Financials
Eros reports higher profit margin despite fewer releases
BENGALURU: Sunil Lulla-led Eros International Media Limited (Eros) reported 21 per cent margin (on operating income) for consolidated profit after tax (PAT) for the quarter ended 30 September 2017 (Q2 FY 2017-18) as compared with 12.8 per cent margin for the corresponding quarter a last ago. The company’s revenue shrunk by 44 per cent during the quarter under review as against Q2 FY 2016-17. Eros released just seven films (two medium and five small-budget films) in Q2 FY 2017-18 as compared with 17 (including two high-budget films) in the quarter ago quarter. Earnings before interest and taxes (EBIT) margin on total income for the quarter under review was 31.7 per cent as compared with 19.9 per cent in Q2 FY 2016-17. Though the profit margin was higher in this year’s quarter, overall actual profit was lower than the profit reported for Q2 FY 2016-17 because revenue during the period last year was much higher.
Company speak
Eros vice chairman and managing director Sunil Lulla said, “We have reported healthy performance during the quarter on the back of strong releases, satellite sales, and higher contribution from library monetisation. During Q2-18, we released films such as the hit comedy Shubh Mangal Savdhan, the much-celebrated Newton starring Rajkumar Rao, the Tiger Shroff‐starrerMunna Michael, Trinity’s first release Sniff, and Projapati Biskut(Bengali).”
“It is a matter of pride for us thatNewton was chosen as India’s official entry for the Best Foreign Language Film category at the Oscars 2018. This underscores our strategy of focussing on content-driven films rather than high-budget, big-star formula films. During the period, the company also continued to focus towards investing in a Hindi and regional film language slate and Trinity Pictures, India’s first franchise‐driven studio,” revealed Lulla.
“Looking forward, we have a host of highly anticipated releases coming up, which include Mukkabaaz in January,Happy Bhaag Jayegi Returns,Chandamama Door Ke, the India‐China co‐productions, Panda by Kabir Khan, Trinity Pictures’ Elephant Man by national-award-winning director Prabhu Solomon, and the Colour Yellow Productions film starring Shah Rukh Khan,” he said.
The reported numbers
Eros reported operating revenue of Rs 2,682.6 million for Q2 FY 2017-18 as compared with Rs 4,787.9 million in Q2 FY 2016-17. Total income, including other income, for the quarter under review declined by 44 per cent year-on-year to Rs 2,739.3 million from Rs 4,887.3 million. The company has given the breakup of revenue in its investor presentation for the quarter as follows: 36.7 per cent for theatrical; 13.3 per cent for overseas revenue; and 50. Per cent for television & others.
Profit after tax in Q2 FY 2017-18 declined by 8 per cent y-o-y to Rs 575.1 million from Rs 625.2 million. EBIT was 10.7 per cent lower y-o-y in the quarter under review at Rs 867.5 million as compared with Rs 971.5 million. Operating profit (EBIDTA) for the quarter declined by 6.4 per cent y-o-y to Rs 835.2 million (31.1 per cent margin) from Rs 892.2 million (18.6 per cent margin).
Total expenditure declined by 48.2 per cent y-o-y to Rs 2,085.4 million during the quarter from Rs 4,022.4 million. Film rights costs, including amortisation costs, are a major cost head for Eros. These costs declined to less than half y-o-y to Rs 1,189.5 million in Q2 FY 2017-18 from Rs 2,762.9 million Q2 FY 2016-17.
Employee benefits expense declined by 9.4 per cent y-o-y to Rs 150.4 million from Rs 166.0 million. Finance costs doubled to 100.4 per cent in the quarter under review to Rs 213.6 million from Rs 106.6 million. Other expenses decreased 21.9 per cent y-o-y in Q2 FY 2017-18 to Rs 507.1 million from Rs 649.7 million.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
