UTV Software, the media and entertainment firm, has reported negative growth of 51% in its Net profit to Rs 13.22 crore for the quarter ended March 31, 2009, against Rs 27.07 crore.

However, its total income surged by 7% to Rs 20.87 crore, as against Rs 19.41 crore in the same quarter previous fiscal.

The company, for the year ended March 31, 2009 has posted a net profit (after tax) of Rs 101 crore, registering a growth of 30%, against Rs 77.70 crore in the same period last fiscal.   

Further, the company witnessed 53% surge in its operating revenues for the fiscal, at Rs 676.80 crore, compared with Rs 442.40 crore from the corresponding period in FY'08.

In a separate announcement, the company’s board of directors today approved the issue of Non-Convertible Debentures up to Rs 75 Crores on private placement basis to LIC Mutual Fund Assets Management Company.

UTV Software Communications produces television programmes and feature films, commercials, animation programmes, corporate documentaries and inflight programmes

In a latest research, Citigroup has reiterated its ‘sell’ rating on UTV, with a price target of Rs 190 citing concerns over ‘muted’ return ratios in the near-term.

Shares of UTV Software Communications were trading at Rs 313, down 4.76% in the afternoon trade on the BSE.