Shares of Eros International Media plunged by more than 10 percent on Wednesday on the BSE after the company reported disappointing revenues and net profit for the third quarter ended December 2015. The results were filed to the BSE after trading hours on Tuesday.
The stock was trading at Rs 183.35 at around 12:05 p.m., down 7.91 percent from its previous close, recovering from the day’s low of Rs 180.
The film production and distribution company reported consolidated revenues of Rs 338.2 crore for the third quarter under review, down 31.26 percent from Rs 492 crore in the corresponding quarter last fiscal. Net profit was Rs 37.8 crore, down 65.41 percent from Rs 109.3 crore, y-o-y.
The company did not give the revenue mix for the third quarter. However, for the nine-month period ended December 2015, theatrical revenues contributed 44.2 percent, overseas revenues 29.3 percent and television and others 26.5 percent.
The company released the blockbuster “Bajirao Mastani”, starring Ranveer Singh, Priyanka Chopra and Deepika Padukone, which made Rs 184.2 crore net collection at the India box office. The movie is still running in some theatres and the revenues collected from 1 January, 2016, will be reflected in the fourth-quarter results.
Some of the company’s films did good business at the box office during the calendar year 2015, according to the regulatory filing.
While “Bajirao Mastani” earned Rs 300 crore, “Bajrangi Bhaijaan”, starring Salman Khan, raked in Rs 600 crore and “Tanu Weds Manu Returns” contributed Rs 100 crore. The collection figures are worldwide on a gross basis, according to Eros.