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Q3: Christmas, New Year delays invoicing at DQ Entertainment

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BENGALURU: Christmas and New Year holidays resulted in invoicing delays and hence lower revenue for the Tapas Chakravarti-led DQ Entertainment (International) Ltd, (DQE). The company says that though deliveries for some products had been completed before December 31, 2013, approvals from its customers were delayed on account of the holidays, hence invoices have been raised in the fourth quarter. 

The company reported consolidated revenue of Rs 50.85 crore for Q3-2014, 11.5 per cent more than the Rs 45.59 crore in Q3-2013 and 10.1 per cent lower than Rs 56.58 crore in Q2-2014.YTD, revenue in 9M-2014 was down 2.1 per cent to Rs 137.85 crore in Q3-2014 from Rs 140.86 crore in 9M-2013. For FY 2013, DQE reported revenue of Rs 229.05 crore. 

DQE reported loss of Rs 1.24 crore in Q3-2014, against a profit of Rs 8.92 crore in Q3-2013 and a profit of Rs 22.72 crore in Q2-2014. YTD, for the nine month period ended December 31, 2013, DQE reported PAT of Rs 28.11 crore which was a little more than the double the Rs 14.01 crore in 9M-2013. For FY 2013, DQE’s PAT was Rs 37.31 crore. 

Let us look at the other Q3-2014 numbers reported for Q3-2014

Total expense (excluding finance cost) at Rs 38.59 crore in Q3-2014 was 27.7 per cent more than the Rs 27.39 crore in Q3-2013 and 40.9 per cent more than the Rs 26.04 crore in Q2-2014. YTD, Total expense fell 22.5 per cent to Rs 84.89 crore from Rs 109.57 crore in 9M-2013. For FY 2013 Total expense was Rs 168.83 crore.

The company’s finance cost in Q3-2014 went up by 36.3 per cent to Rs 7.18 crore from Rs 5.27 crore in Q3-2013 and went up by 13.9 per cent from Rs 6.30 crore in Q2-2014. Finance Cost on a YTD basis was up 24.4 per cent to Rs 18.5 crore in Q3-2014 from Rs 14.87 crore in 9M-2013. For FY 2013, DQE paid Rs 20.94 crore towards Finance Cost. 

The company’s Employee expense in Q3-2014 at Rs 18.64 crore was (12.9) per cent lower than the Rs 21.41 crore in Q3-2013 and 14.0 per cent lower than the Rs 19.74 crore in Q2-2014. In 9M-2014, Employee expense was 12.8 per cent down to Rs 58.61 crore from Rs 67.21 crore in 9M-2013. For FY 2013, Employee expense was Rs 87.58 crore. 

Its other expense was up 26.9 per cent in Q3-2014 to Rs 8.26 crore from Rs 6.51 crore in Q3-2013 and was lower by 30.2 per cent from the Rs 11.83 crore in Q2-2014. Other expense was up 50.5 per cent to Rs 26.43 crore in 9M-2014 from Rs 17.57 crore in 9M-2013. For FY 2013, other expense was Rs 25.02 crore. 

The company’s animation segment reported a 11.5 per cent drop in operating revenue in Q3-2014 to Rs 30.11 crore from Rs 34.03 crore in Q3-2013 and was 27.9 per cent lower than the Rs 41.77 crore in Q-2014. YTD, the company’s Animation segment reported operating revenue of Rs 98.18 crore which was 5.8 per cent more than the Rs 92.84 crore in 9M-2013. For FY 2013, this segment reported revenue of Rs 170.09 crore.

Animation segment reported an operating profit of Rs 13.79 crore in Q3-2014, 17.6 per cent lower than the Rs 16.72 crore in Q3-2013 and 46.1 per cent lower than the Rs 25.59 cores in Q2-2014. In 9M-2014, the segment reported operating profit of Rs 50.84 crore which was 31.5 per cent more than the Rs 38.67 crore in 9M-2013. For FY 2013, this segment reported operating profit of Rs 97.52 crore. 

DQE’s other segment – distribution reported revenue of just Rs 0.69 crore in Q3-2014 as compared to the Rs 10.92 crore in Q3-2013 and the Rs 13.62 crore in Q2-2014. YTD, the segment’s operating revenue fell 14.3 per cent to Rs 15.3 crore from Rs 17.84 crore in 9M-2013. For FY 2013, this segment reported revenue of Rs 28.72 crore.  

The segment reported a loss of Rs 3.99 crore for the current quarter as compared to a profit of Rs 7.51 crore in Q3-2013 and Rs 7.6 crore in Q2-2014. Over the nine month period ended December 31, 2013, the segment reported a 63.6 per cent drop in operating profit to Rs 1.75 crore from Rs 4.8 crore in 9M-2013. For FY 2013, Distribution segment reported operating loss of Rs 2.64 crore.

DQE’s reported an unallocated expense of Rs 11.54 crore in Q3-2014, which was 58.3 per cent more than the Rs 7.29 crore in Q3-2013 and almost four times the Rs 2.8 crore in Q2-2014. 

The company states that its current order book stands at Rs 410 crore.

Says Chakravarti, “There is a clear upsurge in the economy of North America, however the economic slowdown in Europe still continues. DQE is making all efforts in North America to take benefit of increased demand for TV and movie content in animation, hybrid presentations as well as pure live action. This is evident from our advanced negotiations with production houses in the USA.”

“DQE with its track record of international high quality productions such as ‘Little Prince’, Iron Man, Fantastic Four, Jungle Book, Peter Pa, The Penguins of Madagascar, etc., should benefit from this renewed demand. The industry is also witnessing an increase for Visual Effects (VFX) content for animated feature films, live action thrillers & action films and Sci-Fi films from Hollywood, Europe and Japan. This will help DQE take advantage of its capabilities and trusted name for CGI/VFX production in USA and Europe. Our intellectual properties are also gathering momentum worldwide,” added Chakravarti.

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