Sun TV revenue up by 10.38% for Q1 FY24
Sun TV Network Ltd has reported a revenue increase of 10.38 % for the quarter ended June 30, 2023 at Rs 1317.78 crore from 1,193.9 crore from the corresponding quarter last fiscal.
The advertising revenue for the quarter saw a decline from Rs 343.17 crore last year Q1 to Rs 339.10 crores for the quarter ended June 30, 2023.
In its financial statement for the 1st quarter of FY 2023-24, Sun TV said that its profit after tax rose by 18.5 % at Rs 582.80 crores, up from 491.6 crore in the last fiscal.
The domestic subscription was up by 6.02 % for the quarter at Rs 435.34 crores as against Rs 410.61 crores for the corresponding quarter last year.
The EBITDA for the quarter ended June 30, 2023, was up by 2.96 % Rs 786.46 crore as against Rs 763.83 crores for the same quarter previous fiscal.
The operating expenses of the company went up from Rs 157 crore in Q1 FY23 to Rs 191 crores in Q1 FY24 while the cricket franchise fee rose from Rs 47.47 crores to Rs 105.02 crores in Q1 FY24. Sun TV owns cricket franchises Sunrisers Hyderabad and Sunrisers Eastern Cape. Income from these franchises was recorded at Rs 512.6 crore at the end of Q1.
Depreciation and amortisation expenses of the company came down to Rs 89.5 crores in Q1 FY24 from Rs 212.5 crore in the corresponding quarter last fiscal.
Further, at the board meeting, the Board of Directors declared an Interim Dividend of Rs.6.25 per share (125 %) on a face value of Rs.5.00 per share.
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