Tag: Kalanithi Maran

  • Sun TV board declares third interim dividend of 50 percent

    Sun TV board declares third interim dividend of 50 percent

    BENGALURU: The board of directors of the Sun TV Network (Sun TV) has declared a 50 percent dividend (dividend of Rs 2.50) per equity share of face value Rs 5 each for the quarter ended 31 December 2019 (Q3 2019, quarter, period under review). This is the third interim dividend disbursed by the company this fiscal.

    The South Indian television and radio broadcaster behemoth reported total comprehensive income of Rs 351.39 crore (38.9 percent of operating revenue for the quarter, which was 31.6 percent y-o-y higher as compared to Rs 267.03 crore (39.1 percent of operating revenue) for the corresponding year ago quarter.

    Sun TV reported 32.4 percent y-o-y increase in operating revenue for Q3 2019 at Rs 904.45 crore as compared to Rs 683.28 crore in Q3 2018. Total Income for the period under review at Rs 956.04 crore was 34.2 percent more y-o-y as compared to Rs 712.39 crore in Q3 2018. Sun TV says in a press release that its subscription revenue has grown by 24 percent y-o-y to Rs 349.60 crore.

    Operating profit (EBITDA) for Q3 2019 at Rs 667.20 (73.8 percent of operating revenue) increased 35.6 percent y-o-y as compared to Rs 492.04 crore (72 percent of operating revenue) in Q3 2018. Profit after tax (PAT) for the quarter at Rs 351.33 crore (38.8 percent of operating revenue) was 31.6 percent higher y-o-y than Rs 266.97 crore (39.1 percent of operating revenue).

    Sun TV reported 35.4 percent y-o-y increase in total expenditure in Q3 2019 at Rs 414.04 crore from Rs 305.76 crore in Q3 2018. Operating expenses  in Q3 2019 increased 51.5 percent y-o-y to Rs 122.77 crore from Rs 81.05 crore in the corresponding quarter of the previous fiscal. Employee benefits expense in Q3 2019 declined 0.7 percent y-o-y to Rs 71.71 crore from Rs 72.20 crore in Q3 2018.

    Finance costs increased more than elevenfold y-o-y in Q3 2019 to Rs 0.71 crore from Rs 0.06 crore in the corresponding quarter of the previous year. Other expenses increase 12.6 percent y-o-y in Q3 2019 to Rs 42.77 crore from Rs 37.99 crore in Q3 2018.

  • Sun Bangla to rise on 3 February

    Sun Bangla to rise on 3 February

    MUMBAI: In 2018, it was reported that the Southern broadcast behemoth, Kalanithi Maran-owned Sun TV Network intended to travel to new language markets of the country – Marathi and Bengali. The broadcaster has now fixed 3 February as the launch date for its Bengali offering.

    Sun Network has started promoting its channel, Sun Bangla, with the tagline ‘MonePraneBangali.’ Sun Group chief financial officer (CFO) SL Narayanan told analysts during a post-earnings conference call that it will invest Rs 150 crore on Sun Bangla in its first year.

    In addition to this, in the earlier conference call, the Sun TV Network management had said that Sun Bangla is expected to achieve break-even within two or three years. The channel will have original commissioned content. The management has projected that the Bangla channel will achieve 10-12 per cent viewership within a couple of years.

  • Sun TV moots 50% interim dividend as numbers jump in Q2

    Sun TV moots 50% interim dividend as numbers jump in Q2

    BENGALURU: Sun TV Network Ltd (Sun TV) reported improved year-on-year (y-o-y) standalone numbers across all important parameters for the quarter ended 30 September 2018 (Q2 2019, quarter or period under review) as compared to the corresponding quarter of the previous year (Q2 2018). The company reported 13.8 percent higher y-o-y standalone total income in the quarter under review at Rs 811.67 crore as compared to Rs 713.13 crore in Q2 2018. Standalone operating revenue increased 10.9 percent y-o-y to Rs 749.55 crore in Q2 2019 from Rs 675.90 crore in Q2 2018.The board of directors of the company has declared an interim dividend of 50 percent (Rs 2.50 per equity share) for the quarter under review as compared to100 percent or Rs 5 per equity share of face value of Rs 5 each in the immediate trailing quarter Q1 2019. This means that during the six month period ending 30 September 2018 (H1 2019), the company has declared dividends to the extent of 150 percent.

