UTV Software Communications Ltd has reported a whopping 1050 per cent jump in its consolidated net profit for the third quarter at Rs 23.1 crore as compared to the corresponding quarter of the previous fiscal. The company’s operating revenues grew 183 per cent at Rs 123.2 crore during Q3.
The company has consolidated the financials of UTV-US, UTV-UK, UTV-IOM and UTV BL and the group’s indirect subsidiaries that include Ignition Entertainment Ltd, Indiagames Ltd, and the joint venture of UTV-Mauritius and UTV’s Windmill Entertainment Ltd. The Board of Directors has taken on record the un-audited consolidated financial results of UTV Software Communications and its subsidiaries.
Ronnie Screwvala, CEO, UTV, said, “Our strong results in the third quarter of FY08 are further proof that we can deliver sustained growth, which are a result of the hard work, dedication and team work that has been our strong foundation over the few years of our existence. Our revenue and profit growth in this quarter further solidifies the UTV growth story and proves that we are delivering on the high growth trajectory, which we have been strategically investing into since the past six quarters.”
He further said, “Our movie business has again witnessed a triple revenue growth for this quarter over Q3 FY07. Our focus has always been on pleasing our customers through intriguing and interesting concepts where we have experimented with multi-genre, multi-budget and multi-language films.”
On the television content, Screwvala said that the company had made sincere efforts to revamp its television content business and was currently forming multiple joint ventures with well-known names like Smriti Irani and Shekhar Suman for producing shows for various channels. He said, “This will be in addition to the existing television business currently undertaken by the company. We plan strong growth through our partnering initiatives.”
He further said, “Our interactive business comprising animation and gaming provides us with a valuable and interesting business model, which is not only scalable but also enables right diversification in a fast growing interactive space in South East Asia. What we see now is only the tip of the iceberg, but the true impact of this M&A and integration will be seen in the next fiscal year and thereafter, as we build another high growth and margin business for UTV.”
On the broadcasting plan, Screwvala explained that the broadcasting venture that would become part of UTV going forward had developed a bouquet of channels, of which Bindass and Bindass Movies were launched on September 24, 2008. The other two channels lined up for launch during the fourth quarter of this fiscal year are the World Movies Channel and UTV Movies Channel.
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