Eros International gains after robust earnings by parent company

Eros International Plc posted a 155% jump in its net profit at $11 million as against $4.3 million in the same quarter last year

Shares of Eros International Media was up 5%, rebounding from its 52-week low hit on Tuesday, after its parent company Eros International Plc posted a 155% jump in its net profit at $11 million, as against $4.3 million in the same quarter of previous year on the back of revenue growth and increase in gross margin.

Meanwhile, the quarterly revenue stood at $98.8 million, up 98% on year-over-year basis for the July-September quarter, according to a release on the NYSE dated Tuesday, November 17.

Shares of Eros International Plc is listed on the New York Stock Exchange, and soared 5.3% during the trade yesterday.

 

Earlier this month, stocks of Eros International Plc slumped sharply on reports stating that the company overstated its revenue and the number of films it has distributed over the last two years.

Shares of Eros International Media opened at Rs 210 and touched a high of 214 on the BSE. A total of 514,613 shares changed hands on the BSE so far.