Soft revenue growth drags profitability

11 Mar 2024
5 Min read 
  • Sun TV Network's 3QFY24 results showed soft revenue growth and flat EBITDA YoY.
  •  Revenue grew 3.3% YoY, but ad revenues were impacted by the cricket World Cup.
  •  Prolonged weakness in ad revenues and competition from OTT players remain concerns.
  •  Subscription revenues and signs of FMCG spends could aid recovery in the future.
  •  Valuation for the new IPL team and steady dividend payout make the stock compelling.
  •  BUY rating with a target price of INR750 is reiterated.
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