News: Sun TV reported weak performance. The standalone topline at ₹ 1276 crore, was down 3.2% YoY. The quarter has seen muted ad revenues (down 4.5% YoY), given the weak ad spends sports heavy. There was 2.2% YoY subscription decline YoY. The IPL revenues also saw a decline of 3% YoY at ₹ 497 crore. EBITDA at ₹ 706 crore was down 10.2% YoY, with margins of 55.4%, down 433 bps YoY. PAT at ₹ 547 crore was down 6% YoY
View: The key spoiler for the quarter was weak ad growth. We believe festive season led recovery will be key. Furthermore, Sun TV has launched Hindi Free to Air channel and performance of the same will be key monitorable
ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.I-Sec is a SEBI registered with SEBI as a Research Analyst vide registration no. INH000000990.. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The information mentioned herein above is only for consumption by the client and such material should not be redistributed.
The information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities Limited. The contents of this mail are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. While due care has been taken in preparing this mail, I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon. This mail is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject I-Sec and affiliates to any registration or licensing requirement within such jurisdiction