Chennai: Sun TV Network Ltd on Wednesday reported an 11.9% year-on-year (YoY) decline in its net profit for the second quarter of fiscal year 2024-25, amounting to ₹409.2 crore, compared to ₹464.5 crore in the same period last year.
The decline in profit came amid a drop in revenue from operations, which fell by 10.9% to ₹934.5 crore, down from ₹1,048.5 crore in Q2 FY24, the company said in a regulatory filing. The profit before interest, depreciation, and taxes (PBIDT) of the company declined by 15.1 per cent to Rs 713.1 crore on a Y-o-Y basis for the July-September quarter.
The EBITDA (earnings before interest, tax, depreciation, and amortisation) also saw a significant decline of 25.7%, falling to ₹540.8 crore in the quarter under review, compared to ₹728 crore in the corresponding quarter last year. As a result, the EBITDA margin decreased to 57.9% from 69.4% in the same quarter of the previous fiscal.
However, Sun TV Network saw growth in advertisement revenue, which rose by 2.13% to ₹335.42 crore, up from ₹328.42 crore in Q2 FY24. This growth in advertising revenue was offset by the decline in other revenue streams.
For the quarter ended September 30, 2024, the company reported a 3.26% increase in revenue (excluding movies and sports) at ₹799.36 crore, compared to ₹774.12 crore in Q2 FY24. Total income for the quarter stood at ₹1,064.14 crore, a decline from ₹1,125.08 crore in the previous year.
Sun TV Network reported a significant 91% decline in earnings from its cricket franchises, SunRisers Hyderabad and SunRisers Eastern Cape, for the quarter ending September 30, 2024. The earnings fell to just ₹0.09 crore, compared to the same quarter last year.
