Indian Film Company Eros Posts Higher Financials
Indian film major Eros International Media on Friday reported improved financial results for the fiscal year ended March 31.
The company reported an 11.5 percent increase in revenue to $210 million (10.75 billion rupees). The company reported that earnings before interest and taxes (EBIT) also increased by 0.2 percent to $43.4 million (2.26 billion rupees), while profit after taxes rose 4.5 percent to $29.6 million (1.54 billion rupees).
Comparing the most recent quarter, earnings decreased by 2.6 percent to $41.1 million (2.14 billion rupees) from $42.1 million (2.19 billion rupees); EBIT fell 7.9 percent to $8.02 million (417.5 million rupees), while profit after taxes increased by 7.1 percent to $6.12 million (318.3 million rupees).
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In the just-ended fiscal year 2012-2013, Eros released 77 films in various languages (including 30 in Hindi, 47 in Tamil and other regional languages), the same number of films as in the previous financial year. Some of the major successes of the year included Bollywood hit Son of Sardaar and smaller budgeted films, such as Vicky Donor and English Vinglish.
Notable South Indian releases included Thuppaki, Maatraan and Kadal. One of the most awaited releases from Eros in the 2014 financial year will be superhero caper Kochadaiyaan, starring South Indian film icon Rajnikanth and directed by his daugther Soundarya Rajnikanth. The film's trailer was supposed to be launched at the Cannes market this year, but that plan was canceled due to ongoing post-production work.
Eros recently also partnered with HBO to launch two advertising-free channels showcasing Hollywood and Bollywood content -- HBO Defined and HBO Hits -- which went on air in March.
Eros also entered into a strategic alliance with TV production major Endemol India (which has produced Indian versions of Fear Factor and other Endemol properties). The Eros-Endemol alliance will see the co-production of three feature films, as well as original programming for television in the near future.
In a first-of-a-kind co-production tie-up, Eros pacted with Sony Entertainment Television to partner on the upcoming Bollywood film Bajate Raho, directed by Shashant Shah.
“During the year, we have accomplished several game changing initiatives that will enable us to further fortify our leadership position in the media and entertainment sector,” said Eros International managing director Sunil Lulla.
“We are enthusiastic about our strategic alliance with HBO, which is the leader in the premium television arena globally," he added. "On the back of our well defined business model, proven track record, an extensive film library and well augmented film slate, Eros is confident of delivering sustained growth in the upcoming quarters."