Eros International Media Limited (Eros International), a leading global Company in the Indian film entertainment industry, today announced its consolidated financial results for the quarter and full year ended June 30, 2016.
The revenue for Q1FY17 is at Rs. 4,104 mn, against Rs. 3, 364 mn in Q1FY16; up 22%. Revenues for Q1FY16 has been normalised for one-time sale of digital rights of Rs. 1,442 mn. Net Profit for Q1FY17 stands at Rs. 589 mn, against Rs. 529 mn in Q1FY16; up 11.2%.
- Solid financial performance
- Theatrical revenues during the quarter were driven by worldwide releases of Housefull 3, Ki & Ka, Nil Battey Sannata, Sardaar Gabbar Singh (Telugu), 24 (Tamil), amongst other releases
- Satellite sales during the quarter included, Ki and Ka, Sardaar Gabbar Singh (Telugu), 24 (Tamil), Nil Battey Sannata, Phobia
- Housefull 3 and Sardaar Gabbar Singh (Hindi) were pre-sold, with revenues being recognised in Q2FY2017
- Diversified revenue mix
- Theatrical Revenues contributed – 52.1%, Overseas Revenues – 17.2% and Television & Others – 30.7% as a percentage of Income from Operations
- A well-balanced Hindi & Regional film release strategy
- Housefull 3 became the 3rd highest Bollywood grosser in CY2016
- One of the biggest box-office grosser of the year with net box office collections in India of Rs. 1.06 billion
- Ki & Ka, a medium-budget film, registered net box office collections in India of Rs. 516 million, delivering an attractive Return on Investment
- Other notable small budget Hindi films include Nil Battey Sannata and Phobia
- Regional movies – ‘24’ (Tamil) and Sardaar Gabbar Singh (Telugu) were high budget films for the regional markets and in accordance with the Eros strategy for regional films, pre-sold across theatrical, TV and other platforms.
- Marudhu (Tamil), a medium budget film, was the other notable regional film released
- Dishoom marked a solid start to Q2 FY17 – crossed net box office collections of Rs. 680 million
Commenting on the performance of Q1 FY2017, Mr. Sunil Lulla, Executive Vice Chairman & MD of Eros International Media Ltd. said,
“Fiscal 2017 has begun on an excellent note for Eros International with notable progress on operational and strategic parameters. Our approach towards investing in high quality portfolio of film content, which is greenlit at appropriate budgets and is monetized across various revenue streams, continues to yield positive results. The quarter was marked by the successful box-office run of our films led by ‘Housefull 3’, ‘Ki and Ka’, ‘Sardaar Gabbar Singh’ (Telugu), ‘24’ (Tamil), and ‘Nil Battey Sannata’ amongst a host of other films. This year is also marked by strong pre-sales of majority of our film slate including, ‘Ki and Ka’, ‘Dishoom’, ‘Baar Baar Dekho’, ‘Rock On 2’,‘Banjo’ as well as regional films to leading satellite channels, as a part of our derisking strategy and ensuring revenue and cashflow visibility.
Q2FY2017 has also begun well with the power packed performance of ‘Dishoom’ and ‘Happy Bhaag Jayegi’ and our Telugu release ‘Janatha Garage’ is heading to be the biggest Telugu grosser of this year. Our compelling line-up for the remainder of the year features high-potential movies such as ‘Banjo’, ‘Baar Baar Dekho’, ‘Rock On 2’, amongst a host of other Hindi and regional movies. As we look forward to the future, we believe that the Indian Media and Entertainment market provides a tremendous backdrop for the sustained growth of the Company in the years to come.”