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Eros International Q1-FY15 profit up 22.2% YoY to Rs 35.8 Cr; Revenue up 26% YoY

Eros International Media, the Indian subsidiary of Eros International Plc has reported a profit after tax of Rs 35.8 crore for the quarter ended June 30, 2014, registering a 22.2% growth from Rs 29.3 crore profit in the same quarter last year.

Total income also grew by 26% year-on-year (YoY) to Rs 244.6 crore for the quarter, from Rs 194.2 crore revenues in the same quarter last year. The earnings before income and tax (EBIT) also grew by 29.9% YoY to Rs 59.93 crore from Rs 46.1 crore in the same quarter last year.

It’s worth noting that Eros International Media typically doesn’t disclose any information on how its digital offerings are performing while its parent company Eros International PLC is yet to disclose its digital revenues for the quarter. In June this year, Eros International had reported digital & ancillary revenues of $47.7 million for the year ended March 31, 2014 (FY14), registering a 16.6% growth from $40.9 million revenues in FY13.

Techzone acquisition: During the quarter, Eros International had acquired a controlling stake in the mobile value added service provider Techzone (Universal Power Systems Private Limited) for an undisclosed amount.

Eros CEO and Managing director Jyoti Deshpande had then said that Techzone’s billing integration and distribution across major telecom operators will complement its existing online movie streaming service ErosNow.

Hathway Partnership: Last month, Hathway had also partnered Eros Now to launch a movie subscription service called ‘Broadband Movies’ for its customers. The service was initially free for the first two months, following which it was expected to be available at an yet-undisclosed monthly subscription price.

Eros Plc follow on offering: Eros Plc also closed its follow-on equity offering on July 15, 2014. The company received net proceeds of $90 million from this offering at an offer price of $14.50 per share. Note that this amount is after deducting underwriter discounts and estimated expenses. The company however mentioned (pdf) that it will not receive any proceeds from the sale of these shares.

Other Highlights

– Eros released 9 films during the quarter, which includes five Hindi films and four Tamil films. In comparison, Eros had released 12 films in the same quarter last year. This included seven Hindi films and five Tamil & other regional films.

– Of the nine films released by Eros during the quarter, one was a high budget movie while the remaining eight were medium & low budget movies.

DownloadPress Release

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