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Tag: Prime Focus Limited

  • Prime Focus Q1-2015 revenue up 78%, loss widens to Rs 22 crore because of global integration process

    Prime Focus Q1-2015 revenue up 78%, loss widens to Rs 22 crore because of global integration process

    BENGALURU: Prime Focus Limited (PFL) reported 78.3 per cent growth in Income from Operations (TIO) in the quarter ended 30 September 2015 (Q1-2015, current quarter) to Rs 350.17 crore from Rs 196.38 crore (quarter ended 30 September 2013, or Q2-2014) and 76.6 per cent more than the Rs 199.5 crore in Q5-2014 (q-o-q).

    Notes: (1) 100,00,000 = 100 lakh = 10 million =1 crore

    (2) The company had filed results for a15 month period ended 30 June 2014, hence comparison is being done between Q1-2015 and Q2-2014 as well as Q5-2014 (quarter ended 30 June 2014).

    The company’s loss widened to Rs 22.02 crore in Q1-2015 from the Rs 8.78 crore in Q5-2015. The company had reported a profit of Rs 21.34 crore (10.9 per cent of TIO) in Q2-2014. PFL, in its earnings release, says that loss for the quarter has risen to Rs 22.02 crore because margins have been impacted primarily due to seasonal effects and due to significant duplication of costs in the creative services business in the first quarter post-merger. The company has initiated a global Integration process at its London, Vancouver and Indian facilities across both these entities. Consequently, the effects of the first phase of one time integration costs are also reflected in the financials claims PFL.

    Let us look at the other numbers reported by PFL in Q1-2015

    The company’s total expenditure (TE) in Q1-2015 at Rs 385.6 crore (110.1 per cent of TIO), which was more than double (2.15 times) the Rs 179.42 crore (91.4 per cent of TIO) in Q2-2014 and 80 per cent more than the Rs 214.52 crore (107.5 per cent of TIO) in Q5-2014.

    Figures A and B below show PFL’s major expense heads. As is obvious, a major expense head for the company is employee benefit expense or EBE.

    PFL’s EBE in Q1-2015 at Rs 232.77 crore (60.4 per cent of TIO) was almost triple (2.91 times) the Rs 79.84 crore (40.7 per cent of TIO) in Q2-2014 and more than double (2.1times) the Rs 111.50 crore (55.9 per cent of TIO) in Q5-2015. Fig B indicates that EBE also shows a linear upward trend in terms of percentage of TIO over the seven quarters starting Q4-2013 until the current quarter Q1-2015.  EBE has been the highest in Q1-2015, both in terms of absolute rupees and in terms of percentage of TIO during the period under consideration.

     Finance and Interest cost in Q1-2015 at Rs 15.84 crore (4.25 per cent of TIO) was 42.8 per cent more than the Rs 11.09 crore (5.6 per cent of TIO) in Q2-2014 and 9.5 per cent less than the Rs 17.5 crore (8.8 per cent of TIO) in Q5-2015.

    PFL executive chairman and group CEO Namit Malhotra said, “It has been an eventful quarter for us as a Group, where PFW (Prime Focus World) completed the merger with Double Negative (D-Neg) which we all are very excited about. At the same time, we initiated a significant integration and consolidation exercise across our global footprint.”

    “These extra ordinary onetime costs juxtaposed with seasonally the slowest quarter in the Industry has had

    a major impact on our bottomline. The integration process with D-Neg has started well with the strategic assumptions playing out as expected. Post D-Neg integration, we are proud to announce that we have now become a fully integrated Tier I provider of creative services solutions globally. Our focus on cost stays high – we have shut down our London and Vancouver VFX operations in PFW. The RMW’s FMS business merger is awaiting regulatory

    accelerated growth path we are extremely positive approval post which we expect to complete the transaction expeditiously. PFT is witnessing increasing traction for its products in the International markets and we are very excited about the growth opportunities there in addition to the continued momentum in India. With all our businesses on an accelerated growth path, we are very excited about the future, as you look beyond the one time integration costs, there are significant post-merger revenue and margin enhancement opportunities ahead,” added Malhotra.

     

    Click here to read full unaudited results

  • Prime Focus disappoints for quarter ended 30 June, 2014

    Prime Focus disappoints for quarter ended 30 June, 2014

    BENGALURU: Prime Focus Limited (PFL) has posted disappointing results for the quarter (Q5-2014). The company also posted results for the extended 15 month period ended 30 June, 2014 (15M-2014). The company reported a PAT of Rs 24.26 crore or about 2.3 per cent of Total Income from operations (TIO)  for 15M-2014 as compared to the extrapolated loss of Rs 20.31 crore against TOI of Rs 762.16 crore during the equivalent period of 15 months ended 30 June, 2013(15M-2013). The reported TIO for 15M-2014 is Rs 1032.72 crore, an increase of 35.5 per cent as compared 15M-2013.

