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ICICI Direct Report
Sun TV Network Ltd.’s Q1 FY21 numbers were on expected lines as advertisement revenue fell sharply due to lockdown and subscription revenues continued their growth momentum.
Also, absence of Indian Premier League (IPL) led to lower revenues YoY. Profitability was lower as higher amortisation expenses were reported.
Advertisement revenues fell sharply 65.8% YoY to Rs 126 crore, as corporate advertisement spend was significantly down during Covid-19 led lockdown.
Subscription revenues were up 17.6% YoY. Ebitda was at Rs 416.5 crore with margin of 68.7%.
Higher other income was reported at Rs 108.6 crore due to mark to market gains on investments and tax refund. Profit after tax at Rs 282.8 crore, was down 25.9% YoY.
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