Broadcasting major Sun Television Network Ltd on Friday reported a 7.3 percent year-on-year (YoY) decline in consolidated net profit at Rs 380.2 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the company posted a net profit of Rs 410 crore.

In the March quarter, revenue from operations stood at Rs 840.4 crore during the period under review, down 2 percent against Rs 857 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA declined 11.7 percent to Rs 497.8 crore in the fourth quarter of this fiscal over Rs 563.9 crore in the corresponding period in the previous fiscal, the Chennai-based company said.

Also Read: Abbott declares massive dividend of Rs 325 per share, Q4 net profit rises 9.5%

EBITDA margin stood at 59.2 percent in the reporting quarter as compared to 65.8 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Sun TV Networks' total expenses in the fourth quarter stood at Rs 427.75 crore against Rs 367.09 crore in Q4 FY22. Its total income during the March quarter was Rs 926.20 crore.

Sun TV said, "The results for the quarter and year ended March 31, 2023, includes income from the Holding Company's Cricket franchises (SunRisers Hyderabad and SunRisers Eastern Cape) for season 2023 of Rs 36.96 crore and Rs 287.27 crore, respectively".

Also Read: Zomato Q4 Results: Net loss narrows to Rs 188 crore; revenue rises 70%

Sun TV Network operates satellite television channels across six languages of Tamil, Telugu, Kannada, Malayalam, Bangla, and Marathi, and airs FM radio stations across India.

It also owns SunRisers Hyderabad Cricket Franchise of the Indian Premier League and SunRisers Eastern Cape of Cricket South Africa's T20 League, and the digital OTT platform Sun NXT.

For the fiscal ended March 2023, Sun TV Networks' net profit rose 3.95 percent to Rs 1,706.92 crore. It had reported a net profit of Rs 1,641.91 crore in the year-ago period. Its consolidated revenue from operations was Rs 3,772.05 crore in FY23, 5.22 percent higher than the preceding fiscal.

Also Read: GAIL Q4 Results: Profit slumps 78% on-year on higher expenses; stock cracks 5%

(Edited by : Pradeep John)