UTV posts net profit of Rs 555 million

MUMBAI: UTV Software Communications Limited has reported a net profit of Rs 555 million (Rs 55.5 crore) for the year ended 31 March 2007.

Consolidated revenue of the company for the year has been pegged at Rs 2,030 million and the EBITDA at Rs 435 million. The company has consolidated the financials of UTV-US, UTV-UK, UTV-Mauritius and Ignition Entertainment Ltd.

From the first quarter of the fiscal 2008, the company will operate in three business verticals – content, new media and broadcasting. The content vertical includes film production and distribution, TV content and airtime sales; while new media includes animation, gaming and the VFX businesses. Broadcasting will house all of UTV’s broadcasting initiatives.

In addition, the company is also in the process of gaining controlling interest in Indiagames.

UTV also proposes to float its 100 per cent subsidiary UTV Motion Picture Plc based in Isle Of Man on London Stock Exchange’s Alternative Investment Market (AIM). This company will house all movie production businesses of the group, including Hindi, regional, Hollywood or animation movies. Overseas listing of the company is expected to facilitate inorganic growth opportunities in the international markets.