Sun TV - IPL Lifts Q3 Ebitda; Focus On New Channels, OTT Investments: Motilal Oswal
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Motilal Oswal Report
Sun TV Network Ltd.’s Q3 FY21 revenue recovered with 19% YoY growth (in-line), led by Rs 2 billion Indian Premiere League revenue.
Advertisement and subscription revenue, on the other hand, remained sluggish.
Ebitda/profit after tax estimates for FY22E were largely maintained – we factor in 11%/14% growth over FY20.
Viewership recovery is yet to see a steady uptick, although newfound vigor in fresh content and investments in new channels and over-the-top should be the key to growth and valuations.
A steady dividend payout and low valuation offer support.
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