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UTV Q2 Results - Net Profit Up 86%, Bullish On Gaming & Internet
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UTV Consolidated results for Q2 are out and net profit us up by 86% to Rs.32.8 crores from Rs.17.6 crores. The key highlights of the results are the comments made by UTV Chairman & CEO Ronnie screwwalla on gaming and internet businesses. More in the release.
Ronnie Screwvala on Gaming
“In the Interactive business segment, both our acquisitions of Ignition and Indiagames are on target
that was set out for the current fiscal. Indiagames has witnessed a consistent quarter on quarter
growth, where as we anticipate second half of this fiscal to be extremely buoyant for Ignition. During
the quarter we also acquired an online gaming company in US, True Games to complete our offering
from Gaming standpoint. This completes our capabilities to develop, publish and deliver gaming
content across all consoles, online and mobile platforms.”
Ronnie Screwvala on Internet Business
“New Media business segment focuses on digital distribution of content over Web and Mobile. We
have aggregated an enviable content catalogue of music from across the country, which has delivered
phenomenal results in just few months of operations. Other, notable venture as part of this business
has been the launch of our business and finance portal UTVi.com, which has been rated as #2
finance and business portals in the country. Overall, the entire business segment shows immense
promise in just few months of operations.”
The quarter also meant that Disney’s strategic investment of 1.18 billion $ in UTV’s broadcasting business was now complete. Though the separate results for these businesses are still not out these statements point to more investment in this space. We will be getting in touch with UTV next week to get you more dope on these statements and their future strategy in gaming and internet. So stay tuned!
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