Film business contributes 56% revenues for UTV in Q1

MUMBAI: UTV Software Communications reported profit after tax (PAT) at Rs 402 million (Rs 40.20 crore) for the first quarter ended 30 June, 2010, compared to a loss of Rs 318 million (Rs 31.8 crore) in the corresponding quarter last financial year.

The company’s revenue for the quarter at Rs 2.08 billion (Rs 208.20 crore) was up 132 per cent from Rs 898 million (Rs 89.8 crore) in the same quarter last year.

The movies segment – UTV Motion Pictures – comprising film production, domestic and international distribution and home entertainment reported revenues of Rs 1.11 billion (Rs 110.8 crore), which is up from Rs 265 million (Rs 26.5 crore) in the same quarter last year. The motion picture business of the company contributed 56 per cent to the company’s overall revenue. UTV has reported an operating profit of Rs 522 million (Rs 52.2 crore) from the movie segment against a loss of Rs 96 million (Rs 9.6 crore) a year ago.

This year, UTV Motion Pictures released the box office hit Raajneeti and also I Hate Luv Storys. While Raajneeti has done a net business of approximately Rs 910 million (Rs 91 crore) at the theatrical box office, I Hate Luv Storys has so far done net business of Rs 400 million (Rs 40 crore) at the box office in its two weeks run. Further, the company has a host of movies lined up for the year ahead including Udaan, Peepli [Live], We Are Family, Chillar Party, Paan Singh Tomar, Guzaarish, No One Killed Jessica, Tees Maar Khan, Delhi Belly, Saat Khoon Maaf and Thank You.

UTV’s broadcasting business contributed revenues of Rs 481 million (Rs 48.1 crore) in Q1 this year as compared to Rs 177 million (Rs 17.7 crore) in the corresponding quarter last financial year. The broadcasting segment includes the four channels of UGBL.

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