BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Sun TV Network Ltd.’s Q1 FY22 was below estimates led by weak advertising (down 35% versus Q1 FY20) and subscription revenue growth (down 8.3/down 5.2% YoY/QoQ).
Profit after tax was in-line led by change in movie amortisation policy (Rs 0.7/0.5 billion benefit at Ebit/adjusted profit after tax).
It is not a great move.
Dividend too was modest Rs 3.75/share (Rs 1.5 billion outgo) versus C&CE of Rs 39 billion.
Sun TV intents to step-up focus on movie production (~Rs 6 billion investment) and non-fiction shows across genres.
It remains committed of acceleration of investments in digital business from future-proofing perspective mostly in FY23 versus FY22 earlier.
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