Eros International Media Ltd. may not feel like telling its investors "Baar Baar Dekho" at its first quarter (Q1) revenues that fell 14.6 percent though net profit rose less than 5 percent. The share price of film distribution and production company Eros has gained 30 percent since April 1 this year, based on the closing price of Rs. 225.70 on Friday.
The company holds the worldwide distribution rights of many films, the latest being the Sidharth Malhotra, Katrina Kaif-starrer "Baar Baar Dekho," acquired from Excel Entertainment and Dharma Production. The film hit screens on Friday, Sept. 9.
Eros reported net profit of Rs. 58.9 crore for Q1, up 3.3 percent from Rs. 52.9 crore in the corresponding quarter last year. Revenues declined 14.6 percent to Rs. 410.4 crore from Rs. 480.6 crore in the year-ago period.
The company said 52 percent of the revenues came from theatrical rights in India and 17.2 percent from overseas distribution, while television rights contributed the rest.
The June 2016 quarter income witnessed a fall despite the company releasing some blockbusters during the period.
"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," Sunil Lulla, the Executive Vice Chairman & MD of Eros International Media, said in a presentation filed by the company with the stock exchanges on Thursday.
"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," he added.
The company hopes to earn good money in box office collections from the Nitya Mehra-directed movie, "Baar Baar Dekho," and other films.
"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," Lulla said.
Eros had earlier said that its suite of films comprising both Hindi and regional projects would be around 65 this calendar year.
