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Results
25-May-24
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Analysis
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Sun TV Network
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Revenue up 14.4% YoY to Rs 961.3 cr, Net profit up 9.1% YoY to Rs 414.7 cr in Q4FY2024
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On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Sun TV Network has increased
14.39% to Rs 961.28 crore.
Operating profit margin has declined
from 59.24% to 54.40%, leading to 5.04% rise in operating profit to Rs 522.92
crore. Employee cost decreased from 9.04% to 8.20%.
Other expenses rose from 31.72% to 37.40%. Selling and
administration expenses rose from 1.96% to 3.71%. Other direct service
cost rose from 18.55% to 19.79%.
Other income rose 60.11% to Rs
137.44 crore. PBIDT rose 13.14% to Rs 660.36
crore. Provision for interest fell 24.19% to Rs 1.88
crore. Loan funds declined from Rs 62.87 crore as of 31 March 2023
to Rs 37.75 crore as of 31 March 2024. Sundry debtors were lower at
Rs 1,254.28 crore as of 31 March 2024 compared to Rs 1,474.30 crore as of 31
March 2023. Cash and bank balance declined from Rs 598.57 crore as
of 31 March 2023 to Rs 400.81 crore as of 31 March 2024. Investments
rose to Rs 7,060.65 crore as of 31 March 2024 from Rs 5,512.22 crore as of 31
March 2023 .
PBDT rose 13.30% to Rs 658.48
crore. Provision for depreciation rose 35.57% to Rs 108.1
crore. Fixed assets declined from Rs 1,855.67 crore as of 31 March
2023 to Rs 1,847.07 crore as of 31 March 2024. Intangible assets
stood at Rs 4.80 crore.
Profit before tax grew 9.76% to Rs
550.38 crore. Share of profit/loss was 5% lower at Rs 4.94
crore. Provision for tax was expense of Rs 140.38 crore, compared to
Rs 126.25 crore. Effective tax rate was 25.28% compared to 24.92%.
Minority interest increased 17.65%
to Rs 0.20 crore. Net profit attributable to owners of the company
increased 9.08% to Rs 414.74 crore.
Equity capital stood at Rs 197.04
crore as of 31 March 2024 to Rs 197.04 crore as of 31 March
2023. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 75.00% as of 31
March 2024 ,compared to 75.00% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Sun TV Network has increased
13.52% to Rs 4282.1 crore.
Operating profit margin has declined
from 63.44% to 61.61%, leading to 10.24% rise in operating profit to Rs
2,638.10 crore. Employee cost decreased from 8.09% to 7.48%.
Other expenses rose from 28.47% to 30.91%. Selling and
administration expenses rose from 1.70% to 3.33%. Other direct
service cost rose from 16.76% to 17.26%.
Other income rose 33.94% to Rs
505.02 crore. PBIDT rose 13.47% to Rs 3143.12
crore. Provision for interest fell 9.13% to Rs 8.56 crore. Loan
funds declined from Rs 62.87 crore as of 31 March 2023 to Rs 37.75 crore as of
31 March 2024. Sundry debtors were lower at Rs 1,254.28 crore as of
31 March 2024 compared to Rs 1,474.30 crore as of 31 March 2023. Cash
and bank balance declined from Rs 598.57 crore as of 31 March 2023 to Rs 400.81
crore as of 31 March 2024. Investments rose to Rs 7,060.65 crore as
of 31 March 2024 from Rs 5,512.22 crore as of 31 March 2023 .
PBDT rose 13.55% to Rs 3134.56
crore. Provision for depreciation rose 9.41% to Rs 531.72
crore. Fixed assets declined from Rs 1,855.67 crore as of 31 March
2023 to Rs 1,847.07 crore as of 31 March 2024. Intangible assets
stood at Rs 4.80 crore.
Profit before tax grew 14.43% to Rs
2,602.84 crore. Share of profit/loss was 190.11% higher at Rs 10.27
crore. Provision for tax was expense of Rs 687.31 crore, compared to
Rs 571.25 crore. Effective tax rate was 26.30% compared to 25.07%.
Minority interest increased 43.14%
to Rs 0.73 crore. Net profit attributable to owners of the company
increased 12.81% to Rs 1,925.07 crore.
Equity capital stood at Rs 197.04
crore as of 31 March 2024 to Rs 197.04 crore as of 31 March
2023. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 75.00% as of 31
March 2024 ,compared to 75.00% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 2,171.30 crore for year ended March 2024 from Rs 2,095.51 crore
for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 511.18 crore, compared to Rs
569.94 crore during the year ended March 2023.
| Sun TV Network : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 961.28 | 840.36 | 14.39 | 4,282.10 | 3,772.05 | 13.52 | | OPM (%) | 54.40 | 59.24 | -484 bps | 61.61 | 63.44 | -183 bps | | OP | 522.92 | 497.83 | 5.04 | 2,638.10 | 2,393.00 | 10.24 | | Other Inc. | 137.44 | 85.84 | 60.11 | 505.02 | 377.05 | 33.94 | | PBIDT | 660.36 | 583.67 | 13.14 | 3,143.12 | 2,770.05 | 13.47 | | Interest | 1.88 | 2.48 | -24.19 | 8.56 | 9.42 | -9.13 | | PBDT | 658.48 | 581.19 | 13.30 | 3,134.56 | 2,760.63 | 13.55 | | Depreciation | 108.1 | 79.74 | 35.57 | 531.72 | 486 | 9.41 | | PBT | 550.38 | 501.45 | 9.76 | 2602.84 | 2274.63 | 14.43 | | Share of Profit/(Loss) from Associates | 4.94 | 5.2 | -5.00 | 10.27 | 3.54 | 190.11 | | PBT before EO | 555.32 | 506.65 | 9.61 | 2613.11 | 2278.17 | 14.70 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 555.32 | 506.65 | 9.61 | 2613.11 | 2278.17 | 14.70 | | Taxation | 140.38 | 126.25 | 11.19 | 687.31 | 571.25 | 20.32 | | PAT | 414.94 | 380.4 | 9.08 | 1925.8 | 1706.92 | 12.82 | | Minority Interest (MI) | 0.2 | 0.17 | 17.65 | 0.73 | 0.51 | 43.14 | | Net profit | 414.74 | 380.23 | 9.08 | 1925.07 | 1706.41 | 12.81 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 414.74 | 380.23 | 9.08 | 1925.07 | 1706.41 | 12.81 | | EPS (Rs)* | 10.52 | 9.65 | 9.08 | 48.85 | 43.30 | 12.81 | | | * EPS is on current equity of Rs 197.04 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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