     

    Earlier, for the four quarter period ended 31 March, 2014 (FY-2014), the company had posted a PAT of Rs 33.04 crore (4 per cent of TIO) against a TIO of Rs 834.89 crore. For FY-2013, the company had reported loss of Rs 16.85 crore. During FY-2014, PFL had reported a net forex gain of Rs 29.21 crore and for FY-2013 an exchange gain of Rs 6.75 crore. During 15M-2014 the company has reported forex gain of Rs 38.07 crore, 5.6 times the Rs 6.75 crore in 15M-2013.

     

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  • Prime Focus Q3 PAT Rs 10.33 crore vs loss a year ago

    Prime Focus Q3 PAT Rs 10.33 crore vs loss a year ago

    BENGALURU: Indian visual effect and 3-D conversion company Prime Focus Limited has reported consolidated net profit of Rs 10.33 crore in the third quarter ended 31 December, 2013 against a loss of Rs 63.27 crore a year ago.

     

    The consolidated net profit in the third quarter was, however, less than half of Rs 21.34 crore a quarter earlier. The company had a foreign exchange gain of Rs 20.37 crore (95.4 per cent of net profit) in the second quarter of 2013-14, against foreign exchange gain of Rs 3.80 crore in the third quarter.

     

    In the nine months ended 31 December, 2013, Prime Focus reported exchange gain of Rs 38.23 crore, nearly four times Rs 9.76 crore gain a year ago. For 2012-13, the company had a foreign exchange gain of Rs 6.75 crore. 

     

    Let us look at the other Q3-2014 figures reported by Prime Focus

     

    Prime Focus reported 18.3 per cent rise in Income from operations to Rs 213.68 crore in Q3-2014 from Rs 180.68 crore in the same quarter of FY 2013 and was 9 per cent more than the Rs 196.06 crore during Q2-2014. YTD, its Income from operations at Rs 598.20 crore was 5.8 per cent more than the Rs 565.27 crore of the nine month periods of last year. For FY 2013, Prime Focus had reported Income from operations of Rs 762.16 crore. 

     

    Total expenditure at Rs 194.09 crore for Q3-2014 was 11.5 per cent more than the Rs 180.81 crore for Q3-2013, and 8.2 per cent more than the Rs 179.42 crore for the immediate trailing quarter Q2-2014. YTD, Prime Focus reported Total expenditure of Rs 541.73 crore , which was 5.75 per cent more than the Rs 512.26 crore  during the corresponding nine month period of FY 2013. The company reported Total expense of Rs 686.76 crore in FY 2013. 

     

    Personnel cost for Q3-2014 at Rs 89.38 crore was 14.6 per cent more than the Rs 78.02 crore  for the corresponding quarter of last year (Q3-2013) and 11.9 per cent more than the Rs 79.85 crore  for Q2-2014. 

     

    The company paid Rs 15.61 crore towards technician fee for Q3-2014, 7.4 per cent more than the Rs 14.53 crore a year ago, and (1.8) per cent lower than the Rs 15.89 crore for Q2-2014. 

     

    Depreciation and amortisation cost for Q3-2014 at Rs 25.17 crore was 10.6 per cent higher than the Rs 22.75 crore y-o-y but (11.5) per cent lower than the Rs 28.44 crore for Q2-2014. 

     

    Other expenditure for Q4-2014 at Rs 63.80 crore was 8.7 per cent more than the Rs 58.68 crore y-o-y and 15.5 per cent more than the Rs 55.25 crore q-o-q. 

     

    Prime Focus paid Rs 16.28 crore towards finance costs for Q3-2014, 32.5 per cent more than the Rs 12.29 crore for Q3-2013 and 46.8 per cent more than the Rs 11.09 crore for the trailing quarter (Q2-2014).

     

    Click here for release

     

    Click here for financials

  • Q2-2014: Forex gains boosts PAT to more than double for Prime Focus

    Q2-2014: Forex gains boosts PAT to more than double for Prime Focus

    BENGALURU: Indian visual effect and 3-D conversion player Prime Focus Limited (Prime Focus) reported consolidated PAT of Rs 21.34 crore for Q2-2014, more than double (2.24 times) the Rs 9.54 crore for Q2-2013 and 2.53 times the Rs 8.53 crore for Q1-2014.

