Television

Q2-2016: Eros revenue more than doubles; PAT up 80%

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BENGALURU: The Sunil Lulla led Eros International Media Limited (Eros) reported more than double the revenue (Consolidated Total Income from Operations or TIO) for the quarter ended 30 September, 2015 (Q2-2016, current quarter). TIO in the current quarter increased 110.5 per cent YoY to Rs 504.91 crore from Rs 239.90 crore and increased 6.9 per cent QoQ (quarter-on-quarter) from Rs 472.48 crore.

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

All numbers in this are consolidated unless stated otherwise.

Profit after tax (PAT) in the current quarter increased 80.1 per cent to Rs 90.30 crore (17.9 per cent margin) as compared to the Rs 50.14 crore (20.9 per cent margin) in Q2-2015 and increased 69.3 per cent from Rs 53.35 crore (11.3 per cent margin) in the immediate trailing quarter.

The company is its earnings presentation says that it has already collected Rs 75.76 crore of receivables between 1 October and 7 November, 2015. Eros says that as on 30 September, 2015, its total receivables stood at Rs 629.96 crore as compared to Rs 524.74 crore six months ago on 31 March, 2015. The company plans to bring this figure down to Rs 525 crore by the end of the current fiscal. Receivables over 365 days stood at Rs 34.7 crore.

Further, Eros? days sales outstanding (DSO) improved to 119 days compared to 133 days on 31 March, 2015. This includes TechZone?s debtors, which have higher DSO due to delayed payments from telecom operators.

Eros International Plc Group CEO Jyoti Deshpande said, ?In spite of our strong business fundamentals and material changes since our March and June results, both of which were positive, we recently became a target of an anonymous attack resulting in great volatility of our stock price. We have already responded in detail to this attack. We expect to follow the strong growth and profitability showcased in our Indian subsidiary results with positive results for Eros International soon after these results.?

Lulla said, ?We are pleased announce a continued strong performance in the second quarter backed by multiple record breaker Bajrangi Bhaijaan starring Salman Khan that became one of the biggest movie in Bollywood history, laugh riot Welcome Back and Mahesh Babu starrer Telugu film Srimanthudu that registered brilliant box office performances."

"The core building blocks of business strategy continues to be to having a balanced portfolio of films, strong presales, and healthy catalogue monetisation that leads to a high degree of predictability to our business," he added. 

"In this quarter, we are excited to release the much anticipated Sanjay Leela Bhansali?s magnum opus Bajirao Mastani to light up your holiday season and the remainder of the fiscal has a string of high profile movies that include Tamil film, Surya?s 24; Telugu films Dictator and Pawan Kalyan?s Sardar and the much travelled film festival favourite Aligarh. We have also picked up momentum in the regional markets with releases lined up in Punjabi, Marathi, Bengali and Malayalam," Lulla further informed.

Revenue breakup

The company says that growth in revenues was driven by a strong portfolio of films supported by a healthy contribution from theatrical, overseas, satellite and ?others?.

Eros breakup of revenue for Q2-2016: Theatrical Revenue - 59.1 per cent; Overseas Revenue ? 11.8 per cent; Television and others 29.1 per cent.

Release Mix

Portfolio by Product

Eros released a total of 20 films in Q2-2016 as compared to 21 in the corresponding year ago quarter. The mix in the current quarter comprised three each of high and medium budget films, and 14 low budget films as compared to one high budget, three medium budget and 17 low budget films in Q2-2015.

Portfolio by Language

In terms of language, Eros released 16 Hindi, three Tamil/Telugu and one other language films in the current quarter as compared to 15 Hindi and six Tamil/Telugu films in Q2-2015.

In line with Eros?s de-risking strategy, the company says that it registered strong pre-sales from theatrical, satellite and music rights exploitation for various movies released during the quarter.

Let us look at the other numbers reported by Eros:

Total Expenditure in the current quarter also more than doubled (went up 2.2 times) YoY to Rs 370.97 crore (73.5 per cent of TIO) as compared to Rs 168.19 (70.1 per cent of TIO), but declined 3.5 per cent QoQ from Rs 384.32 crore (81.3 per cent of TIO) in the immediate trailing quarter.

Eros says that direct costs in the current quarter mainly increased because of increase in marketing costs due the mix of films comprised more high and medium budget films, increased amortisation charge as well overflows accrued to co-producers as a result of high performance of films.

The company?s EBIT (Earnings before Interest and Taxes) increased 92.8 per cent YoY to Rs 139.01 crore (27.5 per cent margin from Rs 73.79 crore (30.7 per cent margin) and increased 44.4 per cent QoQ from Rs 96.27 crore (20.4 per cent margin).

Employee Benefits Expense (EBE) in the current quarter increased 112.6 per cent YoY to Rs 14.29 crore (2.8 per cent of TIO) from Rs 6.72 crore (2.8 per cent of TIO) and increased 31.2 per cent QoQ from Rs 10.89 crore (2.3 per cent of TIO).

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