Q1-16: Prime Focus YoY revenue up 28.1 percent

BENGALURU: Prime Focus Limited (PFL) has reported a 28.1 percent YoY revenue growth for the quarter ending September 30, 2015 (Q1-2016, current quarter) at Rs 448.57 crore as compared to the Rs 350.17 crore in Q1-2015. However, QoQ, the company’s revenue declined 13.4 percent from Rs 518.21 crore.

Notes: (1) 100,00,000 = 100 lakh = 10 million =1 crore

(2) The company had filed results for a fifteen month period ended June 30, 2014, hence YoY comparison is being done between Q1-2016 and Q1-2015 and QoQ comparison is between Q1-2016 and  Q4-2015 (quarter ended June, 2015).

The company’s quarterly bottom line has been negatively affected due to significant exceptional costs primarily in relation to previously announced divestiture of PFL PLC and planned restructuring / integration costs in relation to the merger with Double Negative. In Q1-2016, this amounted to Rs 12.26 crore, in Q4-2015 it was 159.29 crore and in Q1-2015 this figure was Rs 34.27 crore.

The company reported a net loss of Rs 22.51 crore in Q1-2016; a loss of Rs 22.01 crore in Q1-2015 and a loss of Rs 213.76 crore in the immediate trailing quarter Q4-2015.

The company’s simple EBIDTA for Q1-2016 at Rs 52.07 crore (11.6 percent margin) more than quadrupled (4.7 times) YoY from Rs 11.19 crore (3.2 percent margin, but declined 39.6 percent from Rs 86.17 crore (16.6 percent margin) in Q4-2015.

Let us look at the other numbers reported by PFL

Figures A and B below show PFL’s major expense heads. As is obvious, a major expense head for the company is employee benefit expense or EBE.

PFL’s EBE in Q1-2016 at Rs 282.57 crore (61.6 percent of TIO) increased 21.4 percent YoY from Rs 232.77 crore (60.4 percent of TIO) and increased 7.4 percent QoQ from Q4-2015 at Rs 263.11 crore (50.8 percent of TIO).

Technician’s Fees in the current quarter increased 53.8 percent YoY to Rs 9.77 crore (2.2 percent of TIO) from Rs 6.35 crore (1.8 percent of TIO) and increased 6.1 percent QoQ from Rs 9.21 crore (1.8 percent of TIO)

Fig B indicates that EBE also shows a linear upward trend in terms of percentage of TIO over the eleven quarters starting Q4-2013 until the current quarter Q1-2016.  EBE has been the highest in Q1-2016 (61.6 percent) in terms of absolute rupees, but in terms of percentage of TIO, it was highest in Q3-2015 at 64 percent

Finance and Interest costs in Q1-2016 at Rs 17.75 crore (4 percent of TIO) increased 12 percent YoY from Rs 15.84 crore (4.5 percent of TIO), but declined 30.1 percent QoQ from Rs 25.39 crore (4.9 percent of TIO).

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