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Dolat Capital Report
Sun TV Network Ltd.’s Q4 FY21 was marginally ahead of estimates led by higher advertising revenue (up 7.3% YoY) on lower base (down 16.3% in Q4 FY20).
In Q4 FY21, standalone revenue/Ebit/adjusted profit after tax grew by 6.4/73.7/54.5% YoY.
The company ended FY21 with growth of down 9/up 10/10% YoY.
Higher Ebit growth is driven by lower movie amortisation costs in Q4/FY21.
The company intents to step-up focus on movie production (~Rs 12 billion investment) and non-fiction shows.
It remains committed of acceleration of investments in digital business from future-proofing perspective mostly in FY23 versus FY22 earlier.
There had been disconnect and delays in intent versus execution on digital several times.
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