Sun TV Network Ltd.'s shares declined over 9% on Monday after it's first quarter revenue and profit dipped missing expectations, as income from advertisement and subscription services fell.
The company's consolidated net profit declined 5% to Rs 560 crore in the quarter ended June 30, 2024, compared to Rs 592 crore in the same period last year. Analysts' estimates compiled by Bloomberg had projected net profit at Rs 653 crore. Revenue from operations decreased 3% to Rs 1,312.4 crore.
Earnings before interest, tax, depreciation and amortisation fell 10% to Rs 718.86 crore, while operating margin declined from 59% to 54.8%.
Income from advertisement dipped from Rs 339.1 crore to Rs 324 crore, while that from subscription was down from Rs 435.3 crore to Rs 425.8 crore in the first quarter of fiscal 2025.
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Shares of Sun TV fell as much as 9.34% before paring loss to trade 8.13% lower at Rs 842.35 apiece at 9:35 a.m., compared to a 0.3% decline in the Nifty 50.
The stock has risen 52% in the last 12 months and 18% year-to-date. Total traded volume so far in the day stood at 7.8 times its 30-day average. The relative strength index was at 50.
Nine out of 17 analysts tracking Sun TV have a 'buy' rating on the stock, three recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a potential downside of 0.5%.
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