New Delhi, Jul 29 (UNI) Riding on series of successes like 'Jodhaa Akbar', 'Race' and 'Jaane Tu Yaa Jaane Naa', UTV Software Communications today said its net profit has increased 176 per cent to Rs 25.10 crore for the first quarter ended June 2008 as compared to Rs 9.10 crore during the same period last year.
The company's total revenue for Q1 FY09 has surged 154 per cent to Rs 145.20 crore from Rs 57.10 crore in Q1 FY08, it said in a statement.
The Company has consolidated financials of UTV-US, IG Interactive, UMP PLC, UTV TV Content and UTV New Media and the group's indirect subsidiaries Ignition Entertainment Ltd, Indiagames Ltd, UTV-Motion Pictures (Mauritius), ITNation Media and RB Entertainment and UTV's television joint ventures Smriti Irani Television Ltd and Windmill Entertainment Ltd.
The UTV Board, during its meeting held today, has taken on record the proposals aggregating 75 million dollars investments into key initiatives from a view to expand the interactive vertical.
These include a proposed investment by UTV in a start up venture in the US, which is a prominent player in the fast growing online gaming space.
Besides, the Company has also entered into a Memorandum of Understanding to acquire a controlling stake in a mobile games aggregator in the US. The current stake in Ignition stands at 70 per cent, which is expected to increase to 95 per cent through buyout of existing investor in Ignition.
Talking about the company results for the latest quarter, the chairman and CEO of UTV Software Communications, Ronnie Screwvala, 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 that is television, movies, interactive, broadcasting and new media.
''The television business is slowly gaining momentum with the slew of new shows that we are adding to the portfolio. We are creating our own content with renewed drive and vigor where we have diversified into genres like reality, quiz and comedy.
We are also the preferred programmer for our in-house broadcasting channels,'' Mr Screwvala said.
Talking about the company's initiatives in Gaming, he said,''our Interactive business caters to one of the fastest growing interactive entertainment spaces that is gaming.
''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 focussed content using our expertise and with a tight cost model,'' he added.
''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 ("UNML"). 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,'' he said.
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