    The company has stated in its earnings release that standalone subscription revenue at Rs 311.27 crore was up 21.33 percent y-o-y.
     

    The company’s standalone profit after tax or PAT in Q2 2019 improved 23.4 percent y-o-y to Rs 351.32 crore as compared to Rs 284.67 crore in Q2 2019.

    Sun TV standalone EBITDA in Q2 2019 was Rs 553.97 crore (70.5 percent of operating revenue), 11.8 percent higher as compared to Rs 495.69 crore (63 percent of operating revenue) in Q1 2018. Total comprehensive income or TCI for the quarter under review was up 23.4 percent y-o-y at Rs 351.38 crore as compared to Rs 284.73 crore in Q2 2018.

    Total Expenditure (TE) during the period under review reduced 1.7 percent y-o-y to Rs 278.04 crore as compared to Rs 283.96 crore in the corresponding quarter of the previous year.

    Operating expense in Q2 2019 incresed 40.6 percent y-o-y to Rs 90.11 crore from Rs 64.08 crore in the corresponding quarter of the previous year. Employee Benefits Expense in Q2 2019 reduced 5.1 percent y-o-y to Rs 73.47 crore as compared to Rs 77.39 crore in Q2 2018. Other expenses (OE) in the Q2 2019 reduced 16.5 percent to Rs 32 crore as compared to Rs 38.34 crore in the corresponding quarter of the previous year.
     

    SunRisers Hyderabad adds to operating profits of Sun TV
     

    Sun TV paid 16.6 percent lower IPL Franchisee Fees in H1 2019 at Rs 71.33 crore as compared to Rs 85.48 crore in H1 2019. Sun TV’s IPL franchise had turned operationally profitable as per the notes in Sun TV’s financial statement  for Q1 2019. The company has included income of Rs 386.28 crore from Sun Risers Hyderabad and costs incurred on it of Rs 187.20 crore in its H1 2019 numbers. Corresponding numbers for Sun Risers Hyderabad for the year ago half year (H1 2018) were income of Rs 143.20 crore and costs of Rs 165.82 crore.

  • Sun TV declares interim dividend as numbers jump in first quarter

    Sun TV declares interim dividend as numbers jump in first quarter

    BENGALURU: Sun TV Network Limited (Sun TV) reported improved numbers across all important parameters for the quarter ended 30 June 2018 (Q1 2019, quarter or period under review) as compared to the corresponding quarter of the previous year (Q1 2018). The company reported 40.8 percent higher year on year (y-o-y) standalone total income in the quarter under review at Rs 1,159.39 crore as compared to Rs 823.38 crore in Q1 2018. Standalone operating revenue increased 42.5 percent y-o-y to Rs 1,120.39 crore in Q1 2019 from Rs 786.32 crore in Q1 2018.The board of directors of the company has declared an interim dividend of 100 percent or Rs 5 per equity share of face value of Rs 5 each.

    The company has stated in its earnings release that standalone subscription revenue at Rs 311.27 crore was up 15 percent y-o-y.

    The company’s standalone profit after tax or PAT in Q1 2019 improved 62.6 percent y-o-y to Rs 409.14 crore as compared to Rs 251.64 crore in Q1 2019.

    Sun TV standalone EBIDTA in Q1 2019 was Rs 731.74 crore (65.6 percent of operating revenue), 63.9 percent higher as compared to Rs 448.36 crore (57 percent of operating revenue) in Q1 2018.

    Total Expenditure (TE) during the period under review increased 20.7 percent y-o-y to Rs 532.71 crore as compared to Rs 441.5 crore in the corresponding quarter of the previous year.

    Operating expense in Q1 2019 increased 18.4 percent y-o-y to Rs 80.90 crore from Rs 68.34 crore in the corresponding quarter of the previous year. Employee Benefits Expense in Q1 2019 increased 24.5 percent y-o-y to Rs 85.16 crore as compared to Rs 64.42 crore in Q1 2018. Other expenses (OE) in the Q1 2019 increased 28.1 percent to Rs 148.29 crore as compared to Rs 115.75 crore in the corresponding quarter of the previous year.

