Sun TV Network Q3 Results Review - Soft Revenue Growth Drags Profitability: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Sun TV Network Ltd.'s Ebitda remained flat YoY at Rs 5.7 billion (in line) with margins contracting 200 basis points YoY, dragged by higher operating expenses and soft revenue growth. Revenue grew 3.3% YoY to Rs 8.9 billion (in line), exhibiting some moderation. This is primarily attributed to weakened ad revenues, stemming from the impact of cricket World Cup. Prolonged weakness within the ad revenues despite festive push, coupled with risk around market share loss and strong competition from deep pocketed over the top players, continues to pose concerns. However, steady growth within subscription revenues along with improving signs of Fmcg spends could aid recovery in the coming period. This, coupled with upbeat valuation for the new Indian premier League team and steady state dividend payout (>50%) makes the stock’s valuation compelling at 8.4 times enterprise value/Ebitda on FY25 basis. We reiterate our 'Buy' rating on the stock with a target price of Rs 750..Click on the attachment to read the full report:.Thermax Q3- Pivot To Increased Green Energy Business Has A Few Interim Hiccups Maintain Reduce: Yes Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Sun TV Network Q3 Results Review - Soft Revenue Growth Drags Profitability: Motilal Oswal

Ebitda remains flat YoY (in line), dragged by higher opex.

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