BENGALURU: The Sunil Lulla-led Indian film and media company Eros International Media Ltd (Eros) reported a 9.2 per cent jump in operating revenue for the quarter ended 30 September 2018 (Q2 2019, period or quarter under review) as compared to the corresponding year ago quarter (y-o-y comparison). Profit after tax (PAT) and total comprehensive income (TCI) for the period under review jumped 34.4 per cent and 109.3 per cent (more than doubled) respectively y-o-y. Total income increased 17 per cent y-o-y in Q2 2019.
Eros reported operating revenue of Rs 292.88 crore for Q2 2019 as compared to Rs 268.26 crore. Total revenue during the quarter under review was Rs 320.56 crore as compared to Rs 273.93 crore in Q2 2018. PAT in Q2 2019 was Rs 77.31 crore as compared to Rs 57.51 crore in Q2 2018. TCI in Q 2019 was Rs 131.33 crore as compared to Rs 62.76 crore in the corresponding year ago quarter.
The company released 17 films and one digital series in Q2 2019 as compared to 14 films in the previous quarter (Q1 2019). Contribution by overseas revenue to operating revenue almost doubled to 23.7 per cent during the period under review as compared to 12.6 per cent of operating revenues in Q2 2018. Theatrical revenues contributed 28.1 per cent to overall revenues in Q2 2019 as compared to 30.7 per cent in Q2 2018. Contribution to total revenue from television and others in Q 2019 was 48.2 per cent as compared to 56.7 per cent in the corresponding year ago quarter.
Eros reported 10.9 per cent y-o-y increase in total expenditure in Q2 2019 at Rs 7231.36 crore from Rs 208.54 crore in Q2 2018. Films rights costs including amortisation costs increased 25.2 per cet y-o-y to Rs 148.87 crore from Rs 118.95 crore in the corresponding quarter of the previous fiscal. Employee benefits expense in Q2 2019 declined 12.4 per cent y-o-y to Rs 13.18 crore from Rs 15.04 crore in Q2 2018.
Finance costs reduced 17.8 per cent y-o-y in Q2 2019 to Rs 21.36 crore from Rs 54.22 crore in the previous year. Other expenses increase 1 per cent y-o-y in Q2 2019 to Rs 51.22 crore from Rs 50.71 crore in Q2 2018.
Company speak
Eros executive chairman and managing director Lulla said, “We are happy to report a strong performance during the Q2 and H1 FY2019 which has been a result of our continuous focus on building a portfolio of content driven films that appeal to a wide cross-section of audiences, produced at optimum costs and marketed around the world across diverse entertainment platforms. During Q2
FY2019, we released a total of 17 films & 1 Digital series, comprising of the hit franchise Happy Phirr Bhag Jayegi, the critically acclaimed Manmarziyan, Vishal Bharadwaj directed Patakhaa, Saakshyam (Telugu), Tc.Gn - Take Care Good Night (Marathi) amongst others. Overseas releases of Batti Gul Meter Chalu (Hindi) and Nawabzaade (Hindi) further supported performance during the quarter.”
“With our strategy of being a leading producer in digital content, we released an ErosNow1 8-episode original series directed by Rohan Sippy, Side Hero which was received very well by the global audiences. Going forward, we have a refreshing slate of high-potential ErosNow originals with crime drama Smoke releasing today. We believe with the roll-out of our original series we will be able to capture the attention of the fast growing millennial and post-millennial audiences,” said Lulla.
“H2 FY19 has begun well for us with the successful release of Boyz 2 (Marathi), Tummbad as well as Andhadhun (overseas), Helicopter Eela (overseas) and Namaste England (overseas) at the box office. Further, we have a growing and compelling line-up for the remainder of FY 2019 and FY2020. As we look forward, our proven content acquisition and co-production model, our strong partnerships with Colour Yellow Production, Reliance Industries and the latest partnership V. Vijayendra Prasad as well as our Indo-China collaborations will be the key differentiator in the forthcoming quarters”
