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Prime Focus Q3 net at Rs 22.7 crore

MUMBAI: Prime Focus Ltd (PFL), a global leader in media and entertainment industry services, has posted a net profit of Rs 22.7 crore for the quarter ended 31 December compared to a net loss of Rs 18.4 crore in the corresponding quarter of the previous fiscal.

Operating EBITDA was up 71% year-on-year (YoY) at Rs 120 crore compared to Rs 71.6 crore in the same period of the previous year, driven by improved margin profile in creative services (23%) and India FMS (33%), along with sustained high margins achieved by Prime Focus Technologies (28%).

Operating EBITDA margin stood at 24% compared to 15% a year ago.

Total revenue for the quarter was up 8% YoY to Rs 510 crore from Rs 470 crore in the previous fiscal year, powered by 13% growth in creative services and 6% in tech/tech enabled services.

Creative and tech/tech-enabled services contributed 75% and 17% to total segmental revenues, respectively.

The company’s performance was driven by robust growth and high profitability across all three businesses.

Key operational highlights for the quarter:

Prime Focus World

  • Key projects delivered during the quarter included blockbuster movies like ‘Fantastic Beasts and Where to Find Them’ and ‘Assassin’s Creed’
  • Robust order book of over $250 mn with movies like ‘Pacific Rim: Uprising’, ‘Dunkirk’, ‘The Mummy’, ‘Wonder Woman’, ‘Fast 8’, ‘Geostorm’, ‘Justice League: Part 1’ and ‘The Great Wall’.

Prime Focus Technologies

  • Continued to invest in marketing and product development, hired head of business development for Canada
  • Signed a deal with existing client Tata Sky to create exclusive subscriber communications for their value-added services
  • Order book at $200 mn to be executed over the next 3–5 years

Commenting on the results, PFL 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 mn at the box office. Our creative order book is robust at $250 mn, 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 to our superior quality.”