    SunRisers Hyderabad adds to operating profits of Sun TV

    Su TV paid 16.6 percent lower IPL Franchisee Fees during the quarter under review at Rs 71.33 crore as compared to Rs 85.48 crore in Q1 2018. Sun TV’s IPL franchise has turned operationally profitable as per the notes in Sun TV’s financial statement. The company has included income of Rs 385.92 crore from Sun Risers Hyderabad and costs incurred on it of Rs186.66 crore in Q1 2019. Corresponding numbers for Sun Risers Hyderabad for year ago quarter were income of Rs 143.10 crore and costs of Rs 165.50.

  • Sun TV FY 2018, Q4 numbers grow

    Sun TV FY 2018, Q4 numbers grow

    BENGALURU: Sun TV Network Ltd (Sun TV) reported improved numbers across all important parameters for the year ended 31 March 2018 (FY 2018, year or the year under review) as compared with the previous year (FY 2017). The company reported 10.9 per cent higher consolidated total income of Rs 3,105.29 crore as against Rs 2,799.52 crore in FY 2017. Consolidated operating revenue increased by 12 per cent to Rs 2,963.02 crore from Rs 2,645.72 crore.

    The company has stated in its earnings release that standalone subscription revenue at Rs 1,141.21 crore was up 18.7 per cent as against Rs 961.41 crore in the previous year. Advertisement revenue in the year under review was up by around 12 per cent year on year (yoy) at Rs 1,309.33 crore.

    Consolidated FY 2018 numbers

    The company’s consolidated profit after tax (PAT) in FY 2018 improved by 10.2 per cent to Rs 1,135.31 crore as against Rs 1,030.66 crore in FY 2017.

    Sun TV’s consolidated EBITDA for the year under review was Rs 2,003.76 crore (67.6 per cent of operating revenue), 13.2 per cent higher as against Rs 1,769.84 crore (66.9 per cent of operating revenue) in FY 2017.

    Consolidated total expenditure (TE) in FY 2018 increased by 10.4 per cent to Rs 1,410.33 crore as compared with Rs 1,276.36 crore in the previous year. Operating expense in FY 2018 rose by 29.6 per cent to Rs 302.86 crore from Rs 233.77 crore in the previous year. Employee benefits expense in FY 2018 increased by 15 per cent to Rs 314.54 crore as against Rs 273,51 crore in FY 2017. Other expenses (OE) in FY 2018 were 9.4 per cent lower at Rs 256.38 crore as compared with Rs 283.12 crore in the previous year.

    Sun TV has paid franchisee fees for its IPL team Sun Risers Hyderabad (SRH) of Rs 85.48 crore in Q1 2018 and Q1 2017.

    Standalone Q4 2018 numbers

    Sun TV reported improved numbers across all important parameters for the quarter ended 31 March 2018 (Q4 2018, the quarter under review) as compared with the corresponding quarter of the previous year (yoy, Q4 2017). The company says in its earnings release that subscription revenue for the quarter increased by 27.7 per cent yoy to Rs 308.84 crore from Rs 241.94 crore.                   

    Sun TV reported 21.6 per cent higher standalone total income in the quarter under review at Rs 753.79 crore as compared to Rs 619.85 crore in Q4 2017. Operating revenue increased 23.1 per cent yoy to Rs 716.95 crore in Q4 2018 from Rs 582.50 crore in Q4 2017.

    The company’s profit after tax or PAT in Q4 2018 improved 22.8 per cent to Rs 289.76 crore as compared to Rs 235.91 crore in Q4 2017.

    Sun TV EBITDA in Q4 2018 was Rs 522.40 crore (72.9 per cent of operating revenue), 32.7 per cent higher as compared to Rs 393.64 crore (67.6 per cent of operating revenue) in Q2 2017.

    Total expenditure (TE) in Q4 2018 increased 18.3 per cent to Rs 314.47 crore as compared to Rs 265.72 crore in the corresponding quarter of the previous year.

    Operating expense in Q4 2018 increased 17.8 per cent yoy to Rs 72.73 crore from Rs 61.74 crore in the corresponding quarter of the previous year. Employee benefits expense in Q4 2018 increased 18.4 per cent to Rs 76.09 crore as compared to Rs 64.28 crore in Q4 2017. Other expenses (OE) in the Q4 2018 reduced 27.2 per cent to Rs 45.73 crore as compared to Rs 62.84 crore in the corresponding quarter of the previous year.

  • Kalanithi Maran, Sun TV: the evolution

    Kalanithi Maran, Sun TV: the evolution

    MUMBAI: In the late eighties, a scrawny young man returned to India from the US having completed his MBA from the University of Scranton. He had lights in his eyes, fascinated as he had become by television in the US during his management freshman and graduation days.

