Disney’s partner in India, UTV Software Communications, more than doubled its profits in the six months prior to September.
Company, which scored the biggest-ever foreign investment in the Indian entertainment sector when the Mouse House paid $190 million to up its stake to 32% from 14%, recorded revenues of 3.09 billion rupees ($68 million), a 140% increase on its previous year’s $28 million. Net profits were up 117% to $13 million.
Performance was led by the film division, which scored a string of hits with “Jodhaa Akbar” and “Race,” released just before the financial year, and “Jaane tu ya jaane na” and “Kismat Konnection” scoring strongly in July.
“All our movies have made a mark in respective genres and markets,” company topper Ronnie Screwvala said. “This strengthens our belief in what we set out to achieve as a scalable, yet profitable, studio model with a difference.”
Screwvala said that the four other business divisions — TV content, interactive games, broadcasting and new media — each made progress.
Disney also spent $28 million buying in to UTV’s broadcast segment, which in the past nine months has launched four channels aimed at youth and niche movie markets.
The company is building a games division through acquisition and in the latest half-year bought U.S. online games startup True Games. Company is now represented in development, publishing and delivery of vidgames to console, mobile and online platforms.
“While we are being realistic about the challenging global economic conditions, we will continue to expand our portfolio and explore tremendous growth opportunities in both domestic (Indian) and international markets,” Screwvala said.