Shares of entertainment firm Eros International Media were on buyers' radar today, climbing nearly 7 per cent, even after reporting a decline in consolidated net profit for the fourth quarter ended March 31, 2016.
Generation of healthy free cash flow in fiscal 2016 led to buying in the stock.
The scrip gained 6.79 per cent to settle at Rs 194.25 on BSE. During the day, it surged 9.95 per cent to Rs 200.
At NSE, shares of the company moved up 6.83 per cent to close at Rs 193.95.
For the fiscal ended March 31, 2016, the company generated healthy free cash flow of Rs 300 crore as compared to negative Rs 5 crore in 2014-15.
Eros International Media on Friday reported 36.76 per cent decline in consolidated net profit to Rs 32.72 crore for the fourth quarter ended March 31.
The company had reported a net profit of Rs 51.74 crore in the January-March quarter a year ago.
Its consolidated net sales during the quarter fell 39.89 per cent to Rs 269.91 crore as against Rs 449.05 crore in the same period last fiscal, Eros International had said in a BSE filing.
