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Dolat Capital Report
Sun TV Network Ltd.'s Q2 FY22 was marginally above estimates led by healthy advertising (down 35% versus Q1 FY20) revenue partly off-set by weak subscription revenue (down 8.3/down 5.2% YoY/QoQ).
Sun TV has stepped-up focus on movie production (~Rs 6 billion investment) and non-fiction shows across genres. It remains committed of acceleration of investments in digital business from future-proofing perspective in FY23.
There had been disconnect and delays in intent vesus execution on digital several times. Delivery on digital would be critical.
Management reiterated its dividend payout guidance of ~50% plus of profit after tax (~4-5% dividend yield).
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