Eros International Quarterly Profit Rises 45 Percent
NEW DELHI – Eros International Media reported stronger fiscal first-quarter results as revenues jumped 60 percent to $ 47.9 million (Rupees 2.59 billion).
Profit after taxes rose 45 percent to $ 5.8 million (Rupees 314 million) compared with the same period last year.
Based in London and Mumbai, Eros released 23 films during the quarter ended June 30, compared to 19 films last year. Some of the highlights included breakout comedy hit Vicky Donor, Housefull 2 and Ferrari Ki Sawaari, among others.
As part of its pre-sales strategy, Eros recently signed an output deal with broadcasting joint venture Viacom18 Media, which runs leading Hindi entertainment channel Colors. The channel will air catalog and new titles, such as Cocktail (a strong box office performer collecting Rupees 1 billion), and upcoming release Khiladi, among others.
“We are once again proud to have picked a fine slate of films, which have not only performed well at the box office but also been successfully monetized across television and digital platforms," said Eros International managing director Sunil Lulla. "We have continued to optimize our de-risking strategy with the combination of pre-sales and self distribution to give us consistent cash flow and provide visibility of revenues."
He added: "We are especially encouraged by the box office success of a modest budget film like Vicky Donor, which demonstrated potential for smaller films among a growing multiplex audience and widening the appeal of our films."