Indian Film Company Eros International Reports Increase in Income, Profit for Third Quarter
The producer-distributor is eyeing future growth in online services and further regional expansion.
Leading Indian film company Eros International has announced its third quarter earnings. Total income was up by 13.5 percent to $82 million while profit after taxes was up 18.9 percent to $18.2 million. EBIT (Earnings Before Interest and Tax) increased by 8.4 percent to $24.4 million.
For the nine months ending December 2014, Eros reported a 17.6 percent rise in total income to $162.5 million. Profit after taxes rose by 23.4 percent to $32.5 million while EBIT increased by 20.3 percent to $46.4 million.
“We are pleased to report robust results in the third quarter, which reflect the success of our strategy to invest in high quality film content and monetizing it across existing and emerging revenue streams,” Eros International managing director Sunil Lulla said in a statement. “In-line with our core de-risking approach, we also registered strong pre-sales from our high-profile Hindi and Tamil films such as Lingaa, Action Jackson and Kaththi.”
Lulla also said that the company's future content pipeline will expand its South Indian presence via an entry in the Malayalam language market.
ErosNow, the company's online service, is also seen as a future growth driver with forecasts of India's smartphone user base expected to touch over 650 million in the next four years. “We expect the demand for on-the-go entertainment to grow exponentially,” added Lulla.
Founded in 1977, Eros produces and distributes movies in more than 50 countries. The company has also struck deals with entertainment firms such as Endemol India to produce three films along with original TV programming. In another partnership with HBO Asia, Eros has also launched two channels in India.