rs 5,245.19 million in Q1-17. Employee benefits expense in Q1-18 reduced 6.18 percent to Rs 2,966.46 million from Rs 3,161.77 million in the corresponding quarter of the previous year. Technician fees in Q1-18 reduced 1.30 percent to Rs 90.51 million from Rs 91.70 million in Q1-17. Technical Services cost in the current quarter fell by 18.86 percent to Rs 134.35 million from Rs 165.59 million in Q1-17. Finance cost in Q1-18 increased 24.08 percent to Rs 376.38 million from Rs 303.32 million in Q1-17. PFL says that Finance costs in the current quarter includes non-operating charges of Rs. 85 millon on account of amortizations of debt like items Other Expenditure in the current quarter increased 9.41 percent to Rs 911.06 million as compared to Rs 832.73 million in corresponding quarter of fiscal 2017.

    In its investor presentation, PFL says that its creative services revenue in Q1-18 was Rs 4,042 million, while in Q1-17 it was Rs 4,052 million. Adjusted EBIDTA for creative services increased in Q1-18 to Rs 804 million (19.9 percent margin) from Rs 682 million (16.8 percent margin) in Q1-17. The company says that EBITDA margin increased as India integration proceeded at a steady pace; significant work continued to be delivered on projects from India, and steps were being taken to upsize and upskill the Indian workforce. PFL launched PFAMES (Prime Focus Academy of Media & Entertainment Studies) for training entry level personnel in India. It claims that it has delivered movies like Transformers: The Last Knight, Wonder Woman, The Mummy, Pirates of the Caribbean: Dead Men Tell No Tales and King Arthur: Legend of the Sword among others. PFL says that it has an order book at in excess of $250 million with projects like M:I 6 – Mission Impossible, Godzilla Sequel, Pacific Rim: Uprising, American Assassin, Justice League, Geostorm, Avengers, Alpha, Blade Runner 2049, Thor Ragnarok and other major unannounced projects.

    PFL’s Tech/Tech Enabled services revenue in Q1-18 was slightly lower at Rs 822 million as compared to Rs 841 million in the corresponding year ago quarter. EBIDTA for Tech/Tech Enabled services increased to Rs 223 million (27.1 percent margin) from Rs 220 million (26.1 percent margin). Its order book for Tech/Tech Enabled services was at $200 million to be executed over next 3 to 5 years.

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