Sun TV Networks Sees Dip in Q1 2024 Profit, Revenue Down 2.72%

Sun TV Networks Ltd reported a 5.48% decline in consolidated profit after tax to Rs 559.58 crore for Q1 2024. Revenue also decreased by 2.72% to Rs 1,312.40 crore. Despite increased total expenses, the company announced an interim dividend. Shares rose 3.28% on Friday.

Sun TV Networks Ltd reported a 5.48 per cent decline in its consolidated profit after tax, amounting to Rs 559.58 crore for the first quarter ending June 2024.

The company had posted a profit of Rs 592.08 crore in the same period last year, according to a BSE filing by the broadcaster.

Revenue from operations fell by 2.72 per cent to Rs 1,312.40 crore, compared with Rs 1,349.22 crore in the April-June period of the previous year.

Total expenses for Sun TV Networks increased by 10 per cent to Rs 709.12 crore in the latest quarter, impacting overall income which saw a slight decline to Rs 1,459.20 crore.

In a board meeting held on Friday, the company declared an interim dividend of Rs 5 per share.

Sun TV Network operates satellite TV channels in six languages and runs FM radio stations across India. It also owns the SunRisers Hyderabad IPL franchise and SunRisers Eastern Cape of CSA's T20 League.

The earnings for the quarter ended June 30, 2024, include Rs 497.05 crore from the cricket franchises, with corresponding costs of Rs 236.42 crore.

Shares of Sun TV Networks closed at Rs 914.45 on BSE, up 3.28 per cent from the previous close.