UTV Software Communications Ltd has reported a net profit of Rs 401.8 million for the second quarter ended September 30, 2010, as against a net profit of Rs 83.05 million for the corresponding quarter of FY10.
Operating income grew 142 per cent from Rs 181 million in Q2 FY10 to Rs 438 million in the second quarter ended September 30, 2010.
Movies accounted for 51 per cent of UTV Software’s total revenues for Q2 FY11. The company expects movies to contribute 40-45 per cent of its revenues during FY11. Television account for 34 per cent of UTV’s total revenues for Q2 and is expected to contribute 30-35 per cent of the revenues for this fiscal.
The company expects to reduce its current debt level to more reasonable levels through liquidity events such as movie co-productions and release of its AAA titles as well as some strategic initiatives.