Sun TV Network dips 6% after June quarter results

The stock dipped 6% to Rs 776 on the BSE, after the company reported 63% YoY growth in net profit at Rs 4.09 billion in June quarter driven by strong performance by its IPL franchise.

Shares of Sun TV Network have slipped 6% to Rs 776 per share on the BSE, after the company reported 63% year-on-year (YoY) growth in net profit at Rs 4.09 billion in June quarter (Q1FY19) driven by strong performance from its IPL franchise. The revenue was up 42% at Rs 11.20 billion on YoY basis.

The company’s IPL franchise "Sun Risers Hyderabad" has reported EBITDA (income minus cost) of Rs 1.99 billion during the quarter, against loss of Rs 224 million in the year-ago quarter.

“Underlying operating performance was 3% lower than estimates while robust performance in IPL