Sun TV Network Q1 net profit rises 20%

South India-based broadcaster Sun TV Network Ltd on Friday reported a 19.9 percent year-on-year (YoY) increase in net profit at Rs 592.1 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Sun TV Network posted a net profit of Rs 494 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 620 crore for the quarter under review.

The total revenue stood at Rs 1,349.2 crore during the period under review, up 10.7 percent against Rs 1,219 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 1,286 crore for the quarter under review.

At the operating level, EBITDA increased 3.1 percent to Rs 797.4 crore in the first quarter of this fiscal over Rs 773.2 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 59.1 percent in the reporting quarter as compared to 63.4 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors has declared an interim dividend of Rs 6.25 per equity share of Rs 5 each (i.e. 125 percent) for the financial year 2023-24, the company said.

The advertisement revenues for the quarter was at Rs 339.10 crore as against Rs 343.17 crore for the corresponding quarter ended June 30, 2022. The domestic subscription was up 6.02 percent for the quarter at Rs 435.34 crore as against Rs 410.61 crore for the corresponding quarter ended June 30, 2022.

The results came after the close of the market hours. Shares of Sun TV Network Ltd ended at Rs 545.00, down by Rs 5.35, or 0.97 percent on the BSE. CNBC TV18