UTV Software net up 29 pct,beats forecast

According to a poll of analysts,UTV Software’s profit was expected to more than halve to 102 million rupees while net sales was projected at 1.48 billion rupees.

The gaming division grew by a fifth compared with the previous quarter,mainly on contribution from operations in India,a fast growing market for mobile gaming,UTV said.

Broadcasting made a loss of 113 million rupees while the television content division’s profit remained stable,it said in a press release.

The firm had said in November its loss in broadcasting for the third and fourth quarters of 2008/09 will not exceed 150 million rupees. It hopes to break even in fiscal first quarter of 2010/11,the company said on Tuesday.

UTV Software Communications in November also consolidated operations for four television channels – Bindass,Bindass Movies,UTV Movies and World Movies – by phasing out its Delhi operations.

Its motion pictures division had two successful small budget film releases – ‘Oye Lucky Lucky Oye’ and ‘Fashion’ – in the quarter.

“The growth as well as the success of our movies has not corresponded with the bottomline thus far,primarily because revenue exploitation has been back-ended and the cycle extended,” CEO Ronnie Screwvala said in the statement.

However,the company,which has invested 4.1 billion rupees into motion pictures,expects the benefits of a strong movie library,including Hollywood ones,to accrue in coming quarters.