     

    The company reported exchange gain at Rs 20.37 crore for Q2-2014 on a consolidated basis, 44.8 per cent more than the Rs 14.06 crore for Q1-2014 and hence contributed to a major extent to the PAT. Prime Focus had reported an exchange loss of Rs 6.91 crore for Q2-2013.

     

    Let us look at the other figures reported by Prime Focus for Q2-2014

     

    Prime Focus reported consolidated net sales from operations for Q2-2014 at Rs 196.06 crore, almost flat (about 0.17 per cent lower) than the Rs 196.39 crore for Q2-2013 and 4.2 per cent higher than the Rs 188.47 crore for Q1-2014. Besides foreign exchange gain/loss mentioned above, other income for Q2-2014 was Rs 4.06 crore as compared to the Rs 6.63 crore for Q2-2013 and the Rs 2.78 crore for Q1-2014.

     

    Total expenditure at Rs 179.42 crore for Q2-2014 was 0.8 per cent less than the Rs 180.81 crore for Q2-2013, and 16.3 per cent more than the Rs 154.21 crore for the immediate trailing quarter Q1-2014.

     

    Personnel cost for Q2-2014 at Rs 92.74 crore was 11.05 per cent lower than the Rs 104.26 crore for the corresponding quarter of last year (Q2-2013) and 1.5 per cent lower than the Rs 94.11 crore for Q1-2014. Of these figures for personnel cost, the company paid Rs 16.89 crore towards technician fee for Q2-2014, a fraction of a per cent lower than the Rs 17.12 crore for Q1-2014.

     

    Depreciation and amortisation cost for Q2-2014 at Rs 28.44 crore was 35.2 per cent higher than the Rs 21.03 crore y-o-y and 26.6 per cent more than the Rs 22.47 crore for Q1-2014.

     

    Other expenditure for Q2-2014 at Rs 55.24 crore was 13.6 per cent more than the Rs 48.61 crore y-o-y and 6.8 per cent more than the Rs 51.68 crore q-o-q.

     

    Prime Focus paid Rs 11.09 crore towards finance costs for Q2-2014, 2.7 per cent more than the Rs 10.8 crore for Q2-2013 but 15.1 per cent lower than the Rs 13.05 crore for the trailing quarter (Q1-2014).

     

    Notes: (1) All figures on a consolidated basis.

    (2) On September 17, 2013, the company received an approval from its shareholders though a postal ballot, for sale of its ‘Backend Business’ which includes (a) business of providing service of conversion of 2D audio visual/moving images to stereo 3D audio visual/moving images provided by the company to Prime Focus World N. V., a company incorporated and operating under the laws of Netherlands (‘PFW’) (“Conversion Business”) and (b) business of providing  the services of computer generated film visual effects by the  company to PFW (“VFX Business”), to Prime Focus World Creative Services Pvt. Ltd., a company incorporated in India and an indirectly controlled  subsidiary of the company on a going concern basis by a slump sale  for a total consideration of not less than the Rupees equivalent of USD 3.8 crore (38 million).

  • Prime Focus: 77% rise in q-o-q profit from operations for Q1-2014; lower net profit

    Prime Focus: 77% rise in q-o-q profit from operations for Q1-2014; lower net profit

    BENGALURU: Indian visual effect and 3-D conversion player Prime Focus Limited (Prime Focus) reported consolidated profit from operations for Q1-2014 at Rs 34.26 crore which was 76.72 per cent higher than the Rs 19.39 crore for the previous quarter Q4-2013 but was 5.85 per cent lower than the Rs 36.39 crore for Q1-2013.

    However, consolidated net profit after tax and minority interest for Q1-2014 at Rs 8.53 crore was 31.4 per cent lower than the Rs 12.44 crore for Q4-2013 and just 40.6 per cent of the Rs 20.98 crore for Q1-2013.

    Let us look at Prime Focus’ other figures for Q1-2014

    Net Sales/Income from operations on a consolidated basis for Q1-2014 at Rs 188.47 crore was almost flat (0.14 per cent higher) as compared to the Rs 188.21 crore for Q1-2013 and 4.3 per cent lower than the Rs 193.87 crore for Q4-2013.

    Prime Focus reported an exchange gain of Rs 14.06 crore in Q1-2014 which was 12.05 per cent more than the exchange gain of Rs 12.54 crore in Q1-2013. In Q4-2013 the company incurred an exchange loss of Rs 3.01 crore.

