Going through AR2023, came across an interesting revelation. As we already knew, company’s working capital in FY23 had 22Cr in ‘current assets’ which is the primary reason for negative OCF. Turns out that 17Cr (73% of EBIDTA) is - ‘Advance for film Distribution rights’.
Highly likely this is for film ‘Ayalaan’ where Phantom FX Studios seems to be one of the production companies as seen from wikipedia and movie’s teaser. It is rumored that the film’s release date is further postponed from Diwali 2023 to Pongal 2024. Reason/bottleneck for the delay is rumored to be VFX work. [1] [2]
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