    But television in India was a domain restricted to only state-owned Doordarshan. For a while, he dabbled in the print media that his family owned but the lure of the moving image proved too strong. So, he did the next best thing: he started producing a video magazine in Tamil.

    Kalanithi Maran had bigger ambitions; he wanted to start a TV channel in Tamil; not just a TV channel; TV channels in the various south Indian languages. With that goal in mind, he approached the then-emerging TV baron Subhash Chandra whose Zee TV had caught the imagination of the nation with edgy fast-paced general entertainment programming.

    The young man wanted a slot (one in the afternoon) on Zee TV’s service to start his own TV channel; but a Zee TV executive saw no merit in the plan and turned it down. He never got a chance to meet the goateed Chandra.  It was to prove to be a colossal mistake. However, another cable TV operator–Siddhartha Srivastava–who has the distinction of launching the first Indian private TV channel (not Subhash Chandra as many commonly believe) called ATN was more giving and provided him with a slot.

    Kalanithi cobbled together his savings and also got his father the late Murosali Maran to guarantee a bank loan for him. The same 25 friends who were working on the video magazine–Poomalai (which was by then plagued by piracy) and the cable TV programme Tamizh Maalai–stood by him and drew up the programming for the to-be-launched channel.

    Thus, Sun TV was born on 14 April 1993 beaming off the wobbly Russian satellite called Gorizont. The programming was primarily film entertainment-based. Kalanithi and his team had to work hard to build cable TV distribution infrastructure in the state, coaxing shop owners to become cable TV operators and set up headends and distribute Sun TV  so that it could be seen by Tamilians who had little else to watch in the comfort of their homes.

    His efforts bore fruit: cable TV operators soon thereafter popped up all over Tamil Nadu, courtesy consumer demand for the channel. Both fuelled each other and, by 1996, Sun TV was notching up revenue of Rs 450 million with a penetration of 86 per cent in the state. Apart from Zee TV, it was the only other channel that was sporting a black bottom line at that time.

    Kalanithi went about fulfilling his dream to have a southern Indian language network, just as Chandra was expanding his Zee Network. The aggressive young entrepreneur launched Udaya TV in Karnataka in 1994, took over Gemini TV soon thereafter and Surya TV followed.  There has been no stopping him and, today, the group runs 33 channels and another nine are being added. His portfolio covers the genres of entertainment, news, comedy, music, movies, kids and classic.

    Along the way, Kalanithi appears to have shed his inhibitions of foraying outside his comfort zone of the south–Tamil, Telugu, Kannada and Malayalam. For some time now, the Sun group has been gestating Bengali and Marathi language channels. Six to eight months from now, the two are slated to be launched and teams have been hired in Kolkata and in Mumbai. Hectic parleys are going on to decide the programming, the positioning, the distribution and marketing of the two channels.

    Kalanithi also owns 42 FM radio stations, the second-largest Tamil-circulated daily newspaper in India Dinakaran, and five other magazines, DTH platform Sun Direct and the Sunrisers Hyderabad IPL cricket team. Then, there is the cable TV network SCV, which has presence in Chennai. The Sun group made an ill-informed dash to acquire and run an airline SpiceJet, which Kalanithi found challenging to do and quickly did a volte face and sold it to Ajay Singh who has since been doing a better job. And then there is the network’s new OTT offering Sun Nxt.

    Recently, the group celebrated 25 years of its television existence with full front-page ads across select newspapers and a week of celebrations with its 1,500 employees nationwide. The ads crowed about Sun TV’s no 1 status in India and then went on to thank everyone saying it would not have been possible without “your support.” Silver coins, plates were given out to long-serving employees during the celebrations. Print ads aside, the Sun network did no press or public relations blitz–in the mainline nor the trade media.

    That’s in keeping with Kalanithi’s innate tendency to stay away from the limelight. He and the group have been publicity shy to the T. The company does not have any media relations to speak of or have a structured communications department like the other big four networks do. Star India, Zee, Viacom18, Sony Pictures Networks Television, do. Zee TV, Viacom18 and Sony Pictures all celebrated lavishly during their individual anniversaries inviting important partners, clients, and vendors.

    The shunning of the media probably stems from the fact that his roots are in one of the most important political families in the country. His grand uncle M Karunanidhi heads the DMK party, his uncles are politicians while his late father Murosali Maran held ministerial positions in various political regimes and his brother, Dayanidhi Maran, has been a minister, too.

