How did you see the results of Sun TV Network announced on Friday for the Sep-21 quarter?

For the Sep-21 quarter, Chennai based Sun TV Network, which his part of the Maran group, reported 10.40% higher total revenues on a yoy basis. While the top line revenues on a consolidated basis stood at Rs.849 crore, the revenues on a sequential basis were up by a more tempered 3.64% on a sequential basis. The higher revenues were driven by a very smart 39.8% growth in advertisement revenues while subscription revenues were tepid.

The bottom line also showed good traction. Net profits for Sep-21 quarter were up 18.02% on yoy basis at Rs.396 crore. The higher profits were driven by a sharp surge in advertisement revenues during the quarter. This more than made up for the tepid subscription numbers. For the Sep-21 quarter, EBITDA ended higher at Rs.521 crore, which is an effective EBITDA margins of 61.34% for the quarter, among the best in peer group.

Net profit margins at 46.60% in the Sep-21 quarter was certainly better than 43.59% in the Sep-20 quarter and 44.60% in Jun-21 quarter. The revenues from IPL Sunrisers Hyderabad team, owned by the Sun TV group, is also included in revenues. Sun TV Network declared an interim dividend of 50% ( on par value Rs.5) or Rs.2.50 per share on 05-Nov. This is in addition to the Rs.3.75 interim dividend declared earlier on 13-August.