Leading Indian animation studio Crest Communication Ltd. has declared a turnaround performance for the first quarter where profit before interest, depreciation and tax stood at Rs 2.65 crore as compared to a loss of Rs 5.71 crore for the fourth quarter of the previous year.

The Total income at Rs 6.88 crore improved by 55% as compared to Rs 4.43 crore for the first quarter of the previous year.

A K Madhavan, CEO of Crest Communication Limited is quoted in a company press release saying, "It is a matter of great pride to be at the forefront in driving and developing what is still a very nascent industry in India. In doing so, we have succeeded in taking strides to make India's presence felt in the mainstream (US) market, which is also one of the toughest to break into in terms of entry barriers. We have succeeded in bagging some prestigious projects, the benefits of which shall accrue over the impending quarters. The continued focus on quality, creative skills and technology is yielding high end work from key clients in the US."

The release further states that the turnaround has come in the wake of the company's transition from being a diversified media services player to a pure-play animation company and that the increase in revenue has been achieved as a result of a major expansion of facilities and manpower towards the end of March quarter.