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Sun TV Network, on Friday, recorded its highest net profit in more than 10 quarters, driven by growth in subscription revenues and higher IPL franchise income. The South India-based broadcaster’s consolidated net profit grew by 20 per cent year-on-year to ₹592 crore in the April-June quarter, against ₹494 crore for the same quarter of the previous fiscal.
Consolidated revenue from operations grew 11 per cent year-on-year to ₹1,349 crore in Q1 FY24, against ₹1,219 crore against the year-ago quarter. The company’s ad revenues marginally declined to ₹339 crore (₹343 crore) in the latest quarter, while its subscription revenue grew 6 per cent year-on-year to ₹435 crore (₹411 crore).
Sun TV Network operates satellite television channels across Tamil, Telugu, Kannada, Malayalam, Bangla, and Marathi, and airs FM radio stations across India.
It also owns SunRisers Hyderabad Cricket franchise of the Indian Premier League (IPL) and SunRisers Eastern Cape of Cricket South Africa’s T20 League. The consolidated revenue of the company includes income from the IPL franchise, which more than doubled annually to ₹513 crore in Q1FY24 as opposed to ₹243 crore in the corresponding period of the previous fiscal. Total cost on these franchises went up over 50 per cent to ₹228 crore (₹153 crore) in the latest quarter.
On a standalone basis, Sun TV’s revenues were up 10 per cent to ₹1,318 crore in the June 2023 quarter while profit after tax for the current quarter rose by 19 per cent to ₹583 crore (₹492 crore).
The company’s Board declared an interim dividend of ₹6.25 per share (125 per cent) on a face value of ₹5 per share. Shares of Sun Tv closed at ₹544.65 on NSE, 1 per cent lower than Thursday’s closing price.
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