Eros International Plc (NYSE:EROS) the global Indian entertainment company, today announced unaudited financial results for the fiscal year ended March 31, 2019.
This year, Eros generated $270.1 million in revenue and $103.8 million in Adjusted EBITDA. The Company's Adjusted EBITDA margin expanded to 38.4% compared to FY 2018, which is a significant improvement.
The Company’s Digital and Ancillary business generated $123.1 million in revenue, which represented over 46% of Eros' combined revenue, driven by the strong growth in its' Eros Now platform.
Eros’ balance sheet remains conservative and the Company is well-capitalized, with net debt of $145 million, a decrease of $14.1 million compared to the third quarter of FY 2019, and $135.8 million of cash and cash equivalents (including restricted deposits of $46.7 million).
The Company has no meaningful near-term debt maturities payable in cash over the next 12 months.
One black cloud: Eros also reminds investors that a short seller has made allegations against Eros which the Company believes is an improper attempt to harm the Company and drive down its stock price so that the short seller can benefit.
As the Company looks ahead to Fiscal Year 2020, it believes it has a strong film slate, which includes Saif Ali Khan starrer ‘Kaptan’, the trilingual remake of ‘Haathi mere Saathi’ and ‘Kaamiyab’as well as a host of regional releases. In addition, Eros has a series of originals coming up on Eros Now that it expects to release in the coming quarters
Shares plummeted 16 cents, or 8.5%, to $1.66
