Prime Focus operating profit up 94 percent

BENGALURU:  Prime Focus Limited (PFL) reported 93.7 percent growth in operating profit (EBIDTA) for the twelve month period between 1 April 2015 and 31 March 2016 (12M-16) as compared to the corresponding period of the previous year. The company reported EBIDTA for 12M-16 at Rs 329.7 crore (17.3 percent EBIDTA margin of net sales or Total Income from Operations or TIO) as compared to Rs 170.2 crore (13 percent EBIDTA margin of TIO) for 12M-15.

TIO for 12M-16 increased 45.7 percent to Rs 1,901 crore from Rs 1,304.4 crore in the corresponding 12 month period of the previous year. The company reported a higher loss of Rs 318.5 crore as compared to a loss of Rs 87.2 crore in the previous year.

Notes:(1) The unit of currency in this report is the Indian rupee - Rs (also conventionally represented by INR).The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

(a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

(b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

(2) The company had filed results for a fifteen month period ended June 30, 2014, hence y-o-y comparison is being done between Q3-16 and Q3-15 and q-o-q comparison is between Q3-16 and  Q2-16 (quarter ended 31 December 2015).

Total Expenditure in 12M-16 increased 38.5 percent to Rs 1,571.3 crore (82.7 percent of TIO) from Rs 1,134.2 crore (87 percent of TIO in 12M-15. Personnel cost that included employee benefits expense and technicians fees in 12M-16 increased 36.1 percent to Rs 415.3 crore (21.8 percent of TIO) from Rs 305.2 crore (23.4 percent of TIO) in the previous corresponding twelve month period.

Finance cost in 12M-16 increased 65.7 percent to Rs 107.4 crore (5.6 percent of TIO) from Rs 64.8 crore (5 percent of TIO) in 12M-15.

Let us look at the numbers for Q3-16

For the quarter ended 31 March 2016 (Q3-16, current quarter), PFL reported 10.7 percent year-over-year (y-o-y) growth in TIO at Rs 465.7 crore as compared to Rs 420.54 crore, but revenue declined by 0.8 percent quarter-over-quarter (q-o-q) from Rs 468.52 crore. EBIDTA in the current quarter at Rs 160.20 crore (34.4 percent EBIDTA margin of TIO)was 52.4 percent higher y-o-y as compared to Rs 105.15 crore (25 percent EBIDTA margin of TIO) and more than doubled (2.24 times) as compared to Rs71.56 crore (15.3 percent EBIDTA margin of TIO.

The company’s loss in Q3-16 was higher both y-o-y and q-o-q. For Q3-16, PFL reported loss of Rs 80.10 crore, for Q3-15 loss was Rs 20.29 crore and for the immediate trailing quarter it was Rs 11.40 crore.

For other numbers for Q3-16 and previous quarters, please refer to Figures A and B below.

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