 "Sun TV Network declines 5% as Q1 lag estimates")
Sun TV Network has dipped 5% to Rs 400 after reporting a lower-than-expected 1% year on year (yoy) growth in net profit at Rs 166 crore the quarter ended June 2014 (Q1), due to operating losses from its Indian Premier League (IPL) franchise Sunrisers Hyderabad. The company engaged in broadcasting and cable TV business had registered a profit of Rs 164 crore in the same quarter last fiscal.
Total income from operations of the company grew 5% to Rs 634 crore on yoy basis.
Analysts on an average had expected profit of Rs 166 crore on revenues of Rs 657 crore.
The company said during the quarter under review it earned operating loss of Rs 43 crore from its IPL franchise Sunrisers Hyderabad.
During the quarter ended June 30, 2014, the EBITDA, including IPL revenue, was up by 4% at Rs 368 crore and the same excluding the IPL revenue was up 7% at Rs 411 crore, as compared to Rs 384 crore in the previous quarter ended June 30, 2013, it added.
The stock opened at Rs 412 and hit a low of Rs 397 on NSE. A combined 458,466 shares changed hands on the counter so far on NSE and BSE.
Total income from operations of the company grew 5% to Rs 634 crore on yoy basis.
Analysts on an average had expected profit of Rs 166 crore on revenues of Rs 657 crore.
The company said during the quarter under review it earned operating loss of Rs 43 crore from its IPL franchise Sunrisers Hyderabad.
During the quarter ended June 30, 2014, the EBITDA, including IPL revenue, was up by 4% at Rs 368 crore and the same excluding the IPL revenue was up 7% at Rs 411 crore, as compared to Rs 384 crore in the previous quarter ended June 30, 2013, it added.
The stock opened at Rs 412 and hit a low of Rs 397 on NSE. A combined 458,466 shares changed hands on the counter so far on NSE and BSE.
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