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Mumbai, July 30 UTV Software Communications Ltd reported a net profit of Rs 2 crore for the quarter ended June 30, up from Rs 10,000 for the same quarter last year. The total income of the company increased to Rs 86 crore from Rs 43 crore for the same period last year, up by 100 per cent.

Mr Ronnie Screwvala, Chief Executive Officer, said, “Over the last year we have been working to re-invent our business model. Our movie business has attained top brand recall in India and globally and this year we see revenues and EBITDA growing manifold compared to the previous years.” The company recently listed its 77 per cent owned subsidiary, UTV Motion Picture Plc (UTV-IOM), on the London Stock Exchange’s Alternative Investment Market. UTV-IOM, through its subsidiary based in Mauritius, houses all movie production businesses of the group. The company has raised $70 million at a dilution of around 23 per cent through this listing. Funds will be used for production and distribution of its movies.

The company has invested into a broadcasting venture, UTV Global Broadcasting Ltd, and is expected to launch around eight television channels between August and June next — the first being Bindass, a 360 degrees entertainment brand, which will be launched in August.

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