L.V. Prasad, also known as Lakshmi Vara Prasada Rao, was an Indian actor, director, producer and businessman. He started his career as an actor in the year 1931 and made his debut in first Hindi talkie Alam Ara (1931). He also appeared in the first Telugu talkie Bhakta Prahlada (1932) and the first bilingual Tamil and Telugu talkie Kalidas (1931). He made significant contributions to the Telugu, Hindi and Kannada film industries. In the year 1980, he was honoured with the Raghupathi Venkaiah Award for his contribution to Telugu industry. In 1982 he was honoured with the Dadasaheb Phalke Award, the highest award for films in India. He passed away in the year 1994.