July 13, 2024

Basilic Fly Studio Achieves FY24 Revenue Milestone, Crossing Rs 100 Cr Mark

Mumbai (Maharashtra) [India], May 3: Basilic Fly Studio Limited (BFS), one of the leading visual effects (VFX) studio, announced its Audited Financial Results for FY24.

Key Financial Highlights

Consolidated Key Financial Highlights FY24

  •  Total Income of ₹ 105.79 Cr, YoY growth of 33.75%
  •  EBITDA of ₹ 52.18 Cr, YoY growth of 34.35 %
  •  PBT of ₹ 50.61 Cr, YoY growth of 34.95%
  •  PAT of ₹ 36.54 Cr, YoY growth of 30.96 %
  •  EPS of ₹ 17.85, YoY growth of 9.38 %

Standalone Key Financial Highlights FY24

  •  Total Income of ₹ 103.19 Cr, YoY growth of 46.34 %
  •  EBITDA of ₹ 51.68 Cr, YoY growth of 40.69 %
  •  PBT of ₹ 50.18 Cr, YoY growth of 36.90%
  •  PAT of ₹ 36.20 Cr, YoY growth of 36.90 %
  •  EPS of ₹ 17.69, YoY growth of 13.76 %

Commenting on the performance, Mr. Balakrishnan, Managing Director & CEO of Basilic Fly Studio Limited said, “Commenting on our performance in FY24, I am thrilled to share that Basilic Fly Studio Limited has soared to new heights, achieving remarkable growth across key financial metrics. Surpassing the ₹100 Cr mark in total revenue is not just a milestone; it’s a testament to the unwavering dedication and sheer talent of our team. I couldn’t be prouder of our collective efforts.

Following the Writers and Actors strikes from May 2023 in Hollywood, the industry came to a standstill, impacting numerous productions and causing delays in schedules. These disruptions rippled across the entertainment industry, affecting VFX companies like ours, However I’m glad to announce that we successfully navigated through these challenges. The resolution of these issues has been instrumental in facilitating industry recovery.

Our proactive measures, including venturing into new markets, languages, and geographies, have not only enhanced our resilience but have also positioned us for sustained growth and leadership in the global VFX arena.

Furthermore, our strategic investments in senior-level talent both domestically and internationally are already showing promising signs. By onboarding professionals, we are strengthening our direct connections with studios and film directors, thereby amplifying our impact and reach.

We are steadfast in our commitment to maintaining this momentum and achieving even greater success in the years ahead. Our goals remain ambitious, and our vision remains expansive as we continue to push the boundaries of creativity, technology, and innovation. Together, we are shaping the future of visual effects, reaffirming Basilic Fly Studio’s position as an industry trailblazer.”

The company discovered a clerical/typographical error in the final version of the consolidated financial statements, impacting the presentation of employee benefit expenses and other direct expenses. This error affected reserves and surplus as well as short-term loans and advances figures, consequently altering the profit in the consolidated figures. The error was identified on April 30th and promptly reported to the exchange via email on May 1st, with an official update submitted to NSE this morning. The company emphasizes that the mistake was unintentional and solely due to a typographic error, recognizing the significance of accurate and transparent financial reporting.

Highlights for H2 FY24 (October 2023 – March 2024)

New Leadership Appointments at Basilic Fly Studio • Mr. Dan Levitan Joins as VFX Supervisor & Producer
• Appointment of Mr. Zameer Hussain as COO and Global EVP
Learning & Development Initiative • Meticulously crafted programs by BFS, including Soft Skill Training, Leadership Training, Technical Upskilling, and Cross-Skilling initiatives
• With a 100% participation rate fostering a culture of continuous growth 
• Resulting in higher-quality work, enhanced collaboration, and improved client satisfaction
Expanding Horizons • Increased Projects from North America – New projects reflecting its growing presence and reputation in the region
• Venturing into Emerging European Markets – Notably from Italy, Spain, and France, indicating a strategic diversification of geographical footprint

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