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ICICI Direct Report
Sun TV Network Ltd.’s Q2 FY21 numbers were below our expectations as subscription revenue, although maintaining growth momentum, was lower than anticipated while advertisement revenue recovery was slower.
Ad revenues at Rs 245 crore, were down 27.3% YoY, as ad spends by corporates is yet to pick up fully post lockdown.
Subscription revenues continued to remain strong with growth of 13.7% YoY at Rs 427 crore.
Excluding-Indian Premier League revenue fell 8.1% YoY to Rs 711.2 crore.
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