Movies

Eros reports higher profit margin despite fewer releases

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BENGALURU: Sunil Lulla-led Eros International Media Limited (Eros) reported 21 per cent margin (on operating income) for consolidated profit after tax (PAT) for the quarter ended 30 September 2017 (Q2 FY 2017-18) as compared with 12.8 per cent margin for the corresponding quarter a last ago. The company’s revenue shrunk by 44 per cent during the quarter under review as against Q2 FY 2016-17. Eros released just seven films (two medium and five small-budget films) in Q2 FY 2017-18 as compared with 17 (including two high-budget films) in the quarter ago quarter. Earnings before interest and taxes (EBIT) margin on total income for the quarter under review was 31.7 per cent as compared with 19.9 per cent in Q2 FY 2016-17. Though the profit margin was higher in this year’s quarter, overall actual profit was lower than the profit reported for Q2 FY 2016-17 because revenue during the period last year was much higher.

Company speak

Eros vice chairman and managing director Sunil Lulla said, “We have reported healthy performance during the quarter on the back of strong releases, satellite sales, and higher contribution from library monetisation. During Q2-18, we released films such as the hit comedy Shubh Mangal Savdhan, the much-celebrated Newton starring Rajkumar Rao, the Tiger Shroff‐starrerMunna Michael, Trinity’s first release Sniff, and Projapati Biskut(Bengali).”

“It is a matter of pride for us thatNewton was chosen as India’s official entry for the Best Foreign Language Film category at the Oscars 2018. This underscores our strategy of focussing on content-driven films rather than high-budget, big-star formula films. During the period, the company also continued to focus towards investing in a Hindi and regional film language slate and Trinity Pictures, India’s first franchise‐driven studio,” revealed Lulla.

“Looking forward, we have a host of highly anticipated releases coming up, which include Mukkabaaz in January,Happy Bhaag Jayegi Returns,Chandamama Door Ke, the India‐China co‐productions, Panda by Kabir Khan, Trinity Pictures’ Elephant Man by national-award-winning director Prabhu Solomon, and the Colour Yellow Productions film starring Shah Rukh Khan,” he said.

The reported numbers

Eros reported operating revenue of Rs 2,682.6 million for Q2 FY 2017-18 as compared with Rs 4,787.9 million in Q2 FY 2016-17. Total income, including other income, for the quarter under review declined by 44 per cent year-on-year to Rs 2,739.3 million from Rs 4,887.3 million. The company has given the breakup of revenue in its investor presentation for the quarter as follows: 36.7 per cent for theatrical; 13.3 per cent for overseas revenue; and 50. Per cent for television & others.

Profit after tax in Q2 FY 2017-18 declined by 8 per cent y-o-y to Rs 575.1 million from Rs 625.2 million. EBIT was 10.7 per cent lower y-o-y in the quarter under review at Rs 867.5 million as compared with Rs 971.5 million. Operating profit (EBIDTA) for the quarter declined by 6.4 per cent y-o-y to Rs 835.2 million (31.1 per cent margin) from Rs 892.2 million (18.6 per cent margin).

Total expenditure declined by 48.2 per cent y-o-y to Rs 2,085.4 million during the quarter from Rs 4,022.4 million. Film rights costs, including amortisation costs, are a major cost head for Eros. These costs declined to less than half y-o-y to Rs 1,189.5 million in Q2 FY 2017-18 from Rs 2,762.9 million Q2 FY 2016-17.

Employee benefits expense declined by 9.4 per cent y-o-y to Rs 150.4 million from Rs 166.0 million. Finance costs doubled to 100.4 per cent in the quarter under review to Rs 213.6 million from Rs 106.6 million. Other expenses decreased 21.9 per cent y-o-y in Q2 FY 2017-18 to Rs 507.1 million from Rs 649.7 million.

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