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UTV Gaming & Interactive Revenues Up; Buys Remaining 5% In True Games

Corrigendum: we mistakenly referred to a profit for the gaming and interactive segment as a loss. The error it’s regretted.

UTV Software, still in the process of getting approvals for an acquisition by Disney by Disney, has reported an EBITDA profit of Rs 4.92 crore for its Gaming and Interactive segment for the quarter ended September 30th 2011, down from the Rs 5.25 crore reported for the same quarter last year, and Rs 5.36 crore last year.
The revenues for the segment were Rs 53.48 crore, up from Rs 35.72 crore reported last fiscal and down from Rs 56.18 crore reported last quarter. Capital employed in the segment has increased to Rs 866.55 crore, from Rs 798.95 crore reported last quarter.

The company has announced that it has acquired the remaining 5% stake in MMOG player True Games for an undisclosed amount. Note that True Games doesn’t have an operational website anymore – http://www.utvtruegames.com/ doesn’t work. Neither does the original site – http://www.truegamesinteractive.com/ .UTV has always had majority shareholding in True Games – it picked up 80% in the company back in 2008. On the gaming front, UTV owns True Games, Ignition Entertainment and Indiagames, while it consolidates its Web and Mobile businesses under UTV Interactive.

UTV also acquired the promoters and employee shareholders stake in the Indiagames, amounting to 30.02% of the company for Rs 94.56 crore in October. The idea is to thus acquire 100% in all subsidiaries, so that Disney owns 100% UTV and its businesses. Disney is looking to acquire the complete shareholding of UTV Software, and take the company private, a move which has been approved by UTV shareholders, but the process still have to be ratified by the India’s Cabinet Committee on Economic Affairs.  There are also rumors that Reliance Industries may form a joint venture with UTV, for content for its 4G services.

UTV primarily a movie and broadcast businesses, and owns UTV Motion Pictures, as well as channels UTV Movies, Bindass, UTV Action, and UTV World Movies.

Download: Financial Report

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