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Eros profit grows despite lesser releases, demonetization

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BENGALURU: The Sunil Lulla led Eros International Media Limited (Eros) reported 7.9 percent growth of consolidated profit after tax attributable (PAT) to Eros shareholders for the year ended 31 March 2017 (FY-17, current year, fiscal) despite releasing lesser films and demonetisation as compared to the previous year. Eros consolidated (PAT) for FY-17 was Rs 2,432.9 million (18.4 percent of Income from Operations) and Rs 2,386.7 million (15.1 percent of Income from Operations) for FY-16.The company’s Income from Operations in FY-17 dropped 11.6 percent to Rs 13,997 million from Rs15,826.8 million in FY-16.

The company released a total of 44 films including 5 high budget, 10 medium budget and 29 low budget films in FY-17 as compared to a total of 63 films including 6 high budget, 16 medium budget and 41 low budget films during the FY-16. In its investor presentation for FY-17, the company says Theatrical Revenues contributed – 42.5 percent, Overseas Revenues – 26.4 percent and Television & Others – 31.1 percent as a percentage of Income from Operations.

Eros reveals that Theatrical revenues in FY-17 included releases of ‘Housefull 3’, ‘Ki & Ka’, Baar Baar Dekho, Banjo, ‘Happy Bhaag Jayegi’, ‘Rock On 2’, ‘Nil Battey Sannata’, Kahaani 2 (overseas), Dishoom and regional films include Sardaar Gabbar Singh (Telugu), 24 (Tamil), Janatha Garage (Telugu), C/O. Saira Banu (Malayalam), Engitta Modhathe (Tamil), Bibaho Diaries (Bengali),

Singham 3 (Tamil), ‘Baghtos Kay Mujra Kar’, Chaar Sahibzaade2 (Punjabi) etc.

Total Income reduced 11.1 percent to Rs 14,452.8 million in FY-17 from Rs 16,257 million in the previous year. EBIT (Earnings before interest and taxes) increased 6.1 percent to Rs 3,767.5 million (26.9 percent of Income from Operations) in FY-17 from Rs 3,549.3 million (15.1 percent of Income from Operations).

Company Speak

Eros executive vice chairman and managing director Lulla said: “It is a matter of satisfaction that we have ended the fiscal year on a steady note despite the impact of demonetization on theatrical revenues in H2 of FY-17. This performance has been enabled by Eros’ consistent pre‐sales strategy which helps us de‐risk our business, effective monetization of our 2000 plus films library and a strong regional film strategy during the year.

The Indian film sector has attracted a lot of interest from international majors to build their film libraries in the recent past and as a result has driven up value of the Indian content. Eros’ key asset – a market leading content library is a major beneficiary of this trend which is only likely to become stronger. At the same time, in order to effectively manage the cost of our future content,

the company has taken active steps to develop its own intellectual properties over the past 2 years. The launch of Trinity Pictures, our film label for franchise films, investments in our joint venture Colour Yellow Productions and identifying the right films to sequel from our film library are concrete steps taken in this direction. We are excited about these developments and are

looking forward to FY-18 which will see the fruition of this strategy in a significant manner.

We are proud to have established a company with leadership position in a market that continues to witness strong growth and are confident that with our new initiatives, we will continue to enhance our market position.”

Let us look at the other numbers reported by Eros

Simple EBIDTA including other income in FY-17 increased by 6.1 percent to Rs 3,863.3 million (27.6 percent margin of Income from Operations) from Rs 3644 million (23 percent of Income from Operations).

Consolidated Net Finance cost in the current year increased 61 percent to Rs 545.2 million from Rs 338.6 million in the previous year.

Total Expenditure in FY-17 declined 13.9 percent to Rs 11,230.5 million (80.2 percent of Income from Operations) from Rs 13,046.3 million (82.4 percent of Income from Operations) in FY-16. The company’s Films rights costs including amortisation costs in FY-17 declined 12.5 percent to Rs 7,848.4 million (56.1 percent of Income from Operations) from Rs 8,964.8 million (56.6 percent of Income from Operations) in FY-16.

Employee Benefit Expense in the current year increased 25.5 percent to Rs 705.3 million (5 percent of Income from Operations) from Rs 561.9 million (3.6 percent of Income from Operations) in FY-16. Other expenses in FY-17 increased by 14.6 percent to Rs 2006.3 million (14.3 percent of Income from Operations) from Rs 1,751.2 million (11.1 percent of Income from Operations) in the corresponding of the previous year.

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