ErosNow

Eros International has reported digital & ancillary revenues of $14.6 million for the quarter ended September 30, 2015, registering a huge jump of 60.43% from $9.1 million in the same quarter last year.  The segment accounted for 14.8% of Eros International’s quarterly revenues that was at $98.8 million for the quarter, up 97.9% year-on-year (YoY). In comparison, the segment had accounted for 20.9% of Eros International’s revenues in the same quarter last year, but total revenues stood at $49.9 million.

Eros’s digital businesses include its video on demand service Eros Now, its YouTube channel, and more significantly, it’s distribution via cable based VoD services called “Bollywood Hits On Demand” with Cox, Rogers, Cablevision and Time Warner, apart from services in the UK and Middle East.

Theatrical revenues: Theatrical revenues increased to $61 million for the quarter, from $17.2 million revenues in the same quarter last year. However, note that these revenues are significantly dependent on number of film releases in a quarter, so it’s perhaps not right to do a quarter on quarter comparison for the company.

The company had released three high budget movie, three medium budget movies and 14 low budget movies during the quarter as against three medium budget movies, 17 low budget movies and one high budget movie in the same quarter last year.

The segment however accounted for 61.7% of Eros International’s quarterly revenues, up from 34.5% contribution in the same quarter last year.

Television syndication revenues: The television syndication revenues were at $23.2 million for the quarter, down marginally from $23.6 million in the same quarter last year. The segment accounted for 23.5% of the Eros International’s quarterly revenues, as compared to 47.3% contribution in the same quarter last year.

Regional segmentation of revenues

India: Revenues by customer location in India surged by 139.1% to $61.4 million for the quarter, from $17.3 million in the same quarter last year.

North America: Revenue by customer location in North America increased to $6.7 million for the quarter, from $1.5 million in the same quarter last year due to change in film mix in both the periods.

Europe: Revenue by customer location in Europe increased 82.8% to $12.5 million compared to $6.8 million in the same period last year.

Rest Of The World: Revenue from the rest of the world increased by 14.9% to $18.3 million for the quarter, from $15.9 million revenues in the same quarter last year. Eros attributed this growth to the strong theatrical and catalogue sales driven by the mix of films and its film library.

Financials

The overall revenues increased by 97.9% to $98.8 million for the quarter, from $49.9 million revenues in the same quarter last year. The net profit also grew by 154.7% to $11 million for the quarter, from $4.3 million in the same quarter last year.

Other Developments 

– Earlier this month, Eros International’s stock was hit amid allegations that the company was manipulating its revenues, its theatrical releases and revenues from its digital business. More on that here, here and here.

– In October, Eros tied up with Ortel Communications, a multi system operator (MSO) and ISP, to offer a subscription based movie streaming service called Ortel Broadband Movies.

– Eros Now announced that it has crossed 30 million registered users as of September 30.

– Eros acquired UK-based song sharing app PingTune that allows users to discover, share and listen to music.

Download: Press release and financials