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Sun TV Network Q2 Review - Strong Ad Recovery Seen: ICICI Direct

Sun TV Network Q2 Review - Strong Ad Recovery Seen: ICICI Direct

<div class="paragraphs"><p>A woman uses a remote control. (Photographer: Chris Ratcliffe/Bloomberg)</p></div>
A woman uses a remote control. (Photographer: Chris Ratcliffe/Bloomberg)

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ICICI Direct Report

Sun TV Network Ltd.’s performance was a mixed bag.

Revenues (excluding IPL) at Rs 777 crore were up ~9% YoY, with ad revenues up ~40% YoY to Rs 342 crore, on a benign base of Q2 FY21 (wherein ad had declined ~27%).

Subscription revenues declined 4.5% YoY to Rs 408 crore owing to contract renewals uncertainty.

Sun TV's Ebitda came in at Rs 520.6 crore, up 3.7% YoY with margins at 62.8%, down 357 basis points YoY, largely owing to higher content costs on fresh programming.

Profit after tax came in at Rs 393.3 crore, up 13.7% YoY aided by lower amortisation.

Click on the attachment to read the full report:

ICICI Direct SunTV Q2FY22 Result Update.pdf

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