Prime Focus Limited — Interim / Quarterly Report 2022

Aug 13, 2021

August 13, 2021 To, TO; The National Stock Exchange of India Limited BSE Limited Listing Department, Listing Department, Exchange Plaza, Bandra Kurla Complex Phiroze Jeejebhoy Towers, Bandra East, : Dalal Street, Mumbai - 400 051 Mumbai - 400 001 Fax Nos.: 26598237 /26598238 Fax Nos.: 22723121/2037/2039

BANGALORE BEIJING CAPE TOWN CHANDIGARH DELHI GOA HYDERABAD JOHANNESBURG KOLKATA LONDON LOS ANGELES MUMBAI NEW YORK SINGAPORE TORONTO VANCOUVER

Dear Sir/ Madam,

Ref.: Scrip code: BSE — 532748/NSE - PFOCUS

Sub.: Outcome of Board Meeting of Prime Focus Limited (the "Company") held on August 13, 2021

With reference to our letter dated August 6, 2021 and pursuant to Regulations 30 and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended thereto (the "Listing Regulations"), we would like to inform you that a meeting of Board of Directors of the Company (the "Board") was held today i.e. on Friday, August 13, 2021, and the Board has inter alia:

Considered and approved the Unaudited (Standalone and Consolidated) Financial Results of the Company for the first quarter ended June 30, 2021 as recommended by the Audit Committee.

A copy of Unaudited Financial Results and the Limited Review Report received from the Statutory Auditors viz. M/s Deloitte Haskins & Sells, Chartered Accountants LLP (Firm Registration No. 117364W), on the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2021 are enclosed herewith.

Further, the financial results are made available on the Company's website at www.primefocus.com and will be published in newspapers as required under the 'Listing Regulations.

The meeting of the Board commenced at 03:30 P.M. and concluded at 06:45 P.M.

Kindly take the above on your record and acknowledge the receipt of the same.

Thanking You,

FOR PRIME FOCUS LIMITED

0 7 S Lane

PARINA SHAH - COMPANY SECRETARY & COMPLIANCE OFFICER

Encl.: a/a

Prime Focus Limited. Corporate Identity Number (CIN): L92100MH1997PLC 108981 Prime Focus House, Linking Road, Opposite Citibank, Khar (West), Mumbai 400 052, India. T: +91 22 6715 5000 www.primefocus.com

