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UTV Rev Up 12% YoY; Gaming EBITDA Negative

The flip-flop of media and entertainment company UTV Software Communications’ gaming business continues: EBITDA has sunk back to a negative with its three subsidiaries Indiagames, Ignition Entertainment and True Games contributing only 8 percent of the total revenues for the quarter ended December 2009 as compared to 25 percent the segment had contributed the previous quarter. EBITDA for this segment has fallen to a negative Rs 13.46 million as compared to positive Rs 1.41 million for December 2008 and Rs 98.91 million for September 2009.

Standalone & Consolidated Results

UTV announced a standalone net profit of Rs 401.96 million for the quarter ended December 2008,  over 5 times that recorded in the same quarter last fiscal (Rs 76.68 million). Revenue for the quarter was reported at Rs 1602.25 million as compared to Rs 599.70 reported for the same quarter of the last fiscal

Details: Financials

The company reported a consolidated operating revenue growth of 38 percent to Rs 2207.27 million from Rs 1601.99 million YoY. Profit after tax increased by 36 percent to Rs 405.79 million YoY and as compared to Rs 181.04 million reported for the quarter ended September 2009.

Broadcast Revenue Up

Revenues share from the broadcast segment has increased from 11 percent to 30 percent. UTV broadcasts  four channels UTV World Movies, UTV Movies, UTV Bindass and UTV Action. UTV had plans to pull the plug on Bindass and replace it with UTV Action but their website mentions all four. The segment has reported revenues of Rs 646.61 million for December 2009 as compared to Rs 299.86 million for the same quarter of the previous fiscal. EBITDA stands at Rs 39.39 million for the quarter, as compared to negative Rs 152.98 million for September 2009 quarter.

New Media

New Media, which constitutes Techtree.com, CXOToday.com and Channeltimes.com still has a long way to have an impact on the revenues. It has reported revenues of Rs 33.77, 2 percent of the total revenues for December 2009 but is a growth of  54.58 percent QoQ.

Corporate Developments

UTV announced the successful merger of its AIM listed subsidiary with its Mauritius subsidiary, it has issued 6436782 shares of Rs 10 each to the UMP shareholders to complete the merger. The total paid up share capital of UTV has increased to 40.6 million shares.

In October, UTV Broadcast appointed MK Anand as CEO to head its four entertainment channels – UTV Movies, UTV Bindass, Bindass Movies and UTV World Movies and in November Shantonu Aditya, resigned as CEO of Bloomberg UTV.

In December UTV Motion Pictures signed a series of non-exclusive television rights syndication deals worth Rs. 950 million for their entire 2008 and 2009 productions. As part of the arrangement Colors would telecast the premiere run of the movies followed by NDTV Imagine in India. B4U would telecast the movies across international beams and Channel 4 would air these movies in the UK Market.

In January 2010 Indiagames signed a deal with Reliance to power games on Reliance’s DTH platform Reliance BIG TV. Indiagames will offer eight games on BIG TV for Rs 30 per month.

UTV Software Reports Operational Profit; Indiagames Gets Etisalat WAP Deal
Indiagames Powers Games On Reliance BIG TV DTH
Q1-10: UTV Gaming Revenues Down 19% YoY, Losses Up

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