Eros International Media Ltd. (Eros), distributor of Hindi film "Rock On 2" that hit screens on Friday (November 11), is trading with losses on the BSE in response to weak September quarter (Q2) performance declared on Thursday.
The stock was down 4.16 percent to Rs 180.90 at around 11.55 am, close to the day's low of Rs 179.50. In the past three months, shares of the company have depreciated by almost 18 percent.
The company posted a net profit of Rs 63 crore on total revenues of Rs 488 crore for Q2, marking a fall of 32.8 percent in net profit and 4.17 percent in revenues in comparison to the year-ago period when net profit and revenues stood at Rs 93.8 crore and Rs 510 crore, respectively.
Theatrical revenues contributed 35.8 percent, overseas revenues 39.1 percent and television and others 25.1 percent to total income, according to the company.
Eros said that absence of major hit films led to lower revenues and profit in the September quarter this fiscal.
"Q2 FY2017 reported lower numbers as compared to Q2 FY2016, on account of the difference of the mix of films released in Q2 FY2016 which comprised of blockbusters and industry top grossers such as Bajrangi Bhaijaan & Srimanthudu (Telugu)," it said in a presentation filed with the BSE.
The company released 17 films in Q2 as against 20 in the corresponding period last year.
The company is pinning its hopes on big ticket releases during the quarter to boost its performance.
"Looking forward, we have a host of highly‐anticipated releases such as Rock On 2, Chaar Sahibzaade 2, Saat Kadam, Kahani 2 (overseas), Ticket to Bollywood amongst others," Sunil Lulla, Executive Vice Chairman & MD of Eros International Media Ltd. said.