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Login Open ICICI 3-in-1 Account

Entry Price

165.00

Target

190.00

Recommend Date

16-11-2016

Return

15.15 %
BUY

Date : 16-11-2016

Revenues came in at | 478.8 crore, down 5.2% YoY and up 17.3% QoQ vs. our estimate of | 430.6 crore. The delta was owing to recognition of overseas revenues at 48% of production costs of the films under the revised Relationship Agreement with the parent with effect from April 1, 2016 vs. 39% earlier. The impact of Q1FY17 overseas revenues also seem to be incorporated in the Q2FY17 numbers. Consequently, overseas revenues formed 39.1% of overall revenues. Furthermore, the company recognised satellite sales of Dishoom , Housefull 3 and Sardaar Gabbar Singh (Hindi) in Q2FY17. The domestic theatrical, however, remained soft at | 171.4 crore (~35.8% of the revenues) vs. our estimate of | 203 crore