The Hindu Business Line : UTV Soft net up at Rs 44.7 cr

Mumbai April 27 UTV Software Communications Ltd has recorded a growth of 1,390 per cent in the net profit at Rs 44.7 crore for the year ended March 31, 2007, compared with Rs 3 crore posted during the corresponding period of the previous fiscal. Total revenues recorded a marginal growth of 2 per cent at Rs 180.3 crore (Rs 177.1 crore).

The rise in net profit and marginal increase in revenues follows the sale of Hungama TV to Walt Disney for Rs 28.4 crore and accumulation of deferred tax of Rs 17.6 crore, said a company spokesperson to Business Line.

Other financials

For the quarter ended March 31, 2007, the net profit stands at Rs 19.9 crore compared with Rs 4.9 crore posted during the corresponding quarter of the previous fiscal. Total revenues for the quarter were at Rs 55.8 crore (Rs 70.2 crore).

The earnings per share for the year ended March 31, 2007, stood at Rs 20.87 (Rs 1.54). Along with its subsidiaries, UTV reported a growth of 198 per cent in net profit at Rs 19.7 crore for the quarter ended March 31, 2007, compared with Rs 6.6 crore posted during the corresponding quarter of the previous fiscal. The net revenues of the company declined to Rs 41.4 crore (Rs 85.8 crore). The company has informed the Bombay Stock Exchange that the figures were not strictly comparable as the proceeds from some merged and acquired entities have been taken into account in the current quarter results. United Entertainment Solutions Ltd, a 100 per cent subsidiary of UTV, has been merged with the parent company on the sanction of the deal by the Bombay High Court on January 12, 2007.

Mobile Gaming

Recently, the media company acquired a 71 per cent stake in the UK-based gaming company called Ignition Entertainment Ltd. Ignition develops in-house games for consoles as well as for world-wide distribution. It is also in the process of developing a high-end CGI game `Wardevil', budgeted at $18 million, to be released in 2009 exclusively on the Sony Playstation3 platform, a UTV earnings release said.

A controlling interest in Indiagames is also underway for UTV to get a stronghold in the fast growing mobile gaming industry in India, the release added. Come first quarter fiscal 2008, UTV will operate in three business sectors — Content, New Media, and Broadcasting. The company is also looking to launch around eight television channels in the next one year under UTV Broadcasting Ltd.

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