Eros International (EROS) Reports Q1 Revenues Miss

Eros International (NYSE: EROS) reported Q1 EPS of ($0.20), versus $0.04 reported last year. Revenue for the quarter came in at $60.2 million versus the consensus estimate of $64.23 million.

“We delivered a strong set of results this quarter, underscoring our market leadership, solid business fundamentals and continued growth in our digital platform, Eros Now. As we continue to develop our digital offering and adapt to the dynamic global media landscape we operate in, I want to reflect on the journey we have taken so far. At our core we are, and always have been, a content company delivering premium Indian filmed entertainment to the masses with unparalleled distribution capacity. Almost 20 years ago, Eros developed the first vertically integrated film studio model in India. We combined premium content production and acquisition abilities with best-in-class international distribution reach. Over the last decade we have witnessed many of the major Hollywood studios make their entries into India. It is a testament to our content offering, brand strength and people that we have been able to maintain and grow our market share in the face of this competition.

We are also proud to have one the deepest and richest Indian content libraries in the world. Over the last 10 years Eros has been responsible for 30 of the top 100 highest grossing box office films in India. We must not forget that even in the digital age, premium content is still immensely valuable. Our industry relationships spanning over 40 years allow us access to the best talent across the nation. Our library is constantly evolving and replenished every year with new and innovative content that appeals to all consumers.

We continue to focus on appropriate budget films promising high IRR’s based on our unique portfolio approach. As we increase production across genres and languages, the stories we tell are driven and backed by pre-sale potential with reduced reliance on box office success. The real star of today is the story being told on screen. We are especially excited about our upcoming theatrical slate this year, in addition to our upcoming slate of Eros Now original releases. Our content partnership with Reliance, new venture with V. Vijayendra Prasad and continued relationship with Aanand Rai are all instrumental to our future and will be keys to our success.”

For earnings history and earnings-related data on Eros International (EROS) click here.

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