Sun TV share price gained nearly 3 percent in early trade on November 13, after the company recorded a 14 percent rise in Q2 net profit on a YoY basis. At 10:12 am the Sun TV Network stock was trading at Rs 667.23 on NSE.
Indian broadcaster Sun TV Networks Ltd on November 10 reported a consolidated Profit After Tax (PAT) of Rs 464.54 crore for the July-September quarter. The company had reported a PAT of Rs 407.31 crore in the year-ago period, Sun TV Network said in a regulatory filing.
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Its revenue from operations was Rs 1,048.45 crore, up 26.98 per cent during the period from Rs 825.65 crore. Sun TV Networks’ total expenses were Rs 541.06 crore, up 45.92 per cent. Its total income rose 26.8 per cent to Rs 1,160.21 crore. Meanwhile, Sun TV also said the result "includes income from the Holding Company’s Cricket franchises (SunRisers Hyderabad and SunRisers Eastern Cape) for the 2023 season of Rs 1.02 crore and Rs 513.68 crore for quarter and six months ended September 30."
Also Read: Sun TV Networks Q2 PAT rises 14% to Rs 464.5 crore
Sun TV Network operates satellite television channels across six languages — Tamil, Telugu, Kannada, Malayalam, Bengali, and Marathi, and airs FM radio stations across the country. It also owns the SunRisers Hyderabad cricket franchise in the Indian Premier League and SunRisers Eastern Cape of Cricket South Africa’s T20 League, and the digital OTT platform Sun NXT.
Sun TV Stock call: Check brokerage views, target prices
Brokerage firm Motilal Oswal has assigned a ‘buy’ rating to the Sun TV Network stock with a target price of Rs 750 per share in a report released on November 12. The report further stated that, “Sun TV’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew 36.5 percent YoY (34 percent beat) in 2QFY24, mainly driven by movie business as advertising revenues remained weak.”
Sun TV stock performance
The Sun TV Network stock has given a return of 44.39 percent over the last six months. The benchmark Nifty50 index has given a return of 6.12 percent over the last six months.
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