Sun TV Network Q1 net drops 6.7% to Rs. 381.87 cr amid cost escalation
MUMBAI: Sun TV Network’s standalone net profit for the quarter ended 30th June has dropped 6.7% to Rs. 381.87 crore as against Rs. 409.14 crore for the corresponding quarter of the previous fiscal.
After accounting for the other comprehensive income (net of taxes), the total comprehensive income for the quarter was Rs. 381.70 crore as against Rs. 409.20 crore.
The revenue excluding Indian Premier League (IPL) was up by 16% at Rs. 856.97 crore, as against Rs. 738.59 crore. Advertisement revenue grew to Rs. 368.15 crores compared to Rs 362.49 crore. The subscription revenue was up by 28 % at Rs. 396.94 crore as against Rs. 311.27 crore.
The total income for the quarter was at Rs. 1,158.07 crore as against Rs. 1,159.39 crore. Total expenses jumped to Rs. 603.1 crore from Rs 551.56 crore.
Sun TV Network operates satellite TV channels across five languages of Tamil, Telugu, Kannada, Malayalam, and Bengali, airs FM radio stations across India and owns the SunRisers Hyderabad Cricket Franchise of the IPL.
At the board meeting held today, the board of directors has declared an interim dividend of Rs. 2.50 per share (50%) on a face value of Rs. 5 per share.
At the meeting of the Board of Directors held today and the Remuneration Committee Meeting held earlier in the day, chairman Kalanithi Maran and executive director Kavery Kalanithi have expressed their intention to voluntarily limit their remuneration (including salary and exgratia/bonus) for FY2019-20 to a sum not exceeding the remuneration (including salary and exgratia/bonus) earned by them two years back in the FY 2017-18 and have retained the said amount for the last FY 2018-19 and Current FY 2019-20 as well.
The Remuneration Committee and the Board of Directors have taken on record the same.