Sun TV Q3 net up 0.7% at Rs 215 cr

The company invests Rs 157.8 crore in subsidiary South Asia FM

Sun TV Network Ltd has posted an increase of 0.68 per cent in net profit at Rs 215.59 crore for the quarter ended December 31, 2015, as compared to Rs 214.13 crore during the same quarter of previous year. The total income from operations grew 3.9 per cent to Rs 574.12 crore for the quarter as compared to Rs 552.44 crore during the corresponding quarter of last year.

During the quarter ended December 31, 2015, the company has made additional investments of Rs 157.80 crore in South Asia FM Ltd (SAFM), a subsidiary of the company, against a rights issue by SAFM towards funding new licences and the migration plan as per Phase III licensing regime, said the company. It may be noted that the company's application for the new FM radio frequencies in the Phase III licensing regime was rejected by the central government, which has led to a legal issue

For the nine months ended December 31, 2015, the company has seen a decline in income from its Indian Premier League (IPL) cricket franchise Sunrisers Hyderabad, as compared to the same period of previous fiscal year. The results for the nine months ended December 31, 2015, includes income from Sunrisers Hyderabad of Rs 96.96 crore and cost of Rs 153.21 crore.