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Sun Tv ex-IPL numbers up in Q1 2019

Y-o-y ex-IPL operating revenue was up 16%, subs revenue up 28%

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BENGALURU: The Kalanithi Maran-headed Sun TV Network Ltd (Sun TV) reported almost flat y-o-y standalone operating revenue (down 0.1 percent) for the quarter ended 30 June 2019 (Q1 2020, quarter or period under review) as compared to the corresponding year ago quarter Q1 2019. Without the income generated from Sun TV’s IPL franchise ‘Deccan Chargers’, the company’s operating revenue increased 16 percent y-o-y in Q1 2020. Sun TV reported standalone operating revenue of Rs 1,101.36 crore for Q1 2020 as compared to Rs 1,120.39 crore for Q1 2019. Ex-IPL, the company reported standalone operating revenue of Rs 856.97 crore for the quarter under review as compared to Rs 738.59 crore for Q1 2019. Sun TV reported subscription revenue of Rs 396.94 crore for Q1 2020, which was 27.5 percent higher than the Rs 311.27 crore for Q1 2019.

The board of directors of Sun TV has recommended an interim dividend of Rs 2.50 per equity (50 percent) share of face value of Rs 5 each.

Calculated simple standalone EBITDA for Q1 2020 at Rs 682.91 crore (62 percent of operating revenue) was 7.1 percent lower y-o-y than the Rs  734.71 crore (65.6 percent of operating revenue). Standalone profit after tax for Q1 2020 declined 6.7 percent y-o-y to Rs 381.87 crore as compared to Rs 409.14 crore in Q1 2019.

The company reported income from its IPL franchise of Rs 244.39 crore for Q1 2020 as compared to Rs 385.92 crore in Q1 2019. IPL franchise costs for the quarter under review were Rs 138.40 crore as compared to Rs 186.66 crore in Q1 2019. Sun TV paid IPL franchisee fees of Rs 46.31 crore in Q1 2020 as compared to Rs 71.33 crore in the corresponding year ago quarter.

Let us look at the other standalone numbers reported by the company:

Standalone Total Expenditure (TE) in Q1 2020 increased 8.7 percent to Rs 578.99 crore as compared to Rs 532.71 crore in the corresponding quarter of the previous year.

Standalone Operating expense in Q1 2020 more than doubled (increased 100.7 percent) y-o-y to Rs 162.38 crore from Rs  80.90 crore in the corresponding quarter of the previous year. Employee Benefits Expense in Q1 2020 reduced 13.7 percent y-o-y to Rs 73.49 crore as compared to Rs 85.16 crore in Q1 2019. Other expenses (OE) in the Q1 2020 reduced 8.1 y-o-y percent to Rs 136.27 crore as compared to Rs 148.29 crore  in the corresponding quarter of the previous year.

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