Eros International Media Limited has informed the Exchange regarding Board meeting held on May 14, 2025.
Awaiting price reaction for this filing.
Eros International Media's board approved its unaudited standalone and consolidated results for Q1 FY25 (quarter ended June 30, 2024) — filed significantly late. On a consolidated basis, the company swung to a profit before tax of Rs 15,015 lakhs and PAT of Rs 13,787 lakhs, versus a loss of Rs 28,618 lakhs a year ago. However, this 'turnaround' is driven entirely by other income of Rs 17,750 lakhs, which includes a Rs 15,431 lakh reversal of film rights impairment from a new GLOBUS ENT FZE licensing deal and a Rs 2,303 lakh profit on sale of office premises. Core revenue from operations actually fell sharply to Rs 2,182 lakhs from Rs 5,884 lakhs year-on-year. The board also appointed new internal, secretarial, and transfer pricing auditors for FY25-26 and FY24-25.
Headline profit masks deep underlying weakness — revenue is declining, standalone net worth is fully eroded, current liabilities exceed current assets, and the auditor has flagged a material going concern uncertainty. Combined with ongoing SEBI proceedings, an Enforcement Directorate search at the registered office, and long-overdue related-party receivables of Rs 25,150 lakhs already provided for, shareholders should view the apparent turnaround with significant caution.