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UTV announces its 183% and 1050% growth in Q3FY07

February 1, 2008 7:21:52 PM IST
Bollywood Trade News Network
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UTV Software Communications Limited announced its results for the quarter ended December 31, 2007. Operating Revenues and Operating Income of the Company reported a growth of 183% and 1050% at Rs 1,232 million and Rs 230 million, respectively as compared to the same quarter last fiscal.

Operating Revenues and Operating Income of the Company for the nine months ended December 31, 2007 reported a growth of 86% and 435% at Rs 2,504 million and Rs 503 million, respectively as compared to the same period last fiscal.

The Company has consolidated the financials of UTV-US, UTV-UK, UTV-IOM and UTV BL and the group's indirect subsidiaries Ignition Entertainment Limited, Indiagames Ltd, and UTV-Mauritius and UTV's joint venture Windmill Entertainment Ltd. The Board of Directors in its meeting held, has taken on record the un-audited consolidated financial results of UTV Software Communications Limited and its subsidiaries.

Mr. Ronnie Screwvala, CEO of the Company said, "Our strong results in the third quarter of fiscal year 2007-2008 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.

"Our Movie business has again witnessed a triple revenue growth for this quarter over Q3FY07. Our perseverance and commitment to produce good quality cinema has made us capable of standing in the league of pioneers in the film industry in India and globally. 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.

"We have made sincere efforts to revamp our Television Content business where we are currently forming multiple joint ventures with well known names like Smriti Irani and Shekhar Suman jointly producing shows for various channels. This will be in addition to the existing television business currently undertaken by the Company. We plan strong growth through our partnering initiatives."

"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."

"In our Broadcasting venture that will become part of UTV going forward, we have developed an interesting bouquet of channels out of which Bindass and Bindass Movies were launched on September 24th. We look at Bindass as being young India's first entertainment brand where we touch the lives of our target audience through all mediums like TV, Mobile, Internet, Events, and Merchandise etc. The other two channels lined up for launch during the fourth quarter of this fiscal year are The World Movies Channel and The UTV Movies Channel, former focusing on world cinema from various parts of the world, but not from Hollywood and India and latter will showcase Hindi movies. We foresee this business creating tremendous value going forward.

CORPORATE DEVELOPMENTS
Acquisition of Indian mobile and online gaming company, Indiagames: This quarter we completed our acquisition of Indiagames which is a Mumbai based mobile and online gaming company. Indiagames is present in 75 countries with more than 150 relationships with wireless operators and channel partners. This acquisition gives UTV a strong foothold in the rapidly growing mobile games industry, which in India, is exponentially growing.

Sale of Post Production Business: UTV recently sold its interest in the Post Production & VFX business to Prime Focus Ltd. With an objective of focusing on businesses which caters to the end consumer and allows us to be on the top end of the value chain, the Company decided to exit this service oriented business as it did not seem viable at the current scale of operations.



 
 

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