Eros International Q3 Net up 19 pc

Entertainment firm Eros International today reported an 18.86 per cent increase in its consolidated net profit at Rs 109.34 crore for the third quarter ended December 31, 2014.
The company had posted a consolidated net profit of Rs 91.99 crore in the corresponding period a year ago.
Total income from operation during the October-December 2014 quarter increased 13.41 per cent to Rs 490.73 crore as against Rs 432.68 crore a year ago, Eros International said in a BSE filing.
Commenting on the results, Eros International Managing Director Sunil Lulla said:" We are pleased to report robust results in the third quarter, which reflect the success of our strategy to invest in high quality film content and monetizing it across existing and emerging revenue stream."

"Along with improving internet connectivity and forecasts of smartphone user base in India, expanding to over 650 million in the next four years, we expect the demand for on-the-go entertainment to grow exponentially. We strongly believe, ErosNow is well-positioned to capitalise on the growing online consumption opportunity in India," he added.
Over the outlook he said: "The forthcoming quarters remain buoyant backed by a number of high profile Hindi, Tamil and Telgu films as well as robust library monetization".

Meanwhile, in a separate filing, the company informed the BSE that its board today approved 100 acquisition of mobile value added services provider Universal Power Systems Private Ltd (UPSPL), which works under brand "Techzone".

However, it would be subject to the approval from the shareholders and regulatory bodies, it added.
In June last year, Eros International had informed that it would acquire controlling stake in Techzone.
Shares of the Eros International today closed at Rs 389.85 on the BSE, up 0.92 per cent from their previous close.