Embattled Eros International Reports Profits More Than Doubled

Eros International the global distributor of Indian films, which is currently under attack from an aggressive group of short selling investors, reported net profits up by 155% to $11 million in the second quarter.

For the six months to September revenue rose by 56% to $148 million and net income rose to $14.8 million.

The company’s shares, which are traded on the New York Stock Exchange, leaped by 20% from $7.48 to $8.96 in early trading on Tuesday, though they remain more than 75% off their 52-week high.

The company’s statement did not specifically mention the bearish attackers. The short sellers have accused the company of inflating revenues, of unduly optimistic depreciation policies, exaggerating the performance of OTT platform Eros Now, of employing unqualified auditors, and even of miscounting the number of films it has released.

But a statement from CEO Jyoti Deshpande covered many of the same areas.

“It gives me great pleasure to report our second quarter fiscal 2016 results which demonstrate that our business is strong. Fiscal year 2016 has been one of our best years yet in terms of film slate performance as Eros films currently hold three out of the top four box office positions in India,” she said.

“The foundations of our business are very strong. We are confident that our 3000 plus film library, our expansive global distribution network, our dominant market share position and last but not the least, our unique Eros Now OTT platform will continue to serve as meaningful growth drivers for our Company well into the future.

“Our future slate for the remainder of the year and fiscal 2017 continues to be exciting and we believe that our strong balance sheet and improving cash flow from operations will help us to stay in line with our strategy. In the face of adversity, the unwavering support some of our shareholders have shown towards us is indeed overwhelming and for that we are thankful.”

Prem Parameswaran, group CFO and president of North America, said that an audit committee review is ongoing.

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