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Eros International Q4 operating profit falls 34.8%

MUMBAI: Eros International’s operating profit in the fiscal fourth quarter fell 34.8% to $4.5 million compared to $6.9 million a year ago.

Revenue dropped 19% to $52.7 million in the quarter ended 31 March 2017 compared to $65.1 million in the earlier year.

For the 12 months ended 31 March 2017, operating profit fell 32.4% to $25.4 million compared to $37.6 million a year ago.

Revenue decreased by 7.8% to $253.0 million from $274.4 million a year ago.

Net debt increased to $157.6 million from $120.4 million mainly due to revolving credit being significantly paid down with internal cash balances offset by relatively lower cash flow from operating activities.

Aggregate theatrical revenues decreased by 30.7% to $12.4 million from $17.9 million for the three months ended 31 March 2016, mainly due to fewer number of films, especially high- and medium-budget Hindi films. The decrease was witnessed as many of the releases were deferred due to adverse market conditions after demonetisation in November 2016. Demonetisation resulted in decreased footfalls in cinemas.

In the 12 months ended 31 March 2017, the aggregate theatrical revenues decreased by 27% to $101.0 million from $138.4 million a year ago.

The decrease in theatrical revenues reflects the mix of films released in each period. Theatrical revenues in the 12 months ended 31 March 2016 comprised revenues from ‘Bajrangi Bhaijaan’, ‘Bajirao Mastani’ and ‘Tanu Weds Manu Returns’—three out of the top four highest grossing films of 2016—compared to a relatively weaker slate in 2017 with ‘Housefull 3’ as the only top 10 film so far.

In FY2017, Eros’ film slate comprised 45 films of which five were high-budget, 10 were medium-budget and 30 were low-budget compared to 63 films in FY2016, of which six were high-budget, 16 medium-budget and 41 low-budget films.

In the three months ended 31 March 2016, Eros’ film slate comprised 12 films of which six were medium-budget and six were low-budget films compared five films in the three months ended 31 March 2017, of which one was medium-budget and four were low-budget films.

In FY2017, the company’s slate of 45 films comprised 12 Hindi films, 16 Tamil/Telugu films and 17 regional films compared to the same period last year where its slate of 63 films comprised 33 Hindi films, 19 Tamil/Telugu films and 11 regional films.

In three months ended 31 March 2017, the company’s slate of five films comprised two Tamil/Telugu films and three regional films compared to the same period last year when its slate of 12 films comprised three Hindi films, four Tamil/Telugu films and five regional films.