UPDATE 1-Compact Disc sees FY10 profit at 635 mln rupees

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NEW DELHI, April 22 (Reuters) - Animation firm Compact Disc India Ltd (CDIS.BO: Quote, Profile, Research) is likely to earn a profit of 635 million rupees in 2009/10, helped by order realisations, its chairman told Reuters.

The firm, which produces animation and motion films, is currently executing projects worth $40 million (1.6 billion rupees), its Web site showed.

"Our forecasts have been made on the basis of the orders in hand and in pipeline," Chairman Suresh Kumar said on Tuesday over the telephone. Compact Disc sees net profit rising to 825 million rupees in 2010/11, it said in a statement. For the year ending March 2009, it maintained its profit forecast of 384 million rupees.

"We can execute four projects in an year. And we will continue with that number as we don't want to compromise on our quality and delivery commitments," he said.

India's animation industry is expected to grow at a compound annual growth rate of up to 27 percent till 2012 helped by contracts from global players like Walt Disney (DIS.N: Quote, Profile, Research) and Warner Bros.

Compact Disc's revenue is set to touch 2.40 billion rupees in 2009/10 and expand to 3.15 billion rupees in 2010/11. Compact Disc expects to report revenue of 1.83 billion rupees in 2008/09.

The forecasts excludes earnings from its unit MediaOne Ventures Ltd.

"We have not accounted for earnings from MediaOne because we have not yet decided on its future," Kumar said, as the firm is looking to list the unit on London's Alternative Investment Market. ($1=39.9 rupees) (Reporting by Rakesh Sharma; Editing by Ramya Venugopal)