Eros back in the frame with Q3 profit of Rs 114 crore after losses

MUMBAI: Bollywood’s box office may be unpredictable, but Eros International Media Limited has delivered a plot twist of its own swinging back into profit in the third quarter of FY24 after a string of red numbers.

The company’s consolidated results for the quarter ended 31 December 2024 show a net profit of Rs 114.4 crore, compared to a steep loss of Rs 528 crore in the same quarter last year. Even more telling, this turnaround follows a loss of Rs 117 crore just in the September quarter. For the nine months ended December 2024, Eros clocked Rs 1,376 crore in profit, a remarkable bounce from the Rs 1,298 crore loss recorded in the same period of FY23.

Revenues, however, told a more modest story. Income from operations in Q3 stood at Rs 13.08 crore, down from Rs 31.57 crore a year ago. Total income came in at Rs 38.65 crore, versus Rs 254.55 crore in the previous nine-month period, suggesting the focus was less on topline growth and more on aggressive cost management.

That cost discipline was evident in the expense sheet. Operational costs, including content amortisation, were Rs 19.76 crore, down from Rs 81.51 crore last year. Other expenses were pruned to Rs 2.82 crore in the quarter, compared to a hefty Rs 477 crore in the year-ago period. Finance costs and employee expenses also dipped, helping Eros reverse the narrative.

Earnings per share (EPS) reflected the turnaround too, with basic EPS at Rs 11.9 for Q3 compared to a negative Rs 42.9 for FY24. Total comprehensive income for the quarter stood at Rs 370 crore, again a sharp rebound from the Rs 409 crore loss in Q3FY23.

The board, which met on 3 September, also approved an application to extend the deadline for its annual general meeting (AGM) for FY25, even as it cleared the unaudited results reviewed by Haribhakti & Co. LLP.

For investors, the Eros saga now reads like a redemption arc from a cliffhanger of mounting losses to a surprise happy ending in Q3. The real question is whether this revival is a one-off cameo or the start of a sustained sequel.