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Entry Price

551.00

Target

570.00

Recommend Date

09-02-2021

Return

3.45 %
BUY

Date : 09-02-2021

Sun TV’s Q3FY21 numbers were mixed as ad recovery was slower and subscription growth was lower than expected but lower amortisation aided PAT. Revenue (standalone) was at | 972.3 crore, up 19.3% YoY boosted by IPL revenue. Ex-IPL revenue was at | 763.3 crore, down 6.3% YoY. Ad revenues at | 309 crore were down 9.4% YoY as ad spend by retail is yet to pick up. Subscription revenues were up ~3% YoY to | 424 crore. EBITDA was at | 600.7 crore, up 3.5% YoY while EBITDA margin at 61.8% was down 944 bps YoY. Margins (Ex-IPL) were 67.2%, down 400 bps YoY. Amortisation expenses were lower due to fewer movie premieres on TV. Consequently, PAT was at | 441.8 crore, up 18.3% YoY.