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Sun TV share falls over 6% post Q2 earnings; CLSA, Nomura maintain buy

Aseem Thapliyal     November 13, 2020

Sun TV Network share fell over 6% on November 13 after the company reported a decline in Q2 profit. The stock has fallen after 2 days of consecutive gain. The stock touched an intraday low of Rs 415.8, falling 6.15%.  The share stands higher than 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. The stock has lost 9.61% in one year and fallen 3.45% since the beginning of this year.

Total 2.44 lakh shares changed hands amounting to turnover of Rs 10.40 crore.

Market cap of the firm fell to Rs 16,748 crore on BSE.

The media firm reported a 5.62 percent fall in net profit to Rs 345.91 crore from Rs 366.51 crore in the same quarter a year ago.

Revenue in Q2 stood at Rs 756.16 crore as against Rs 773.93 crore in the year-ago. Total income for the quarter fell to Rs 807.71 crore as against Rs 846.07 crore a year ago.

However, Sun TV's subscription revenues in Q2 rose 14 percent at Rs 427.04 crore from Rs 375.65 crore for the corresponding quarter ended September 2019. EBITDA in Q2 rose 7.10 percent to Rs 502.03 crore from Rs 468.74 crore a year ago.

After Q2 earnings,  CLSA has maintained a buy call with a target price of Rs 590. Subscriptions rose 14% YoY and ad revenues were  back to 80% of pre-COVID Levels, the brokerage said.

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Earnings were a positive surprise led by 14% YoY growth in subscriptions & IPL Revenue. TV content production reached near normalcy, the brokerage said adding that ad revenue and earnings growth to return in FY22.

Japanese brokarage Nomura also maintained a buy call on the stock with a target of Rs 583 per share. Revenue/EBITDA was largely in-line with estimates, the brokerage said adding that good traction was seen in Ad spends in the festive season.

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