ITV

Tag: Software Communications

  • UTV net profit up 249 per cent to Rs 163 million

    UTV net profit up 249 per cent to Rs 163 million

    MUMBAI: UTV Software Communications’ consolidated net profit has surged 249 per cent to stand at Rs 163 million for the fiscal ended 31 March, 2005.

    Total income grew 58 per cent to Rs 1,805 million. Explains UTV CEO Ronnie Screwvala, “In the fiscal under review we took the conscious decision of investing in feature films and general entertainment channel Hungama TV for the age group of 4-14. In the years to come, we estimate high growth potential in these segments for the company. We released two tent-pole feature films Lakshya and Swades.”

    The consolidated financial result of the company comprises subsidiaries UESPL, UTV-US, UTV-UK, UTV-Mauritius and UTV-BVI.

    UTV’s television segment at Rs 909 million in the fiscal contributed 50 per cent to the company’s consolidated revenues. Revenue from films was Rs 774 million while allied content contributed Rs 98 million.

    On a standalone basis, UTV’s revenue for the year rose 58 per cent to Rs 1560 million. Net profit increased 114 per cent to Rs 156 million.

  • UTV gets nod for more foreign equity

    UTV gets nod for more foreign equity

    MUMBAI: The Foreign Investment Promotion Board (FIPB) has given the green signal to United Television (UTV) , to increase its foreign equity in the company from 66.43 per cent to 68.15 per cent.

    According to a report in The Financial Express , Century Direct Fund is purchasing 1.72 per cent stake in UTV Software Communications at Rs 12.5 million, thus increasing its total holding in the company to 2.5 per cent. .

    The holding of the promoters after the acquisition of Western Outdoor and Century Direct Fund’s hike in stake will be around 35 per cent. Also CDPQ of Canada holds 33 per cent and Rupert -Murdoch -promoted News Corp 15 per cent stake in UTV, adds the report.

    In a bid to expand its post production business , UTV had bought Western Outdoor in an all- stock deal , giving it a less than one per cent stake in exchange.

    UTV’s future business plans include co-producing a $8 million budget movie called Partition with a Canadian producer, a Rs 200 million budget Hindi movie with Shahrukh Khan and another big budget Hindi movie, the report adds.