    This apart, the group also owns powerful print media titles, which serve as a very strong platform to communicate the messaging Kalanithi wants to convey.

    All along, mutters have been doing the rounds that the Sun network got several benefits and favours courtesy Kalanithi’s political lineage. Allegations have also been hurled that Sun TV Network misused the clout and used strong-arm tactics with Tamil film producers demanding movie titles for broadcasting on his network to the exclusion of other television stations. And at surprising prices.

    Additionally, most media went to town alleging that the Sun TV network worked as a strong supporter of the DMK party. But which news channel in India does not have political backing, leaning or favourites? And Kalanithi’s DMK leaning was probably at a time when the AIADMK was going hammer and tongs against the DMK with its own party mouthpiece Jaya TV. Even then, Sun TV’s reportage at times caused heartburn to DMK supporters as Kalanithi worked on maintaining a balance.

    Moreover, over the years, most Indian TV news channels have become more blatant in their support of specific political agendas and parties–whether national or state wise or region wise. So, singling out Kalanithi as a political beneficiary is like the pot calling the kettle black.

    Finally, that myth must have been totally exploded following the distancing of grand-nephew from grand uncle and the launching of a competing television network by the DMK patriarch. Also, oodles of trouble followed with Kalanithi and Dayanidhi in relation to the 2G telecom scandal. Both have been since absolved and freed of the charges by the courts.

    The fact is that it is not political equations that have allowed Kalanithi to build his Sun group. It has been his savvy ability to see opportunity where others don’t, grab it and diligently make it successful. And he has done this fearlessly time and again–with the exception of SpiceJet. His radio stations are some of the more innovative ones and attract a wide demographic with a lot of it being youth. They are profitable. His newspapers give him wide reach and coverage and, in the process, media clout. And they make money.

    What’s above all this is the fact that Sun is highly profitable and its stock price has been holding strong when others have not. That itself speaks highly of the confidence the investor community has in him. As a businessman and as an innovator. No other media enterprise has come even close to breaking the stranglehold he has on viewers in the south; the programmers seem to understand the pulse of the Sun Network viewers. Several have tried including smaller players and the big four. But none has managed to race ahead of the Sun network.

    The Sun TV stock appears to be an investor’s darling, often times being talked of being undervalued. Both investors and shareholders have come to terms and have accepted the high pay cheques Kalanithi hands out to himself and his wife Kavery every year, ranking him among the top-paid CEOs in India.

    Many scions of political leaders have been given similar silver spoons but none have been able to scale up their ventures to the level that Kalanithi and the team Sun TV have. Clearly, credit should be given to his business acumen rather than just the political lineage.

    Clearly, it’s about time–during its silver jubilee year–Kala be given his due place in the media sun as an entrepreneur who has made it big. On his own steam.

  • Sun TV reports improved numbers, declares third interim dividend

    Sun TV reports improved numbers, declares third interim dividend

    BENGALURU: Sun TV Network Ltd (Sun TV) reported improved numbers across all important parameters for the quarter ended 31 December 2017 (Q3 2018, the quarter under review) as compared with the corresponding quarter of the previous year (yoy, Q3 2017). The company said in its earnings release that subscription revenue for the quarter increased by 16.5 per cent yoy to Rs 281.81 crore from Rs 241.94 crore while advertisement revenue grew by approximately 22 per cent yoy. The board of directors of Sun TV has declared a third interim dividend of the year of Rs 2.50 per equity share of face value of Rs 5 each (50 per cent).

    Sun TV reported 13.4 per cent higher consolidated total income in the quarter under review at Rs 712.39 crore as against Rs 628.36 crore in Q3 2017. Operating revenue increased by 15.9 per cent yoy to Rs 683.28 crore in Q3 2018 from Rs 589.43 crore in Q3 2017.

    Sun TV’s EBITDA during the quarter was Rs 492.04 crore (72 per cent of operating revenue), 11.9 per cent higher as compared against Rs 439.66 crore (74.6 per cent of operating revenue) in Q3 2017.

    The company’s profit after tax or PAT in Q3 2018 improved by 11.2 per cent to Rs 267.03 crore (39.1 per cent of operating revenue) as compared with Rs 240.09 crore (40.7 per cent of operating revenue) in Q3 2017.

