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.


(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.

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