Eros International Media Ltd Q2FY17 Results: Flop Show
Bhagyashree Vivarekar / 11 Nov 2016
Eros International Media Ltd is currently trading at Rs 181.35, down by 7.40 points or 3.92% from its previous close of Rs 188.75. Weak numbers this quarter was due to lacklustre performance on the box office.
Technical View:
Eros International Media Ltd is currently trading at Rs 181.35, down by 7.40 points or 3.92% from its previous close of Rs 188.75 on the BSE. The scrip opened at Rs 189.00 and has touched a high and low of Rs 189.00 and Rs 180.95, respectively. A total of 662258 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 100 DMA.
Consolidated Results Q2FY17:
Eros International Media’s Q2FY17 consolidated net revenue for the quarter fell 5.2%% YoY to Rs 479 crore. The company's EBITDA for the period was down 34.4% YoY to Rs 89 crore, with a 830 bps YoY contraction in EBITDA margin to 18.6%. This was largely the impact of a Rs 31.7 crore adjustment for change in inventories of film rights which was Rs 0.4 crore during the corresponding quarter last fiscal. Also, its net profit dropped 32.9% YoY to Rs 63 crore.
The weak numbers this quarter was due to lacklustre performance from the two big budget, four medium budget and 11 small budget releases this quarter.
The company's management expects strong H2FY17 performance on the back on highly anticipated films like Rock On 2, Saat Kadam and Ticket to Bollywood.
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