Eros International Media Q1 PAT grows 22.8% to Rs 59.3 crore
The company’s EBIT stood at Rs 96.7 crore, up 30.5% from the corresponding quarter in 2018.
Eros International Media Ltd. has announced its unaudited financial results for the quarter ended June 30, 2018.
The company’s Profit After Tax (PAT) stood at Rs 59.3 cr, up by 22.8% compared to Q1 FY 2018. The PAT margin has expanded to 26.5% Q1 FY2019, from 17.7% in Q1 FY2018.
Earnings Before Interest and Tax (EBIT) stood at Rs 96.7 cr, up 30.5% from the corresponding quarter. The EBIT margin expanded to 43.2% in Q1 FY2019 from 27.1% in Q1 FY2018. In Q1 FY2019, theatrical revenues contributed 30.7%, Overseas Revenues 12.6% and Television & Others contributed 56.7% of Income from Operations.
Commenting on the Q1 results, Sunil Lulla, Executive Vice Chairman & MD of Eros International Media Ltd., said, “We have started the year on an excellent note on operational and strategic parameters. Our strategy of a content driven approach reflected in a robust green lighting process enabling us to de-risk our model. Our film content is deeply researched and evaluated for its revenue potential across platforms and markets by our business leaders, due to which we were able to again deliver margin enhancing performance in Q1FY2019.”
“The new JV kicking in with V. Vijayendra Prasad for Hindi and regional content and Reliance Eros Productions LLP for USD 150 mn already in process is bound to further boost our content strategy and reflect in our financial performance in the forthcoming quarters,” he added.
Some of the highlights mentioned by the company in the financial statement:
• Eros released 14 films in Q1 FY2019 (1 medium budget and 13 small budget films) as compared to 5 films in Q1 FY2018 (1 high budget, 1 medium budget and 3 small budget films)
• Eros and V. Vijayendra Prasad have agreed to partner and jointly develop scripts, greenlight projects, produce & distribute films and web-series across Hindi, Telugu and Tamil languages
• The company revenues were driven during the quarter with the releases ranging across regional languages - Bhavesh Joshi (Hindi), Meri Nimmo (Digital release), Blackmail (Overseas), Haami (Bengali), Goodnight City (Bengali), Alinagarer Golokdhadha (Bengali) and others
•Eros successfully premiered India’s first straight to digital film, Eros Now original, “Meri Nimmo” on the platform
• Eros remains focused on its film pipeline, with 40-50 films across genres, Hindi and regional languages slated to release during this financial year. A comprehensive slate of forthcoming releases will see Happy Phir Bhaag Jayegi, Manmarziyaan, Tumbadd and Take Care Good Night (Marathi) shortly. In addition, it plans to release host of new content series including short form web series, short films, as well as digital films on Eros Now.
• Eros continues to be focused on ramping up productions and co-productions through key partnerships. These include a partnership with producer-director, Aanand L Rai (Colour Yellow Production) and partnership with Reliance to equally invest up to $150 million to produce and acquire Indian films and digital originals across all languages. This investment will dramatically scale Eros’ capabilities in content production, marketing, and distribution. Eros and Reliance formed Reliance Eros Productions LLP which will make new strides on the digital and content forefronts, benefitting from the platform synergies across technology, content and digital platforms.
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