PRIME FOCUS LIMITED

		PRIME FOCUS LIMITED
	Khar (West),	Registered Office : Prime Focus House, Opp Citi Bank, Linking Road	Mumbai, Maharashtra, India, 400052
PLUNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021		CIN: L92100MH1997PLC108981
Particulars	StandaloneQuarter endedYear ended				Consolidated			Rs. In LakhYear ended
	30.06.2021Unaudited	31.03.2021	30.06.2020Unaudited	31.03.2021Audited	30.06.2021Unaudited	Quarter ended31.03.2021	30.06.2020Unaudited	31.03.2021Audited
Income :Revenue from operations	1,208.82	(Refer note 4)2,479.79	343.21	6,136.26	66,107.54	(Refer note 4)69,325.26		59,692.05 2,53,000.10
Other operating incomeOther income:	381.78	407.06	360.54	1,463.70	137.57	(194.85)	758.16	648.96
a) Exchange gain (net)b) Others (net) (Refer note 5)	3.751,025.01	-1,022.81	59.00556.76	-12,394.19	1,265.882,656.27	1,570.88651.44	-	5,664.70
Total incomeExpenses	2,619.36	3,909.66	1,319.51	19,994.15			329.40	1,712.28
Employee benefits expenseEmployee stock option expenseTechnician fees	345.22				70,167.26	71,352.73		60,779.61 2,61,026.04
	-	376.23-	252.00-	1,177.29-	43,113.20509.60	40,543.721,230.00	691.48	32,721.88 1,46,770.083,008.37
Technical service costFinance cost	184.8326.51868.17	163.90156.73884.57	108.04208.551,522.75	515.39598.755,934.15	1,346.023,235.607,829.07	1,169.431,866.086,843.01	497.411,983.005,733.63	3,570.387,759.3425,103.47
Depreciation and amortisation expenseOther expenditure	1,551.03547.25	1,546.54596.29	1,613.59449.58	6,476.132,366.33	9,785.786,972.08	13,348.807,536.10	9,757.247,198.81	42,195.6634,216.45
Exchange loss (net)Total Expenses	-3,523.01	26.833,751.09	-4,154.51	207.7417,275.78	-72,791.35	-72,537.14	479.87	-59,063.32 2,62,623.75
Profit / (Loss) before exceptional Items and tax	(903.65)	158.57	(2,835.00)	2,718.37	(2,624.09)	(1,184.41)	1,716.29	(1,597.71)
Exceptional items (net of tax) - (Gain) / LossProfit / (Loss) before tax	-(903.65)	-158.57	-(2,835.00)	-2,718.37	-(2,624.09)	(11.44)(1,172.97)	-1,716.29	2,260.60(3,858.31)
Tax expenseCurrent taxDeferred tax	--	--	--	--	243.17(299.75)	982.90636.31	1,281.100.84	2,523.81(767.64)
Net Profit / (Loss) for the year / periodOther Comprehensive Income	(903.65)	158.57	(2,835.00)	2,718.37	(2,567.51)	(2,792.18)	434.35	(5,614.48)
A (i) Items that will not be reclassified to profit or lossIncome tax relating to items that will not be reclassified toovat	-	15.33	-	15.33	-	166.43(37.52)	-	166.43(37.52)
B (i) Items that will be reclassified to the profit or loss	-	-	-	-	(959.66)	(3,423.85)	2,347.50	(10,650.06)
B (ii) Income tax relating to items that will be reclassified to profit orlossTotal Other Comprehensive Income	-	15.33	-	15.33	(959.66)	(3,294.94)	2,347.50	(10,521.15)
Total Comprehensive IncomeNet Profit / (Loss) attributable to	(903.65)	173.90	(2,835.00)	2,733.70	(3,527.17)	(6,087.12)	2,781.85	(16,135.63)
Owners of the CompanyNon-controlling interests	(903.65)-	158.57-	(2,835.00)-	2,718.37-	(2,248.05)(319.46)	(2,341.35)(450.83)	433.840.51	(4,340.24)(1,274.24)
Other comprehensive income attributable toOwners of the Company	-	15.33	-	15.33	(1,109.95)	(3,148.48)	2,136.14	(10,226.77)
Non-controlling interestsTotal comprehensive income attributable to	-	-	-	-	150.29	(146.46)	211.36	(294.38)
Owners of the CompanyNon-controlling interests	(903.65)-	173.90-	(2,835.00)-	2,733.70-	(3,358.00)(169.17)	(5,489.83)(597.29)	211.87	2,569.98 (14,567.01)(1,568.62)
Earnings Per Share (not annualised)(a) Basic	(0.30)	0.05	(0.95)	0.91	(0.86)	(0.93)	0.15	(1.87)
(b) DilutedEarnings Per Share	(0.30)	0.05	(0.95)	0.91	(0.86)	(0.93)	0.15	(1.87)
[before exceptional items (net of tax)] (not annualised)(a) Basic	(0.30)	0.05	(0.95)	0.91	(0.86)	(0.94)	0.15	(1.12)
(b) Diluted	(0.30)	0.05	(0.95)	0.91	(0.86)	(0.94)	0.15	(1.12)

PRIME FOCUS LIMITED Registered Office: Prime Focus House, Opp. Citi Bank, Linking Road Khar (West), Mumbai, Maharashtra, India, 400052 CIN: L92100MH1997PLC108981

Notes to Standalone and Consolidated Unaudited Financial Results for the quarter ended June 30, 2021:

• 1. The above results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards (Ind AS,) as notified under the Companies (Indian Accounting Standards) Rules 2015 (as amended) specified under section 133 of the Companies Act 2013 and in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The Audit Committee has reviewed the above results and the Board of Directors has approved the above results at their respective meetings held on August 13, 2021. The Statutory Auditors of the Company have carried out a limited review of these results.
• 1. Based on the information reviewed by the Chief Operating Decision Maker (CODM), the Company / Group has single operating segment, being integrated Post-Production services.
• 1. The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Company / Group has considered internal and external information up to the date of approval of these financial results in assessing the recoverability of receivables including unbilled receivables, goodwill, investment, loans and other assets. Based on the current indicators of future economic conditions, the Company / Group expects to recover the carrying amount of these assets. The impact of COVID-19 remains uncertain and may be different from what the Company / Group has estimated as of the date of approval of these financial results.
• 1. The figures for the quarter ended March 31, 2021 are the balancing figures between the audited figures for the full financial year and year to date figures for the period up to nine months period ended December 31, 2020.
• 1. Other income for the quarter includes Rs 2,460.49 lakhs, being gain on settlement of a non-current liability for the group.
• 1. Previous period figures have been regrouped and re-arranged wherever necessary to correspond to the figures of the current period.

