Eros International Media announced financial results for the quarter and year ended March 31, 2019. Their total Income was reported to have gone up by 12.8%, EBIT up by 7.4% along with an expanded presence in digital content creation.
The company reported yearly income at INR 11,397 million, an EBIT at INR 3,951 million with an EBIT margin at 34.7%. The Profits after Tax surged by 17.4% to INR 2,691 million. The quarterly income stood at INR 2,632 million, an EBIT at INR 988 million with an EBIT margin at 37.5 %, and the Profits after Tax grew by 14.6% to INR 697 million.
Key Business Highlights & Announcements:
- Revenues during the period were driven by releases of Gone Kesh, Mumbai Pune Mumbai 3 (Marathi), Boyz II (Marathi), Happy Phirr Bhag Jayegi’, the critically acclaimed Manmarziyan and Patakhaa, Gone Kesh & Kelavu Dinagala (Kannada), Roll No. 56 (Gujarati), Bhagshesh (Bengali), Eros Now originals – Smoke, Operation Kobra, Flip, Side Hero, Saakshyam (Telugu), Tc.Gn – Take Care Good Night (Marathi) amongst others.
- Healthy performance from the overseas releases of Andhadhun, Helipcopter Eela, Batti Gul Meter Chalu and Blackmail, amongst others also supported performance during the period under review
- During the quarter, the company released, 16 films across languages and 7 Digital series
- Eros released 7 original series – Operation Cobra, Meri Khoj Mere Haath, Flip, Ennaya, Metro Park, Tum Se Na Ho Paayega and The Investigation on Eros Now, parent Eros International Plc’s OTT platform. All 7 original series have been widely appreciated by the audiences. Reached FY19 guidance of 16m paying subscribers early – in less than nine months Now targeting over 50 million paying subscribers in 3 years
- The Revenue split across segments for FY2019 was: Theatrical – 28.0%, Television and Others – 53.5% and Overseas segment – 18.5%.
Commenting on the performance of Q4 & FY2019, Sunil Lulla, Executive Vice Chairman & MD of Eros International Media Ltd. said: “Our investments are focused on enhancing our position as a premium content owner of Indian film and digital content while maintaining a conservative balance sheet. We have a strong focus on films that don’t just rely on box office performance and therefore we invested on expanding our presence in digital content creation. In this quarter we released 7 original series – Operation Cobra, Meri Khoj Mere Haath, Flip, Ennaya, Metro Park, Tum Se Na Ho Paayega and The Investigation on Eros Now, parent Eros International Plc’s OTT platform and a total of 16 films across languages. A mix of film content across languages and an increase in digital content creation, together with catalogue revenues contributed to the quarterly performance and definitely enhanced the year-on-year growth.”
He further added, “ Our margin is expanding with content-driven films, strong pre-sales strategy, catalogue monetization and now with additional presence & focus on digital it will only enhance our offerings. We hope to take entertainment to the audience which is no longer bounded by geographical boundaries, and for that content creation with strong distribution will definitely strengthen our balance sheet and margins for shareholders in the future.”
Achievements in FY 2019:
- Eros International senior management bag prestigious awards at ‘Pride of India Awards’ 2018. Kishore Lulla and Rishika Lulla Singh receive ‘Most Responsible Leader’ and ‘India’s most Trusted CEOs’ Awards at ‘Pride of India Awards’ 2018 by WCRC Leaders Asia
- Kishore Lulla was awarded the Game Changers of India at the ET Global Business Summit, London Edition
- Rishika Lulla Singh, CEO, Eros Digital honored at BW Business World 40 Under 40 Awards and Summit
- Ridhima Lulla appointed as the Head of the ICC Western India Expert Committee on Media & Entertainment by the ICC Board
- Team Eros Now won two awards at the ‘Times National Awards for Marketing Excellence’. Rishika Lulla Singh won ‘Women Leadership in Industry Award’ and the social media team won ‘Best Social Media Campaign’ for Munna Michael
- Eros Now’s Original ‘SMOKE’ premiered at MIPCOM 2018 in Cannes under ‘Made in India Originals’ category
- Eros Now Enters Into Partnership With Veriown Global, Inc. – Helping to Bring Digital Entertainment and Energy To Rural India
- Eros Now expanded its content strategy with the launch of Eros Now Quickies