UTV posts net profit of Rs 271 million in Q4 2008

Mumbai: UTV Software Communications Ltd. has posted a net profit of Rs 271 million for the quarter ended 31 March, 2008. This is up 140 per cent from Rs 113.12 million in the corresponding period last year.

The company reported a growth in operating revenue of 363 per cent to Rs 1,870 million during the same quarter.

The two businesses leading the growth are the motion pictures business that has reported a revenue growth of 241% and interactive and gaming that has shown a growth of close to 250%.

The company has consolidated the financials of UTV-US, UTV-UK, UTV-IOM and UTV BL and the group’s indirect subsidiaries Ignition Entertainment Limited, Indiagames Limited, and UTV-Mauritius and UTV’s television joint ventures Smriti Irani Television Limited and Windmill Entertainment Limited.

The Board of Directors has taken on record the un-audited consolidated financial results of UTV Software Communications Limited and its subsidiaries.

UTV chairman and CEO Ronnie Screwvala said, "We have been successful at developing an expanded opportunity pipeline resulting from our re-entry into the broadcasting business, our recent gaming acquisitions in the Interactive vertical, our TV joint ventures and our enviable slate of movies in Hindi and Hollywood space."

“Our movie business has started realizing the benefits of its IP focus and studio model approach, which have actually exceeded our expectations. This quarter has again witnessed a triple revenue growth, which is a result of our perseverance and commitment to produce and entertain our viewers with good quality cinema,” he added.

“Our interactive business comprising animation and gaming is a truly global business model, with little dependence on Indian market. In the fast growing interactive space in South East Asia, we are the first Indian players to be present across all platforms for games i.e. consoles, mobile and online. We are currently developing our own high end console games and mobile games and reducing dependence on pure publishing and distribution business. Therefore, what we see now is merely the beginning of the high growth trajectory in the years to come,” said Screwvala.

For the year ended 31 March, 2008 as compared to the last fiscal year, the company reported a growth in operating revenue of 150 per cent year on year from Rs 1,749 million to Rs 4,375 million, operating profit of 1,403 per cent from Rs 40 million to Rs 601 million and growth in PAT of 63 per cent Rs 470 million to 768 million. However, if one excludes the Rs 263 million one-time capital gains in the previous year on the sale of Hungama TV, then the growth in PAT is actually 271 per cent.