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Prime Focus Ltd reports FY17 Consolidated Income of Rs. 21.8bn

Posted On: 2017-05-23 20:27:23

Prime Focus Limited (PFL), a global leader in media and entertainment services, declared its audited financial results for the quarter and the financial year ending March 31, 2017. The Company has adopted Indian Accounting Standards (Ind AS) for FY 2017.

The Company continues to deliver profitable growth, ahead of targets, with consolidated quarterly income up 38% YoY at Rs. 6,589mn, adjusted EBITDA up 97% YoY at Rs. 1,842mn and PAT of Rs. 387mn. This is the best quarterly performance reported in the recent history of the Company.

Key financial highlights

FY17 (Consolidated Audited Financials)

- Consolidated Income increased 14% to Rs. 21,781mn (12MFY16: Rs. 19,061mn) powered by robust growth of 17% in Creative Services and 15% in Tech/Tech Enabled Services

- Creative and Tech/Tech Enabled services contributed 78% and 16% to revenues, respectively

- Adjusted EBITDA up 50% at Rs. 5,014mn (12MFY 16: Rs. 3,348mn), with margin at 23.0% (FY16: 17.6%), above the targeted margin of 20% driven by successful integration/globalisation efforts in Creative Services

- Foreign exchange loss for the period is at Rs. 414mn primarily on impact of nonoperational inter-company balance sheet items

- PAT at Rs. 1,274mn

- Cash Profit (i.e. PAT + Depreciation) at Rs. 3,821mn, Cash Profit Margin at 17.5%, including exceptional gain of Rs. 968mn, largely profit on sale of stake in Digital Domain

(Note: FY17 financials are Ind AS complaint, hence the YoY financials are not entirely comparable as FY16 financials are as per IGAAP; EBITDA adjusted for ESOP expense and Forex loss/ (gain))

Q4FY17 (Consolidated) ending March'17

- Consolidated Income for the quarter up 38% YoY at Rs. 6,589mn from Rs. 4,778mn in the quarter ending Mar'16

- Creative and Tech/Tech Enabled services contributed 83% and 13% to revenues, respectively

- Adjusted EBITDA up 97% YoY at Rs. 1,842mn compared to Rs. 936mn, EBITDA Margin at 27.9% compared to 19.6%, above the targeted margin of 20%

- Foreign exchange loss for the period is at Rs. 336mn

- PAT at Rs. 387mn compared to Rs. (2,416)mn in quarter ending Mar'16

- Cash Profit (i.e. PAT + Depreciation) at Rs. 889mn, Cash Profit Margin at 13.5%

Commenting on the results, Mr. Namit Malhotra, Founder, Executive Chairman and Global CEO, Prime Focus Ltd said: FY 17 has been a year of great transformation. The promise of delivering a unique value proposition across our global client base has been proven. We have positioned ourselves as a leader in our industry and a true multinational out of India and specifically the only one in our industry so far.

Shares of PRIME FOCUS LTD. was last trading in BSE at Rs.105.2 as compared to the previous close of Rs. 114.6. The total number of shares traded during the day was 46773 in over 620 trades.

The stock hit an intraday high of Rs. 114 and intraday low of 99.5. The net turnover during the day was Rs. 5005810.

Source: Equity Bulls

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