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Dolat Capital Report
Sun TV Network Ltd.'s Q2 FY21 was in-line with core broadcast business revenue decline of 8%, Ebitda growth of 4% and adjusted profit after tax decline of 8% YoY.
Advertising revenues were down 29%, while subscription revenues were up 13.4% YoY.
Outlook remains upbeat with guidance for double-digit subscription revenue growth in FY21/FY22.
This is in spite of potential negative impact if any from new tariff order 2.0.
We remain conservative in our estimates.
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