UTV Software Communications Ltd has announced a 176 per cent jump in its net profit for the first quarter of FY 09 to Rs 251 million. Its revenues for the said period has also grown by 154 per cent to Rs 1.45 billion.
Ronnie Screwvala, Chairman and CEO, UTV Software Communications Ltd, said, “Growth in all our businesses and our focus on building partnerships have resulted is strong performance for this quarter. We believe that the expanded opportunity pipelines that we have created over the past few quarters in each of our verticals have started to deliver bringing us in the forefront of this dynamic Indian media and entertainment industry. The outlook for this fiscal is very attractive, given the initiatives that we are implementing in all our five verticals – television, movies, interactive, broadcasting and new media. In addition, with the strategic relationship with Disney, we have delivered on our commitment to maximise long-term shareholder value.”
He added, “Our movie business has evolved into a truly global business exceeding our expectation this quarter. This quarter has again witnessed a triple digit revenue growth which is a result of our perseverance and commitment to produce and entertain our viewers with good quality cinema.”
“We are creating our own content with renewed drive and vigour, where we have diversified into genres like reality, quiz and comedy. We are also the preferred programmer for our in-house broadcasting channels,” Screwvala added.
He further said, “In our broadcasting venture, which is expected to be integrated with the company by the end of July 2008, the key is to create the right mix of focused content using our expertise and with a tight cost model. We are very pleased with the performance achieved by the bouquet launched in just last few months.”
On a further note, Screwvala informed, “We have recently forayed into an interesting and high growth ‘New Media’ space, which includes content creation and distribution pipelines for Web and mobile. This is carried out by our newly formed 100 per cent subsidiary, UTV New Media Ltd. This venture will not only drive the Group’s requirement for New Media distribution, but will be an independent vertical to drive independent business in this domain.”