The going seems to be getting only better for UTV. Its business seems to be on a roll. Amidst all the gloomy RBI painted picture due to the rate hike, UTV Software’s results gave some hope. It posted a net profit of Rs 25.08 crore for the first quarter ended June 30, 2008, 176% up from Rs 9.09 crore in the corresponding period last year.
And the good news does not end here for Ronnie Screwvala. Based on the box-office performance in the US movie circuits in the first six months of this year, UTV Motion Pictures, the movie distribution arm of UTV Software, has been ranked among the top 20 distributors of North America. This is amazing considering that UTV during the last six months has released only two movies – “Jodhaa Akbar” and “Race” – in North America till June this year. Cumulatively, both the movies grossed nearly $5 million – “Jodhaa Akbar” $3.44 million and “Race” $1.37 million. “Taare Zameen Par”, released by UTV Motion Pictures, though released in December 2007, did major business in North America only in Q1 of this year. Post June, UTV has released the super duper hit – “Jaane Tu Ya Jaane Na”, and that has already grossed in $540,000 at the US box office so far. It’s other releases includes Kismet Konnection and Aamir. Movies getting ready for release are – A Wednesday and Mumbai Meri Jaan.
It is like the Midas touch right now. Whatever UTV touches, turns into gold, not just for itself but for the movies too. Except for Jodhaa Akbar which was not such a big hit, the rest have done very well. But Jodhaa Akbar would be more due to Ashutosh Gowarikar connection and the success of Lagaan, which UTV had distributed and actually marked its road to success.