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Sun TV Network posted a 7 per cent drop in its consolidated net profit for the fourth quarter at ₹380 crore as a drop in subscription revenues and higher expenditure pulled down its profitability.
The South-based broadcaster’s consolidated net profit for the year-ago quarter stood at ₹410 crore and in Q3FY23, it posted a consolidated net profit of ₹425 crore.
While consolidated revenue from operations was marginally down to ₹840 crore (₹857 crore) during the fourth quarter, total expenses jumped to ₹425 crore (₹367 crore) during this period. Sun TV Network owns SunRisers Hyderabad Cricket Franchise of the Indian Premier League and SunRisers Eastern Cape of Cricket South Africa’s T20 League. The spike in expenditure was driven by ‘cricket franchise fees’ and other expenses.
Besides, its subscription revenues also fell to ₹406 crore (₹416 crore) during the fourth quarter while advertisement revenues were muted at ₹338 crore (₹337 crore).
Sun TV Network operates satellite television channels across Tamil, Telugu, Kannada, Malayalam, Bangla, and Marathi, and airs FM radio stations across India.
Standalone revenues
On a standalone basis, the company’s PAT was down by 10 per cent to ₹366 crore (₹404 crore) during Q4FY23 while revenue from operations was slightly lower at ₹814 crore (₹833 crore).
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For the fiscal ended March 2023, Sun TV Networks’ net profit rose 3.95 per cent to ₹1,707 crore against a net profit of ₹1,642 crore in the year-ago period. Its consolidated revenue from operations was ₹3,772 crore in FY23, 5.22 per cent higher than the previous year.
The standalone revenues for the year were higher by 4.46 per cent at ₹3,661 crore (₹3,505 crore) for FY23. The advertisement revenues for the year grew by 7.95 per cent at ₹1,404 crore (₹1,301 crore) during the previous fiscal. The company said its domestic subscription revenues for the year stood at ₹1,620 crore
Net profit, on a standalone basis, was up by 2 per cent ₹1,675 crore (₹1,645 crore) for the year ended March 31, 2023. During the year, the company declared four interim dividends aggregating to ₹15 per share.
Shares of Sun Tv Network closed flat on Friday on NSE at ₹426.95 apiece.
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