UTV Software Communications, the media and entertainment company promoted by Ronnie Screwvala has registered Rs 25.08 Crore net profit for the first quarter ended June 30, 2008. In the corresponding period the previous year, the figure stood at Rs 9.09 Crore and it therefore marks a rise of 176 per cent in net profits.   

Officials informed that the company will spend $ 75 million on its gaming division. The total revenue of UTV Software Communications during the quarter hiked by 154.21 per cent from Rs 57.11 Crore to Rs 145.18 Crore. To increase its stake in gaming firm Ignition from 70 per cent to 95 per cent, the company will use $8 million.

To upgrade the three upend console games and working capital of Ignition for its Florida, London, and Tokyo facilities, the company will invest as much as $37 million. Sources inform that the remaining $30 million will be employed for availing majority stake in foreign online gaming company.