    Total expenditure in Q3 2018 increased by 17.1 per cent to Rs 305.76 crore (44.7 per cent of operating revenue) as against Rs 261.09 crore (44.3 per cent of operating revenue) in the corresponding quarter of the previous year.

    Operating expense in Q3 2018 soared by 50.7 per cent yoy to Rs 81.05 crore (11.9 per cent of operating revenue) from Rs 53.78 crore (9.1 per cent of operating revenue) in the corresponding quarter of the previous year.

    Employee benefits expense in Q3 2018 increased by 20.6 per cent to Rs 72.70 crore (10.6 per cent of operating revenue) as compared with Rs 59.86 crore (10.2 per cent of operating revenue) in Q3 2017.

    Other expenses in Q3 2018 grew by 5.1 per cent to Rs 37.99 crore (5.6 per cent of operating revenue) as compared with Rs 36.13 crore (6.1 per cent of operating revenue) in the corresponding quarter of the previous year.

    Also Read :

    Sun TV reports improved numbers, declares third  interim dividend

    Viacom18 rolls up its sleeves for Tamil market share

    Sun Direct may add 20 HD, 100 SD channels

  • Subs revenue boosts Sun TV earnings

    Subs revenue boosts Sun TV earnings

    BENGALURU: Riding on the high of an increase in subscription revenue, Sun TV Network Ltd (Sun TV) reported improved numbers across all important parameters for the quarter ended 30 September 2017 (Q2 FY 2017-18, current quarter) as compared with the corresponding quarter of the previous year (Q2 FY 2016-17). The company’s subscription revenue for the current quarter increased by 14.3 percent year-on-year (y-o-y) to Rs 2,776.8 million from Rs 2,429.0 million.

    Sun TV reported 5.6 percent increase in consolidated total income during the quarter to Rs 7,131.3 million as compared with Rs 6,754.7 million in Q2 FY 2016-17. Operating revenue rose by 8.1 percent y-o-y to Rs 6,759.0 million from Rs 6,254.9 million. The board of directors of Sun TV has declared a second interim dividend of the year of 50 per cent per equity share of Rs 5.

    During the quarter, the company’s profit after tax improved by 5.3 percent to Rs 2,846.7 million (42.1 percent of operating revenue) as compared with Rs 2,703.5 million (35.5 percent of operating revenue) in Q2 FY 2016-17.

    Sun TV’s earnings before interest, taxes, depreciation, amortisation (EBITDA) during the quarter were Rs 4,960.9 million (73.4 per cent of operating revenue), growth of 6.7 percent as against Rs 4,650.2 million (68.8 percent of operating revenue) in Q2 FY 2016-17.

    Total expenditure during the quarter increased by 7.2 percent to Rs 2,825.6 million (41.8 percent of operating revenue) as compared with Rs 2,636 million (34.6 percent of operating revenue) in the corresponding quarter of the previous year.

    Operating expense in Q2 FY 2017-18 grew by 24.8 percent to Rs 640.8 million (9.5 per cent of operating revenue) from Rs 513.3 million (6.7 per cent of operating revenue) in the corresponding quarter of the previous year.

    Employee benefits expense in during the second quarter increased by 7.7 percent to Rs 773.9 million (11.4 per cent of operating revenue) as against Rs 718.3 million (9.4 per cent of operating revenue) in Q2 FY 2016-17.

    Other expenses in the Q2-18 increased 2.8 percent to Rs 384.3 million (5.7 percent of operating revenue) as compared to Rs 373.1 million (4.9 percent of operating revenue) in the corresponding quarter of the previous year.

  • Sun TV reports improved Q1-18 numbers, declares 50% interim dividend

    BENGALURU: Sun TV Network Limited (Sun TV) reported improved numbers across all important parameters for the quarter ended 30 June 2017 (Q1-18, current quarter) as compared to the corresponding quarter of the previous year (y-o-y, Q1-17). Sun TV reported 5.2 per cent higher consolidated total income in the current quarter at Rs 8,233.8 million as compared to Rs 7,823.8 million in q1-17. Operating revenue increased 3.4 per cent to Rs 7,863.2 million in Q1`-18 from Rs 7,608.3 million in Q1-17. The board of directors of Sun TV has declared an interim dividend of Rs 2.50 per equity share of face value of Rs 5 each (50 per cent).

