Q3-2015: Eros International q-o-q PAT, revenues more than double

BENGALURU: The Sunil  Lulla led Indian motion picture production and distribution company Eros International Media Limited (Eros) reported more than double (up 2.18 times) PAT at Rs 109.34 crore (22.3 per cent of net Total Income from Operations or TIO or revenue) versus the Rs 50.14 crore (20.9 per cent of TIO) in Q2-2015 and 18.9 per cent more than the Rs 91.99 crore (21.3 per cent of TIO) in Q3-2014. In 9M-2015, PAT grew 23.4 per cent to Rs 195.32 crore (20.1 per cent of TIO) from Rs 158.30 crore (19.3 per cent of TIO) in 9M-2014.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore

The company has also reported more than double q-o-q TIO (up 2.05 times) in Q3-2015 at Rs 490.73 crore as compared to the Rs 239.90 crore in the preceding quarter and 13.4 per cent more than the Rs 43.268 crore in Q3-2014. Revenue (TIO) for 9M-2015 grew by 18.5 per cent to Rs 972.12 crore from Rs 820.05 crore in 9M-2014.

Eros released 42 films - 28 Hindi and 14 Tamil/Telugu regional films in 9M-2015 as compared to the 41 films (15 Hindi, 25 Tamil/Telugu and one other regional language film) in 9M-2014. Eros says that five of the films were high budget, seven were medium budget and 30 were low budget films in 9M-2015 as against two high budget, 18 medium budget and 21 low budget films in the corresponding nine month period of the last financial year.

The company informs that of the 12 films released in Q3-2015, three films were high budget while nine were medium and low budget films versus the two high budget films and 13 medium and low budget films in the corresponding year ago quarter.

Let us look at the other numbers reported by Eros for Q3-2015 and 9M-2015

Eros Total Expenditure (TE) in Q3-2015 at Rs 354.34 crore (70.4 per cent of TIO) was also more than double (up 2.05 times) the Rs 168.19 crore (70.1 per cent of TIO) in the immediate trailing quarter and 15.7 per cent more than the Rs 298.40 crore (69 per cent of TIO) in Q3-2014. TE in 9M-2015 at Rs 696.77 crore (71.7 per cent of TIO) was 16.6 per cent more than the Rs 597/64 crore (72.9 per cent of TIO) in 9M-2014.

The company’s finance cost in Q3-2015 at Rs 9.74 crore (two per cent of TIO) was 10.8 per cent lower than the Q2-2015 finance cost of Rs 10.92 crore (4.6 per cent of TIO) but was 31.8 per cent more than Rs 7.39 crore (1.7 per cent of TIO) in Q3-2014. For 9M-2015, finance cost at Rs 30.03 crore (3.1 per cent of TIO) was 65 per cent more than the Rs 18.20 crore (2.2 per cent of TIO) in 9M-2014.

Eros managing director Sunil Lulla said, “We are pleased to report robust results, which reflect the success of our strategy to invest in high quality film content and monetize it across existing and emerging revenue streams. In line with our core de-risking approach, we also registered strong pre-sales from our high profile Hindi and Tamil films such as Lingaa, Action Jackson and Kaththi. Our content pipeline has seen some impressive signings and we are excited to announce our entry into the Malayalam market enhancing our regional breadth.”

“ErosNow, our online service showcasing movies, music, music videos and television shows, is developing as a robust offering that carries tremendous potential. Along with improving internet connectivity and forecast of smartphones user base in India expanding to over 650 million (65 crore) in the next four years, we expect the demand for on-the-go entertainment to grow exponentially. We strongly believe ErosNow is well positioned to capitalize on the growing online consumption opportunity in India,” added Lulla.

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