Eros International Q1 net profit down 7 pct at Rs 29.34 cr

Written by PTI | New Delhi | Updated: Aug 13 2013, 20:23pm hrs
BusinessThe company had reported net profit of Rs 31.41 crore in the same quarter a year ago.
Film distribution company Eros International Media Ltd on Tuesday reported 6.59 per cent decline in net profit at Rs 29.34 crore for the first quarter ended June 30, 2013, on account of steep fall in net sales.

The company had reported net profit of Rs 31.41 crore in the same quarter a year ago.

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Commenting on the company's performance during the quarter, Eros International Media Ltd Managing Director Sunil Lulla said: "Eros International has delivered an encouraging Q1 FY 2014 results in the context of the film mix that it released in the quarter compared to the high profile films released in Q1 FY 2013."

Eros International's net sales during the quarter under review were at Rs 186.32 crore, down 27.51 per cent, against Rs 257.03 crore in the corresponding period last year.

"Relative to their budget, the mix of films performed extremely well and demonstrates our ability to scale and change our mix to take advantage of market trends," he added.

Commenting on future outlook of the company, Lulla said: "Our business has a natural Q3 skew due to film releases around the festive season and this year is no different and we remain positive on the outlook for FY 2014."

The company has movies such Kochadiyan, Ram Leela, Rambo Rajkumar, Happy Ending and a number of high concept movies that are slated to be released in FY 2014, Eros said in a statement.

Overall expenses in the quarter were at Rs 148.08 crore, decline of 28.46 per cent as against Rs 207 crore in the same quarter last year.

Shares of Eros International were trading at Rs 128.50 apiece in the afternoon trade, up 4.47 per cent from their previous close on the BSE.