For and on behalf of the Board of Directors

Naresh Malhotra Chairman and Whole-time Director DIN No. 00004597

Place: Mumbai Date: August 13, 2021

De I oO itte Tower 3, 27th-32nd floors . eae Bapat nen ) Elp instone Road (West Haskins & Sells mii Chartered Accountants LLP Tel: +91 226 185 4000

Chartered Accountants One International Center

Fax: +91 226 185 4101

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PRIME FOCUS LIMITED

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of PRIME FOCUS LIMITED ("the Company") for the quarter ended June 30, 2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Deloitte Haskins & Sells Chartered Accountants LLP Chartered Accountants (Firm's Registration No.117364W / W100739)

das!

Varsha A. Fadte Partner (Membership No. 103999) UDIN: 21103999AAAAHT2496

Chicalim, Goa, August 13, 2021

De I oO itte Tower 3, 27th-32nd floors . eae Bapat nen ) Elp instone Road (West Haskins & Sells mii Chartered Accountants LLP Tel: +91 226 185 4000

Chartered Accountants One International Center

Fax: +91 226 185 4101

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PRIME FOCUS LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of PRIME FOCUS LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter ended June 30, 2021 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

• 1. The Statement includes the results of the following entities:
  • e Prime Focus Limited
  • Dneg India Media Services Limited
  • De-Fi Media Limited
  • Prime Focus Technologies Limited
  • Prime Focus Technologies UK Limited
  • Prime Focus MEAD FZ LLC
  • Prime Post (Europe) Limited
  • Prime Focus Technologies Inc.
  • Prime Focus Technologies PTE. LTD.
  • DAX Cloud ULC
    • Apptarix Mobility Solutions Private Limited
    • Prime Focus Production Services Private Limited
  • GVS Software Private Limited

Deloitte Haskins & Sells Chartered Accountants LLP

• Prime Focus Motion Pictures Limited
• PF Digital Media Services Limited
• PF World Limited (Mauritius)
• Prime Focus Media UK Limited
• Prime Focus Luxembourg S.a.r.I.
• Prime Focus 3D Cooperatief U.A.
• Prime Focus World N.V.
• Double Negative Canada Productions Limited
• Double Negative Huntsman VFX Limited
• Vegas II VFX Limited
• Prime Focus International Services UK Limited
• Prime Focus Academy of Media & Entertainment Studies Private Limited
• Dneg Plc
• DNEG North America Inc.
• Double Negative Montreal Productions Limited
• Double Negative Holdings Limited U.K
• Double Negative Singapore Pte. Limited
• Double Negative Films Limited, UK
• Double Negative LA LLC
• Double Negative Limited
• Prime Focus ME Holdings Limited
• Prime Focus China Limited
• PF Investments Limited (Mauritius)
• PF Overseas Limited (Mauritius)
• PF Media Ltd
• Lowry Digital Imaging Services Inc.
• Jam8 Prime Focus LLP
• INCAMERA Limited
• Based on our review conducted and _ procedures performed as_ stated _ in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the _ information required to be disclosed in terms' of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• We did not review the interim financial results of 38 subsidiaries included in the consolidated unaudited financial results, whose interim ffinancial results, before giving effect to the consolidation adjustments, reflect total revenues of Rs 60,831.82 lakh, total net (loss) after tax of Rs (223.83) lakh and total comprehensive income/ (loss) of Rs (202.61) lakh for the quarter ended June 30, 2021, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of this matter.

Deloitte Haskins & Sells Chartered Accountants LLP

1. The consolidated unaudited financial results includes the interim financial results of 1 subsidiary which have not been reviewed by its auditor, whose interim financial results reflect total revenue of Rs Nil, total profit after tax of Rs Nil and total comprehensive income of Rs Nil for the quarter ended June 30, 2021, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of our reliance on the interim financial results certified by the Management.

For Deloitte Haskins & Sells Chartered Accountants LLP

Chartered Accountants (Firm's Registration No.117364W / W100739)

(dasa!

Varsha A. Fadte Partner (Membership No. 103999) UDIN: 21103999AAAAHU4119

Chicalim, Goa, August 13, 2021