UTV notches revenue of Rs 70.4 cr for the last quarter

New Delhi, Jan 26 (UNI) The huge overseas success of Farhan Akhtar's remake of 'Don' and domestic success of Priyadarshan's 'Bhagam Bhag', together with the Capital Gains of Rs 26.3 crore from the sale of its television venture United Home Entertainment Ltd (Hungama TV), has helped UTV notch up consolidated revenue of Rs 70.4 crore for the last quarter.

According to results of the quarter ended December 31, 2006, UTV Software Communications Limited, the company's film and television production and distribution venture, has notched up consolidated revenue of Rs 70.4 crore for the quarter, which includes Capital Gains of Rs 26.3 crore from the sale of Hungama TV, EBITDA Rs 30.3 crore and net profit is Rs 28.3 crore.

The company has consolidated the financials of UESL, UTV-US, UTV-UK and UTV-Mauritius. The Board of Directors, in its meeting held today, have taken on record the un-audited consolidated financial results of UTV Software Communications Limited and its subsidiaries, a UTV statement said.

According to UTV CEO Ronnie Screwvala, ''The quarter has been a very eventful one; while the Hungama TV deal with the Walt Disney Company was consummated during the quarter, the company also decided to make investments in two gaming companies - Ignition Entertainment and Indiagames Ltd in console and mobile space respectively. With these proposed investments UTV has acquired worldwide capabilities of content creation and distribution across all gaming platforms.'' Two movies were released during the quarter, both of them opening to excellent responses.

'Don', released in international markets, was one of the biggest grossers of the year in the international markets.

'Bhagam Bhag', released in certain territories in North India, also opened to packed houses.

Meanwhile, the television business continues to show growth over the previous year, with revenues in this segment during the nine months, showing a growth of almost 40 per cent over the same period in the previous year. The company has entered into exclusive sales and marketing tie up with Radaan Media, the largest TV production house in South India. This will result in significant growth in Television businesses in the months to come.

In addition to this and as a step towards entering the South Indian film production space, UTV has tied up with Radaan for co-production of all South Indian films.

During the last quarter, UTV relinquished its stake in Hungama TV by selling 100 per cent equity and convertible preference share capital in UHEL to the Walt Disney Company SouthEast Asia Pte Ltd for an aggregate consideration for around 30.5 million dollars.

Regulatory approvals for the same were received during the quarter resulting in the consummation of the transaction.

Further, UTV proposes to enter into a 50:50 JV with Astro of Malaysia for its new venture in broadcasting. The venture, to be targeted at the youth, age group 17-25, is planned as a 360 degree entertainment venture including TV channel as the anchor, to be flanked by activities on the internet, new media, ground events, merchandising and licensing.

The company also proposes to acquire a 70 per cent stake in Ignition Entertainment Ltd (Ignition), a UK-based company with interests in console game development, publishing and distribution across the globe, as well as a controlling stake in IndiaGames Ltd (IG), the largest gaming company in India, with interests in mobile gaming and online gaming.

The company also declared an interim dividend of 25 per cent.

UNI