Bajrangi Bhaijaan, Srimanthudu Make Eros Bullish on Q2

On the back of the big success of Salman Khan-starrer Bajrangi Bhaijaan and new Telugu release Srimanthudu, the management of Eros International is upbeat about its performance in the September quarter.

"The second quarter has been very strong indeed. Bajrangi Bhaijaan has done Rs 500 crore and counting. We also released Srimanthudu, which has already crossed Rs 100 crore. It is the second highest Telugu film grosser after Baahubali," said Jyoti Deshpande, group CEO and MD of the film production and distribution company. (Watch full interview)

Eros released Mahesh Babu-starrer Srimanthudu across 2000-plus screens worldwide. Eros was also the global distributor of Bajrangi Bhaijaan.

Eros International Media earlier this week reported a 48.85 per cent increase in consolidated net profit at Rs 53.35 crore for the first quarter ended June 30.

Total income from operations surged 95 per cent to to Rs 472.48.

Ms Deshpande said Tanu Weds Manu Returns contributed significantly to revenues in the June quarter. Eros was the co-producer of Tanu Weds Manu Returns.

Brokerage Maybank in a note said that Eros has reaped a good reward from Srimanthudu. "The possible acquisition cost for this movie for Eros could be Rs 50 crore. This is the second big movie after Bajrangi Bhaijaan's big success for Eros in this (second) quarter," it added.

Maybank has maintained a buy recommendation on Eros with target price of Rs 646.

Eros shares ended 1.7 per cent higher on Monday at Rs 532.