    The company says in its earnings release that subscription revenue at Rs 2,705 million was up 15.3 per cent in Q1-18 as against Rs 2,346.8 million in the corresponding quarter of the previous year.

    The company’s profit after tax or PAT in Q1-18 improved 8 per cent to Rs 2,516.4 million (32 per cent of Operating Revenue) as compared to Rs 2,330.6 million (29.8 per cent of Operating Revenue) in Q1-17.

    Sun TV EBIDTA in the current quarter was Rs 4,483.6 million (57 percent of Operating Revenue), 2.7 percent higher as compared to Rs 4,369.9 million (57.4 percent of Operating revenue) in Q1-17.

    Total Expenditure (TE) in the current quarter increased 3.8 per cent to Rs 4,415 million (56.1 per cent of Operating Revenue) as compared to Rs 4,253 million (54.4 per cent of Operating Revenue) in the corresponding quarter of the previous year.

    Operating expense in Q1-18 increased 37.6 per cent to Rs 683.1 million (8.7 per cent of Operating Revenue) from Rs 496.6 million (6.3 per cent of Operating Revenue) in the corresponding quarter of the previous year.

    Employee Benefits Expense in Q1-18 increased 13.5 per cent to Rs 684.2 million (8.7 per cent of Operating Revenue) as compared to Rs 603 million (7.7 per cent of Operating revenue) in Q1-17.

    Other expenses (OE) in the Q1-18 decreased 10.3 per cent to Rs 1,157.5 million (14.7 percent of Operating Revenue) as compared to Rs 1,290 million (16.5 per cent of Operating Revenue) in the corresponding quarter of the previous year.

    IPL Franchisee

    Sun TV has paid franchisee fees for its IPL team Sun Risers Hyderabad (SRH) of Rs 85.48 million in Q1-18 same as in the first quarter of FY-17. The company says that its IPL Franchisee had revenue of Rs 1,431 million in Q1-18, down 0.7 per cent as compared to Rs 1,440.4 million in Q1-17. IPL Franchisee costs in Q1-18 were down 5.9 per cent to Rs 1,655 million as compared to Rs 1,758.4 million in Q1-17.

  • Delhi HC rules in favour of Sun TV chief Maran

    MUMBAI: In a civil suit filed by south Indian media baron and Sun Group chief Kalanithi Maran and his airline firm Kal Airways, the Delhi High Court dismissed the plea of SpiceJet against a single-judge order that directed it to deposit Rs 579 crore in relation to a share transfer conflict. Sources told Financial Express that SpiceJet will move the Supreme Court against the HC order.

    The petitioner had sought issuance of stock warrants in SpiceJet to them as per a sale purchase agreement (SPA) of 2015 which had led to the transfer of ownership of the budget carrier to SpiceJet promoter Ajay Singh. The single bench’s order had been pronounced last year on the ivil suit filed by Maran and Kal Airways, the erstwhile owner of SpiceJet, PTI reported.

    The high court on Monday asked SpiceJet to deposit in court a part of the amount in the form of bank guarantee by July-end, and the remainder to be paid in cash by August end.

    Maran and Kal had charged that despite giving Rs 579 crore to SpiceJet, the carrier had failed to issue them the warrants or allot tranche one and two of Convertible Redeemable Preference Shares and that the funds were not utilised for paying statutory dues owing to which they were also facing prosecution.

    Singh had co-founded SpiceJet in 2005, but sold his majority stake to Maran for Rs 750 crore in 2010. But, when the carrier ran into trouble, Singh came on board by acquiring 58 per cent stake from Marans in January 2015.

    A division bench headed by justice S Ravindra Bhat stated: “Although we do not find merit in the appeal and have dismissed it, we have passed an order modifying the impugned order,” adding “there is nothing worthwhile” in the airline’s plea to show its finances were precarious or that its cash position was so stretched that it cannot comply with a single-judge order to deposit the amount. “There is neither reference to any figure or amount, nor reliance on any balance sheet, nor even the income and expenditure statement of the company, to say that compliance with the impugned order would irreparably injure it.”

    “The court notices that the nearly 18 month pendency of this appeal, and the non-compliance with the impugned order (of single judge), has aggrandised the appellant (SpiceJet), which was to have the benefit of the amounts. “If there were any difficulties, this interregnum period would have helped it considerably tide over its affairs and certainly afforded time to organise it better and in a more orderly fashion to comply with the order,” the bench said while dismissing the appeals.