ErosNow

Eros International has reported a net profit of Rs 53.4 crore growing 48.9% year-on-year for the quarter ended June 30. On a sequential basis, net profit increased 3.29% from 51.7 crore in the preceding quarter.

The company’s total revenues stood at Rs 480.6 crore which was up 96.5% from Rs 244.6 crore in the same quarter last year. Total revenues grew 3.22% from Rs 465.6 crore from the previous quarter.

Of the total revenues, theatrical revenues contributed 51.5%, overseas revenues contributed 27.0% and television  & others formed the remaining 21.5%.

Note that Eros International has changed its reporting format  and has not disclosed revenues from its digital and ancillary segment. In the Q3 FY15  the segment earned $36.3 million revenues and accounted for 36.15% of the total revenues.

Eros Now app: Eros’ digital business includes its video-on-demand service called Eros Now and the company this quarter said that it has over 26.5 million users. It did not, however, disclose monthly active users and the revenues earned from the digital service.

It’s ancillary businesses include digital music revenues (from iTunes, Spotify, Napster, Rdio), and physical CD sales as well as rights to Radio & TV channels and royalties from public performances. They also include revenues from in-flight entertainment.

Financials

– Net profit for the quarter stood at Rs 53.4 crore, up 48.9% from Rs 35.8 crore in the same quarter last year.

– Total income in the quarter was Rs 480.6 crore in the quarter, up 96.5 % from Rs 244.6 crore in the same quarter last year.

–EBIT was at Rs 96.3 crore, up 60.7% vs 59.9 crore

Quarter highlights

– Bharti Airtel and Eros Now entered into a partnership to offer the movie and video content from Eros Now and other partners on Airtel’s Wynk application.  Wynk users can access Bollywood movies from ErosNow, including new and old movies like Tanu Weds Manu Returns, Badlapur and NH 10 before they premiere on television.

– In July, Eros said that it will be producing three original shows which will be streamed on Eros Now. The three shows are: Khel, The Client and Ponniyin Selvan. The company also tied up with Anil Kapoor Film Company to co-produce an Indian adaptation of a popular international sitcom.  The show’s name has not been revealed yet.

– In June, ErosNow and WeChat signed an agreement which will allow WeChat users to listen to music, watch videos and get Bollywood gossip and news through its official channel on the messaging platform. WeChat users can also share their favorite stuff from ErosNow official account on WeChat to friends through chats or Moments.

– In the same month, Eros Now inked a content acquisition deal with Pakistan’s Hum TV. Under the deal, Eros Now would get Hum TV’s entire TV library including current TV shows. In addition, Indian subscribers get to view the content 48 hours prior to its telecast on any other platform.

–  Eros also canned its television network plans following investor calls to focus on their digital platform. The company had earmarked an investment of $50 million in 2012 to set up a movie and music channel and as part of the strategy was looking to buy Bollywood television network B4U.

Download: Press release