UTV announced 4QF10 PAT of Rs305m, up 171% YoY but down 19% QoQ. EBITDA of Rs369m was up 11.3% QoQ and EBITDA margin expanded to
29.1% from 15.3% in 3QF10. We will likely revisit our forecasts shortly. F11 EBITDA guidance of Rs1.9b – 2.1b is about 3x of F10 EBITDA: The company has
guided for a top line of Rs12b with an EBITDA margin of 16-18%.
The company expects revenues of Rs4b (about 33% of the total vs 16% in F10). Out of the three big IP’s on the slate currently UTV
expects to release at least one this year (El Shaddai) and hopes to gross Rs3b on that on a margin of 20%. Additionally, it expects about Rs500m revenue from
both UTV mobile games and online games, with margins of 10-15%.
