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ICICI Direct Report
Sun TV Network Ltd.’s Q4 FY21 numbers were a tad better than our expectations in terms of advertisement and subscription revenues while profit for the quarter was ahead of our expectations on one off time tax benefit.
Revenue (standalone) was at Rs 782 crore, up 6.4% YoY.
Ad revenues at Rs 314.9 crore were up 8.3% YoY but still muted considering depressed base as ad spend by retail is yet to pick up.
Subscription revenues were up 7.4% YoY to Rs 428 crore.
Ebitda was at Rs 546.8 crore, up 8.6% YoY while Ebitda margin at 69.9% was better than our expectations, given lower other costs.
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