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UTV Reports FY11 EBITDA Profit Of Rs 14.13Cr For Gaming & Interactive; Have Targets Been Met?

UTV Software has reported an EBITDA profit of Rs 14.13 crore for its Gaming and Interactive segment, for the full year ended March 31st 2011, up from the Rs 14.78 crore loss reported last fiscal. Full year revenues for the segment were Rs 120.08 crore, up from Rs 107 crore reported last fiscal. The split between games and interactive is not available since UTV combined reporting for the segments last year, starting with Q2. Details for the fourth quarter this fiscal have also not been disclosed. Capital employed in the segment has increased to Rs 770.51 crore, up from Rs 529.17 crore reported for the last fiscal. According to the company, the gaming and interactive segment “has contributed to around 13% of the operating revenues”.

Downloads: Earnings Release | Financials

Have Targets Been Met?

Last year, UTV had set the following targets for its businesses:
– Indiagames had been set a target of Rs. 50 Crore, with 10-15% EBITDA margins.
– UTV New Media (now UTV Interactive) had been set a target of reporting a marginal profit, and Rs. 30 crore in revenue.
– Online Games (True Games): Rs 40 crore and operating margins of 15%
– Console gaming (Ignition Entertainment): Rs. 300 Crore with 20% EBITDA margins.

There’s no indication from UTV – either in its earnings release or financials – about whether these targets have been met. We’ve written to the company, requesting the following information:
– Revenue and EBITDA margins for Indiagames
– Revenue, profit/loss for UTV Interactive
– Revenue and operating margins for Online Games (True Games)
– Revenue and margins for Console Gaming

We’ll update in case we get a response.

Operational details:

– UTV Ignition: released Swarm an action-platform digital video game at the end of March 2011 in XBLA & PSN.

– Indiagames: entered into a contract with Tata Docomo to act as a Master Service Provider. It also acquired three new licenses in this quarter including: Jhoota hi Sahi from Saregama ,Tees Maar Khan, and Saath Khoon Maaf. It launched the Cricket World Cup in Q4. Note that since then, Indiagames has also launched a Cricket game for the IPL, in the current quarter. The company also inked a partnership with ZengaTV for mobile TV content. Note that it is believed that the promoters of Indiagames Ltd are looking for buyers.

– True Games: Faxion and Mytheon – both MMORPG games successfully completed closed beta phase at the
end of March 2011.

– UTV Interactive: Launched an Audio Devotional product on Airtel and BSNL. Its active base has reached approximately one million users in less than six months of launch. Audio Cinema has an active base of over 1.9 million users. UTV Interactive’s “Celebrity division” launched digital celebrity content across two tier 1
operators in March. More on the celebrity division’s mobile products here. Note that Manish Agarwal left UTV Interactive during the quarter to join Zapak as COO. MK Anand took over as CEO.

In the current quarter, UTV Interactive inked a deal with Punjabi music label MovieBox Records. Importantly, UTV Interactive also gave management of three properties it had acquired through IT Nation to Trivone, in the current, ongoing quarter. The company apparently didn’t renew Enterpriser.in.

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