SUNTV · Media Entertainment & Publication
Sun TV Network Ltd. reported revenue of ₹936 cr for July to September 2024, −10.7% on the year and −28.8% on the quarter.
Operating profit (EBITDA) was ₹541 cr, a margin of 57.8%, −1,167 bps on the year and +308 bps on the quarter. Over the last 6 quarters the margin has ranged from 54.4% to 69.5%, averaging 59.9%. Operating costs grew +23.4%, faster than revenue at −10.7%, so operating profit grew less than sales.
Net profit was ₹409 cr, −12.0% on the year and −27.0% on the quarter, with earnings per share of ₹10.39. Profit before other income, one-offs and tax fell 32.7%, so 21 points of the headline growth came from outside the core business. The tax rate was 20% against an average of 26% over the previous 5 quarters, which lifted profit this quarter.
On earnings per share of ₹46.62 over the last four quarters, the stock at ₹609.90 trades at 13.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹923 cr | ₹961 cr | ₹1,314 cr | ₹936 cr | ₹829 cr | ₹942 cr | ₹1,290 cr | ₹1,300 cr | ₹862 cr | ₹883 cr | ₹1,458 cr | ₹940 cr |
| YoY | — | — | −3% | −11% | −10% | −2% | −2% | +39% | +4% | −6% | +13% | −28% |
| EBITDA margin | 63.8% | 54.4% | 54.7% | 57.8% | 53.7% | 43.9% | 47.8% | 58.0% | 48.7% | 44.3% | 50.4% | 47.6% |
| Other income, % of PBT | 23% | 26% | 20% | 34% | 31% | 39% | 27% | 29% | 31% | 10% | 22% | 30% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 26% | 20% | 23% | 22% | 24% | 27% | 26% | 28% | 24% | 22% |
| Net profit | ₹454 cr | ₹415 cr | ₹560 cr | ₹409 cr | ₹364 cr | ₹371 cr | ₹529 cr | ₹355 cr | ₹324 cr | ₹232 cr | ₹619 cr | ₹365 cr |
| YoY | — | — | −5% | −12% | −20% | −11% | −6% | −13% | −11% | −37% | +17% | +3% |
| Core profit YoY | — | — | −14% | −33% | −31% | −29% | −16% | +1% | −8% | −1% | +27% | −5% |
| EPS | ₹11.52 | ₹10.52 | ₹14.19 | ₹10.39 | ₹9.22 | ₹9.41 | ₹13.43 | ₹8.99 | ₹8.22 | ₹5.89 | ₹15.70 | ₹9.24 |
| Flags | · | · | 1 | 2 | 1 | 2 | 1 | ✓ | 1 | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Sun TV Network Ltd. reported revenue of ₹936 cr (−10.7% on the year) and net profit of ₹409 cr (−12.0% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −32.7% on the year, against −12.0% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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