Eros International Media's September net rises to Rs 37 cr

MUMBAI: Eros International Media today reported 42.19 per cent increase in net profit for the quarter ended September 30 at Rs 36.97 crore against Rs 26 crore in year-ago period.

Its total income for the quarter, however, declined by 12.8 per cent to Rs 201.47 crore against Rs 231 crore in the corresponding period previous fiscal.

The company's revenues during April-September stood at Rs 395.68 crore against Rs 490.3 crore a year-ago, registering a decline of 19.29 per cent.

Its net profit for the six months period grew 15.34 per cent to Rs 66.31 crore from Rs 57.49 crore in the corresponding period of previous fiscal.

"Eros International has given a strong financial and operational performance in the first half of the fiscal, especially given that we had no high budget releases in H1FY14 compared to two high budget releases a year-ago," company's Managing Director Sunil Lulla said in a statement.

Eros International released 26 films during H1 FY14, which included 11 Hindi and 15 Tamil and other regional languages as against 42 films in first half of 2012-13.

"The decline in total income during the six months period was mainly due to the change in mix and a number of new releases as compared to the same period last year," he said.

The company's performance was underpinned by the all-round success of movies like ' Grand Masti', ' Raanjhanaa', ' Go Goa Gone', and our oversees release 'Yeh Jawaani Hai Deewani', all of which have been monetised over multiple distribution channels, Lulla said.

During the quarter, Eros Now, the company's online entertainment portal, added a host of Bollywood titles acquired from UTV and Viacom to its movie subscription service.