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F r e e A r a s u c a b l e h u r t s r e v e n u e s o f S u n T V …
Sun TV reported its Q2FY12 results with a topline of | 451.3 crore
representing a growth of 6.2% YoY. Ad revenues grew by just 2.2% YoY
to | 235.1 crore amid the slowing macroeconomic condition. Subscription
revenues registered a decline of 10% QoQ to | 126.0 crore. EBITDA for
the quarter stood at | 365.4 crore growing 10.0% YoY. The EBITDA
margin stood at 81.0%, improving by 38 bps YoY and 275 bps QoQ. PAT
for the quarter stood at | 180.1 crore, growing 7.6% YoY owing to
increased depreciation cost, which stood at | 117.6 crore compared to |
106.1 crore in Q2FY11.
Highlights of the quarter
Sun TV’s revenues for the quarter stood at | 451.3 crore, growing by
6.2% YoY. The subdued growth in revenue was led by a decline in
subscription revenue and subdued ad growth. The analogue subscription
revenues declined by 16.1% QoQ to | 47 crore on account of competition
from ARASU cable, which began its operations on September 2,
providing free cable TV in Tamil Nadu. DTH revenues stood at | 79 crore
on account of a 30% entertainment tax levied by the state government on
DTH operators. Ad revenues grew by just 2.2% amid a challenging
environment wherein corporates are reducing their ad spends.
O u t l o o k
The company reported numbers, which were subdued due to the
challenging macro environment and the political situation in Tamil Nadu.
Ad revenues are expected to be better in the subsequent quarters with
the addition of more channels. Subscription revenues are expected to
remain under pressure on account of severe competition from Arasu
cable, which is being distributed free. In accordance with the challenging
environment ahead, we have downgraded our EPS estimates for FY12
from | 20.2 to | 19.4/share and for FY13 from | 22.6 to | 20.8/share. Since
there is still no clarity over CBI’s stand over the Maran brothers, we keep
the stock under review until further clarity is got
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
F r e e A r a s u c a b l e h u r t s r e v e n u e s o f S u n T V …
Sun TV reported its Q2FY12 results with a topline of | 451.3 crore
representing a growth of 6.2% YoY. Ad revenues grew by just 2.2% YoY
to | 235.1 crore amid the slowing macroeconomic condition. Subscription
revenues registered a decline of 10% QoQ to | 126.0 crore. EBITDA for
the quarter stood at | 365.4 crore growing 10.0% YoY. The EBITDA
margin stood at 81.0%, improving by 38 bps YoY and 275 bps QoQ. PAT
for the quarter stood at | 180.1 crore, growing 7.6% YoY owing to
increased depreciation cost, which stood at | 117.6 crore compared to |
106.1 crore in Q2FY11.
Highlights of the quarter
Sun TV’s revenues for the quarter stood at | 451.3 crore, growing by
6.2% YoY. The subdued growth in revenue was led by a decline in
subscription revenue and subdued ad growth. The analogue subscription
revenues declined by 16.1% QoQ to | 47 crore on account of competition
from ARASU cable, which began its operations on September 2,
providing free cable TV in Tamil Nadu. DTH revenues stood at | 79 crore
on account of a 30% entertainment tax levied by the state government on
DTH operators. Ad revenues grew by just 2.2% amid a challenging
environment wherein corporates are reducing their ad spends.
O u t l o o k
The company reported numbers, which were subdued due to the
challenging macro environment and the political situation in Tamil Nadu.
Ad revenues are expected to be better in the subsequent quarters with
the addition of more channels. Subscription revenues are expected to
remain under pressure on account of severe competition from Arasu
cable, which is being distributed free. In accordance with the challenging
environment ahead, we have downgraded our EPS estimates for FY12
from | 20.2 to | 19.4/share and for FY13 from | 22.6 to | 20.8/share. Since
there is still no clarity over CBI’s stand over the Maran brothers, we keep
the stock under review until further clarity is got
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