    Neglecting the exchange gain or loss, Prime Focus reported consolidated expenditure of Rs 168.26 crore which was 2.37 per cent higher than the Rs 164.36 crore in Q1-2013 and 3.6 per cent lower than the Rs 17.45 crore in Q4-2013.

    Depreciation and amortisation cost of Rs 22.47 crore for Q1-2014 was 8.2 per cent higher than the Rs 20.77 crore in Q1-2013 and 36.4 per cent lower than the Rs 35.32 crore for Q4-2013.

    Personnel cost for Q1-2014 at Rs 88.35 crore was higher by 1.2 per cent as compared to the Rs 87.29 crore in Q1-2013, but 6.1 per cent lower than the Rs 94.12 crore for Q4-2013.

    Other expenditure for Q1-2014 at Rs 51.67 crore was 24.8 per cent higher than the Rs 41.42 crore for Q1-2013 and almost flat (0.4 per cent lower) as against the Rs 51.88 crore for Q4-2014.

    Finance cost at Rs 13.05 crore for Q1-2014 was 67.5 per cent higher than the Rs 7.79 crore for Q1-2013 and 19.3 per cent more than the Rs 10.94 crore for Q4-2013.

    Exceptional Item:

    Exceptional item includes revaluation loss of Rs 82.28 crore on redemption of FCCBs of $55 million on 13 December, 2012 and also includes provision and write off of debtors amounting to Rs 25.38 crore.

    As a part of reorganisation of businesses of the group under common control, Prime Focus Technologies acquired the New York based post-production business from Prime Focus World on 1 April, 2013. As a result of this there is a write-down in the value of assets by Rs 721.68 lakh ($1.3 million) during Q1-2014.

    Notes:

    (1)  The Company has informed BSE that the Board of Directors of the Company at its meeting held on 21 June, 2013, inter alia, has transacted the following:
    a) Took on record principal terms and conditions on which Prime Focus World, N.V. proposes to raise $38,000,000 from Macquarie (UK) Group Services Limited at an Enterprise Valuation of USD 300 million.

    b) Considered and approved to provide a corporate guarantee for an amount not exceeding $44,650,000 in favour of Macquarie (UK) Group Services Limited to secure the obligations of Prime Focus World Limited, Mauritius, a wholly owned subsidiary of Prime Focus.

    (2)  The Board of Directors of Prime Focus at its meeting held on 5 August, 2013, inter-alia, has considered and approved to sell, transfer, and/or otherwise dispose of its ‘Backend Business’, which includes (a) business of providing the services of conversion of 2D audio visual/moving images to stereo 3D audio visual/moving images provided by the Company to Prime Focus World N.V., a company incorporated and operating under the laws of Netherlands (“PFW”) (‘Conversion Business’); and (b) the business of providing the services of computer generated film visual special effects by the Company to PFW (“VFX Business”),to Prime Focus World Creative Services Pvt. Ltd.’, a company incorporated in India and an indirect controlled subsidiary of the Company on a going concern basis by way of slump sale for a total consideration not less than INR equivalent of $38 million subject to the approval of the shareholders of the Company through a postal ballot and on receipt of requisite/regulatory approvals.

    Click here for Prime Focus – Financial Result

  • British Film Institute chooses Prime Focus Technologies as preferred supplier

    British Film Institute chooses Prime Focus Technologies as preferred supplier

    MUMBAI: Prime Focus Limited (PFL) has announced that its subsidiary Prime Focus Technologies Private Limited (PFT) has been chosen by the British Film Institute (BFI) as a preferred supplier of digital services for its film and television archives including scanning and digital restoration services.

    Following a tender process that saw bids from 35 suppliers from both the UK and abroad, PFT was selected as one of the specialist companies that the BFI will work with to help preserve and present its archive material.

    Commenting on the announcement, PFT vice president and UK head Aine Healy said, “This is just one of many exciting projects that the BFI is working on and we hope that we can continue to grow this relationship. We feel we have the perfect skillset, infrastructure and technology to ensure that the BFI.s archive is readily available for people to enjoy both today and in the future.”

    BFI’s head of conservation Charles Fairall averred, “The BFI is charged with the preservation and accessibility of UK’s film and television heritage. We.re very pleased to be partnering with Prime Focus Technologies and our other chosen suppliers, to preserve and open up our archive to new audiences.”

    Earlier Prime Focus Technologies had collaborated with the BFI on many high profile projects and has provided its services to other archives including the Imperial War Museum, British Movietone News, IMG, Huntley Archives and the Board of Control for Cricket in India (BCCI).