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Prime Focus Limited announces Q3 FY17-18 results

Posted On: 2018-02-17 02:11:41

Prime Focus Limited (PFL), a global leader in media and entertainment services, declared its financial results for the quarter and nine months ending Dec 31, 2018. The Company reported consolidated quarterly revenue of Rs.6.09bn, up 20% YoY, and Adjusted EBITDA of Rs.1.57bn driven by robust performance across all business segments, particularly the Creative Services business which continues to benefit from integration and consolidation of facilities worldwide. The company has also announced issuance of warrants worth Rs.3.3bn, on a preferential basis, to the promoter, the funds raised would be used largely towards debt reduction. The Board has also approved the re-appointment of Nishant Fadia as CFO of Prime Focus Limited; Vikas Rathee will continue his duties as CFO of Prime Focus World / Double Negative ("PFW/DNEG").

Key financial highlights

Q3 FY18 (Consolidated Financials)

- Revenue at Rs. 6,097mn, up 20% YoY from Rs. 5,080mn in Q3 FY17, led by 25% growth in Creative Services

- Creative and Tech/Tech Enabled Services contributed 78% & 14% to revenues, respectively

- Adjusted EBITDA* at Rs.1,574mn (Q3 FY17: Rs.1,231mn), with margin at 25.8% (Q3 FY17: 24.2%)

- EBITDA adjusted for Rs.100mn of non-operating Non-cash FX charges on account of Balance Sheet translation exposure and approx. Rs.200mn for certain one-time Montreal setup costs and conservative provisions at PFW/DNEG

- Finance charges higher by Rs.55mn on account of change in accounting treatment towards Redemption premium on Standard Chartered PE NCDs - expensed as against capitalized in the Balance Sheet in earlier quarters

- Operating PBT of Rs.456mn (Q3 FY17: Rs. 244mn); PBT adjusted for one time non-cash charge of Rs.80mn in Depreciation on account of shutdown of a facility in India and onetime expenses as explained above

- Non-Cash ESOP charges of Rs. 42mn during the quarter (Q3 FY17: Rs. 113mn)

9M FY18 (Consolidated Financials)

- Revenue for the period up 12% YoY at Rs. 17,025mn (9M FY17: Rs. 15,192mn)
- Adjusted EBITDA* up 30% YoY at Rs. 4,135mn (9M FY17: Rs. 3,172mn), with margin at 24.3% (9M FY17: 20.9%)
- Operating PBT of Rs.669mn (9M FY17: Rs.20mn)

Commenting on the results, Mr. Namit Malhotra, Founder, Executive Chairman and Global CEO, Prime Focus Ltd said: We are pleased to report a strong quarter with continued momentum across businesses. Our Creative Services continued to deliver marquee projects such as recent Hollywood blockbusters - Thor: Ragnarok and Justice League which have grossed over $800mn and $600mn, 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.

Shares of PRIME FOCUS LTD. was last trading in BSE at Rs.101.9 as compared to the previous close of Rs. 104.6. The total number of shares traded during the day was 5599 in over 156 trades.

The stock hit an intraday high of Rs. 105.9 and intraday low of 101.9. The net turnover during the day was Rs. 577559.

Source: Equity Bulls

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