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Eros International slips into loss in Q2 due to less number of big budget films

MUMBAI: Eros International, the parent company of Eros International Media, has plunged into loss in the second quarter of FY17 due to lesser number of high budget movies.

The company posted a net loss of $1.4 million during the quarter ended 30 September 2016 compared to a profit of $11 million in the year-ago period.

Operating profit fell 79% to $5.5 million, from $26.2 million in the prior year period. Adjusted EBITDA dropped 61.9% to $13.7 million as against $36 million a year ago.

Revenue fell 27.2% to $71.9 million compared to $98.8 million in the prior year period.

The main reason for this drop was the lower number of high budget movies in the quarter. There were only two high budget films in Q2 FY 2017 compared to three high budget films a year ago, one of which was the blockbuster ‘Bajrangi Bhaijaan’.

Eros’ slate in the fiscal second quarter comprised 18 films, out of which two were high budget, four were medium budget and 12 were low budget. In the year-ago period, the company’s slate consisted of 20 films, out of which three were high budget, three were medium budget and 14 low budget.

The company’s slate of 18 films comprised 5 Hindi films, 7 Tamil/Telugu films and 6 regional films. In the year-ago period, the slate consisted of 16 Hindi films, 3 Tamil/Telugu films and one regional film.

Aggregate theatrical revenues fell 48.7% to $31.3 million from $61.0 million. TV syndication revenue grew 9.7% to $26.1 million from $23.8 million. Digital and ancillary revenues increased 3.6% to $14.5 million compared to $14 million in the quarter ended 30 September 2015.

Trinity’s first franchise ‘Sniff – I Spy’ is in production and is set for release in FY 2018. Sniff comics and mobile games will also hit the markets following the movie’s release.

Three other franchise films, ‘Azaad’, ‘Two Guns’ (Sardarji vs Tamilian) and ‘Elephant’ (working titles) are in advance stages of pre-production and casting. They will go into production in FY 2018.

The company has made significant progress on Indo-China co-productions. The pre-production and casting for both the movies have begun. One of the films will go on the floors by April 2017.

The company has a strong slate for FY 2018, including films such as a Shah Rukh Khan starrer (directed by Anand Rai), ‘Munna Micheal’ (Tiger Shroff), ‘Chanda Mama Door Ke’ (Sushant Singh), untitled directed by Kabir Khan, ‘Reunion’ (directed by Sujoy Ghosh), ‘Bhavesh Joshi’, ‘Farzi’, untitled by Rahul Dholakia, ‘Vicky Donor 2’, ‘Happy Bhaag Jayegi 2’ and ‘Badlapur 2’.

Eros has lined up a number of Tamil, Telugu, Punjabi, Bengali, Marathi and Malayalam films such as ‘Kadaisi Vivasayi’ (Manikandan – Tamil), Untitled (Vetrimaran – Tamil), ‘Yaanai’ (Prabhu Solomon – Tamil), ‘Guru Tegh Bahadur’ (Harry Baweja – Punjabi), ‘Naale’ (Malayalam), ‘Posto’ (Bengali) and untitled (Ravi Jadhav – Marathi).

Eros’ India subsidiary Eros International Media and Phars Film, UAE’s largest film distribution and exhibition network, will jointly co-produce Malayalam films. The deal licenses Eros to exploit the distribution of all Malayalam movies produced jointly in India while Phars Films will present the same overseas where it enjoys a dominant market share.