Report on Shemaroo

Sun TV operating margin up despite revenue and bottom-line fall in Covid2019 quarter

Subscription revenue in Q1 2021 increased 17.6 percent y-o-y

BENGALURU: Kalanathi Maran’s regional telecaster and FM radio broadcaster Sun Tv Network (Sun TV) reported 44.3 percent y-o-y decrease in consolidated operating revenue for the quarter ended 30 June 2020 (Q1 2021, period or quarter under review) as compared to the corresponding quarter of the previous year Q1 2020. Total Income (operating revenue plus other income) during the quarter declined 38.2 percent y-o-y as compared to Q1 2020. Profit after tax (PAT) declined 33.5 percent y-o-y in Q1 2021 as compared to the year ago quarter. Even the operating profit (EBITDA) for Q1 2021 fell 41.1 percent y-o-y in Q1 2021 as compared to Q1 2020. However, EBITDA margin of operating revenue for Q1 2021 was 66.9 percent as compared to 62.6 percent in Q1 2020. Sun TV is one of the largest networks in the country that has channels across the four major South Indian languages. All the numbers in this reported are consolidated unless stated otherwise.

The company reported revenue of Rs 611.51 crore and Rs 1,110.04 crore in Q1 2021 and Q1 2020 respectively, PAT for Q1 2021 was Rs 257.11 crore and for Q1 2020 it was Rs 386.81 crore. EBITDA in Q1 2021 was Rs 409.11 crore as compared to Rs 694.95 crore in the corresponding year ago quarter. The company attributes the fall in revenue to the absence of IPL which normally happens during the first quarter and also absence of movie distribution in particular during the COVID2019 quarter. In the corresponding year ago quarter, Sun TV had reported revenue of Rs 244.39 crores and corresponding costs of Rs 138.40 crores for its IPL franchisee SunRisers Hyderabad.

Sun TV has mentioned in its earnings release for Q1 2021 that subscription revenue during the quarter under review increased 17.6 percent y-o-y to Rs 442.25 crore from Rs 375.95 crore in Q1 2020.

Let us look at the other consolidated numbers reported by the company for Q1 2021

Consolidated total expenditure in Q1 2021 was 38.8 percent lower y-o-y at Rs 356.82 crore as compared to Rs 582.09 crore in the corresponding quarter of the previous year.

Consolidated operating expense in Q1 2021 reduced 52.1 percent y-o-y to Rs 70.85 crore from Rs 148.01 crore in Q1 2020. Consolidated employee benefits expense in Q1 2021 declined 1.2 percent y-o-y to Rs 80.03 crore as compared to Rs 81.02 crore in Q1 2020. Consolidated other expenses (OE) in the Q1 2021 fell 63.1 percent to Rs 51.52 crore as compared to Rs 139.75 crore in Q1 2020.

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