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Sun TV moots 50% interim dividend as numbers jump in Q2

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BENGALURU: Sun TV Network Ltd (Sun TV) reported improved year-on-year (y-o-y) standalone numbers across all important parameters for the quarter ended 30 September 2018 (Q2 2019, quarter or period under review) as compared to the corresponding quarter of the previous year (Q2 2018). The company reported 13.8 percent higher y-o-y standalone total income in the quarter under review at Rs 811.67 crore as compared to Rs 713.13 crore in Q2 2018. Standalone operating revenue increased 10.9 percent y-o-y to Rs 749.55 crore in Q2 2019 from Rs 675.90 crore in Q2 2018.The board of directors of the company has declared an interim dividend of 50 percent (Rs 2.50 per equity share) for the quarter under review as compared to100 percent or Rs 5 per equity share of face value of Rs 5 each in the immediate trailing quarter Q1 2019. This means that during the six month period ending 30 September 2018 (H1 2019), the company has declared dividends to the extent of 150 percent.

The company has stated in its earnings release that standalone subscription revenue at Rs 311.27 crore was up 21.33 percent y-o-y.
 

The company’s standalone profit after tax or PAT in Q2 2019 improved 23.4 percent y-o-y to Rs 351.32 crore as compared to Rs 284.67 crore in Q2 2019.

Sun TV standalone EBITDA in Q2 2019 was Rs 553.97 crore (70.5 percent of operating revenue), 11.8 percent higher as compared to Rs 495.69 crore (63 percent of operating revenue) in Q1 2018. Total comprehensive income or TCI for the quarter under review was up 23.4 percent y-o-y at Rs 351.38 crore as compared to Rs 284.73 crore in Q2 2018.

Total Expenditure (TE) during the period under review reduced 1.7 percent y-o-y to Rs 278.04 crore as compared to Rs 283.96 crore in the corresponding quarter of the previous year.

Operating expense in Q2 2019 incresed 40.6 percent y-o-y to Rs 90.11 crore from Rs 64.08 crore in the corresponding quarter of the previous year. Employee Benefits Expense in Q2 2019 reduced 5.1 percent y-o-y to Rs 73.47 crore as compared to Rs 77.39 crore in Q2 2018. Other expenses (OE) in the Q2 2019 reduced 16.5 percent to Rs 32 crore as compared to Rs 38.34 crore in the corresponding quarter of the previous year.
 

SunRisers Hyderabad adds to operating profits of Sun TV
 

Sun TV paid 16.6 percent lower IPL Franchisee Fees in H1 2019 at Rs 71.33 crore as compared to Rs 85.48 crore in H1 2019. Sun TV’s IPL franchise had turned operationally profitable as per the notes in Sun TV’s financial statement  for Q1 2019. The company has included income of Rs 386.28 crore from Sun Risers Hyderabad and costs incurred on it of Rs 187.20 crore in its H1 2019 numbers. Corresponding numbers for Sun Risers Hyderabad for the year ago half year (H1 2018) were income of Rs 143.20 crore and costs of Rs 165.82 crore.

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