Eros International Q3 FY2019 total income stood at Rs 3,324 million up by 62.1%
Eros International reports strong revenue growth and consistent profit, the total income growth was driven by a healthy mix of release of films and digital series
Eros International Media Ltd announced unaudited financial results for the quarter ended December 31, 2018. Total Income stood at INR 3,324 million, increased by 62.1 per cent from the corresponding quarter which was at INR 2050 million.
Adjusted EBITA stood at INR 1366 million in Q3 FY2019 as compared to INR 1100 million Q3 FY2018, a growth of 24.2 per cent.
PAT (after minority) stood at INR 630 million; PAT margins stood at 19 per cent in Q3 FY2019. Theatrical Revenues contributed – 24.6 per cent, Overseas Revenues were 23 per cent and Television & Others – 52.4 per cent as a percentage of Income from Operations.
Total Income growth driven by a healthy mix of release slate: Eros released 56 films (7 medium budget, 49 small budget) & 4 Digital Series in 9MFY2019 as compared to 16 films (1 high budget, 3 medium budget and 12 small budget films) in 9MFY2018.
Strong slate across languages, active pre-sales and catalogue monetisation of the films’ library resulted in a robust performance during the quarter.
In Q3FY2019, the company released 2 medium budget and 23 small budget films and 3 digital series as compared to 4 small budget films in Q3FY2018.
Key Business Highlights & Announcements:
Eros remains focused on its film pipeline, with 40 – 50 films across genres. Performance during the period was driven by the theatrical releases of ‘Tumbbad’, ‘Boyz 2’ (Marathi), ‘Amar Akbar Antony’ (Telugu), ‘Savyasachi’ (Telugu), ‘Mumbai Pune Mumbai 3’ (Marathi) amongst others. The overseas releases of ‘Andhadhun’ (Hindi), ‘Helicopter Eela’ (Hindi), ‘Pareshaan Parinda’ (Hindi) and ‘Namaste England’ (Hindi) also contributed to the overall performance, reinforcing the portfolio and film mix strategy.
Total Income growth driven by a healthy mix of release slate: Eros released 56 films (7 medium budget, 49 small budget) and 4 Digital Series in 9MFY2019 as compared to 16 films (1 high budget, 3 medium budget and 12 small budget films) in 9MFY2018.
Margin expansion driven by content-driven films, strong pre-sales strategy and catalogue monetisation.
Contribution from the television and others segment stood healthy at 52.4 per cent, including satellite sales of Amar Akbar Antony (Telugu) and Savyasachi (Telugu) and catalogue sales.
Eros International’s Marathi Superhit Boyz 2 collected INR 130 million at the box office within 10 days of release.
In this quarter, the Company released 3 original series - Smoke, Date Gone Wrong and Paisa Fek Tamasha Dekh on Eros Now, parent Eros International Plc’s OTT platform. All 3 original series have been widely appreciated by the audiences, there are a host of other new launches including short form web series, short films, as well as digital films on Eros Now enhancing its registered users to 128 million and 13m paying subscribers worldwide (as on September 2018) o Side Hero trailer generates over INR 10 million views on YouTube in a span of 3 weeks – Most watched trailer of any Indian original series. This 8-episode series that released on September 24 has been widely appreciated by the audiences and received tremendous popularity on IMDB with 8.8 rating o Eros Now’s Original ‘SMOKE’ premiered at MIPCOM 2018 in Cannes under ‘Made in India Originals’ category.
Commenting on the performance of Q3 & 9M FY2019, Sunil Lulla, Executive Vice Chairman & MD of Eros International Media Ltd. Said, “We are pleased to announce strong results during the quarter, delivering 62.1 per cent Total Income growth and consistent profits. Our focused approach of choosing a balanced slate spanning genres, languages and budgets, continues to deliver positive results. During the quarter, we released a total of 25 films and 3 Digital series, comprising of an interesting mix of genres ranging from comedy to horror and crime thriller, which received encouraging responses. The theatrical slate included the critically acclaimed ‘Tumbbad’, ‘Boyz 2’ (Marathi), ‘Mumbai Pune Mumbai 3 (Marathi)’ and our twin Telugu releases ‘Amar Akbar Anthony’ and ‘Savyasachi’ amongst others. A strong slate of overseas releases of ‘Andhadhun’ (Hindi), ‘Helicopter Eela’ (Hindi) and ‘Namaste England’ (Hindi) further supported performance during the quarter.”
In this quarter, we released three original web series – the crime thriller ‘Smoke’, the entertaining and quirky ‘Date Gone Wrong’ and the fun-series ‘Paisa Fek Tamasha Dekh’ on ErosNow, which received positive audience ratings and were equally applauded by the critics. We are committed to bring fresh and engaging digital content targeted primarily to the millennial audiences on the ErosNow platform, and have an exciting pipeline of original content lined up for the upcoming quarters. We are confident with our exciting content offering the pace of subscriber addition for ErosNow will further accelerate within the fast growing millennial and post-millennial audiences, while spurring the growth and penetration in other cities for Eros Now.”
He further added, “As we look ahead, we have a compelling film slate which includes Saif Ali Khan starrer ‘Kaptan’, the trilingual remake of ‘Haathi mere Saathi’, ‘Kaamiyab’, ‘Ticket to Bollywood’, and a host of regional releases. In addition, we have a host of remarkable originals such as ‘Dashavtar’, ‘Ponnyin Selvan’, ‘Flesh’, ‘Bhumi’ coming up on ErosNow, that we look forward to releasing in the upcoming quarters.”
Achievements in 9M FY 2019:
- Eros International senior management bag prestigious awards at ‘Pride of India Awards’ 2018. Kishore Lulla and Rishika Lulla Singh receive ‘Most Responsible Leader’ and ‘India’s most Trusted CEOs’ Awards at ‘Pride of India Awards’ 2018 by WCRC Leaders Asia.
- Kishore Lulla was awarded the Game Changers of India at the ET Global Business Summit, London Edition
- Rishika Lulla Singh, CEO, Eros Digital honoured at BW Business World 40 Under 40 Awards and Summit
- Ridhima Lulla appointed as the Head of the ICC Western India Expert Committee on Media & Entertainment by the ICC Board
- Team Eros Now won two awards at the 'Times National Awards for Marketing Excellence'. Rishika Lulla Singh won 'Women Leadership in Industry Award' and the social media team won 'Best Social Media Campaign' for Munna Michael.
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