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UTV Announces Q3FY11 Results; Gaming Profits Increase

UTV Software has reported combined financial results for its gaming and Interactive/New Media businesses, with the segment contributing to around 14% of the operating revenues of the company in the first nine months of FY11.

For the quarter ended December 31st 2010 (Q3-11), the gaming and Interactive segments have reported higher revenues. Consolidated revenues for the combined segment were Rs. 45.93  crore, up 117% year on year from Rs. 21.18 crore in Q3 last year and 35.72% up from the previous quarter’s Rs 35.72 crore. Segment results (EBITDA) too have increased significantly to Rs. 10.63 crore from a loss of Rs. 2.84 crore for Q2-10, a rise of 102.4% when compared to Q2 FY11 which was Rs 5.25 crore.

Download: Earnings ReleaseFinancial Results

A couple of things to take note of:

– Given that the segments have been combined, there’s no way of knowing which of the businesses – Gaming or Interactive – is really contributing to the growth, and by how much.
– The nine months results of FY11 just indicate a rise of 3.7% to Rs Rs 99.2 crores from previous year’s figures of Rs 95.6 crore.

The gaming and interactive segment for UTV would include UTV Indiagames (mobile and tablet games), UTV New Media (online and mobile publishing of tech news, TV and cinema related content), UTV Ignition Entertainment (console gaming) and UTV True Games (MMOG).

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UTV Ignition

UTV Ignitiion has signed minimum guarantee deals worth $10 million for the merchandise and ancillary rights of the console game El Shaddai with Japanese apparel and toy companies. It has also inked deals with Microsoft and Sony to publish the game in Japan, and is targeting 500,000 units in Japan alone. UTV Ignition will release two titles Wardevil and Reich in FY 2011-12, contrary to reports that it is cancelled; the company also plans to release two online games in Q4 Fy11.

UTV Indiagames

The company had a strong growth and revenues increased quarter on quarter; UTV says that the company reported a profit for the quarter. Indiagames added two managed services contracts with WAP Deck and Games Deck (Uninor being among them, from what we’ve heard). During the quarter, Indiagames launched the first ad funded game on Reliance Big TV DTH and Bollywood game Tees Maar Khan game on Airtel’s Digital TV DTH platform, the Bigg Boss and Kaun Banega Crorepati games, as well as the Australia Vs England Ashes Cricket game on iPhone and iPad. As had been reported earlier, Indiagames promoters and investors are in the process of pitching to investors for buying back Indiagames from UTV. In that situation, being profitable would help.

UTV True Games

The game,’ Mytheon’ will be released in this quarter and ‘Faxion’ in Q4.

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The company’s Interactive segment (Mobile, Broadband and New Media) includes portals like techtree.com and distribution of movies and music based products on mobile including CRBTs, Ringtones, Wallpapers and Video clips. It launched an audio devotional product, which has 1 million users and is available in 6 languages, apart from Audio Cinema on BSNL. It is focusing on creating and aggregating new video content for distribution over 3G and 4G platforms, and Sameer Pitalwalla joined the company as Head of 3G business during the quarter.

– UTV May Sell Indiagames In A Promoter Led Buyout
UTV Ignition Locks MG Of $10M For El Shaddai; Consolidates US Ops
UTV Says Ignition’s Console Game War Devil Hasn’t Been Cancelled
– UTV Q2-11: Indiagames In Black, Though Gaming & Interactive Revenues Decline
– UTV Reports Rs. 40 Cr PAT For Q1-11; IndiaGames Loss, New Media Profit; Ignition Fundraising
– Indiagames, Spice Labs, Playbuff Cross 1M Ovi Downloads; Ovi Stats; Nokia Music Claims

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