Sun TV Network Announces Q3 Results Sun TV Network Announces Q3 Results

Sun TV Network Ltd recently announced its third quarter results for 2010-11 fiscal. The company’s quarter results are quite in line with the projections made by Unicon Investment Solutions.

Online PR News – 02-February-2011 – – Sun TV Network Ltd recently announced its third quarter results for 2010-11 fiscal. The company’s quarter results are quite in line with the projections made by Unicon Investment Solutions. Few of the result’s highlights are:

• Total revenue, which was estimated by Unicon to be INR5.9 bn, registered a growth of 51.4% YoY to INR 6 bn from INR 3.9 bn.
• EBITDA registered a growth of 60.6% to INR 5 bn on YoY basis, while Unicon estimated it to be about INR 4.7 bn.
• Net profit registered a growth of 48.4% YoY to INR 2.3 bn, with Unicon estimating it to be about INR 2.1 bn.

Outlook and Valuation by Unicon Investment Solutions
Sun TV is expected to maintain its market leadership despite rising competitive activity due to strong programming and film library and strong presence across regional genres. Unicon said, “We continue to expect Sun TV to grow ahead of the total advertising industry growth of 13-15%. At the CMP the stock trades at a PE multiple of 26x and 22x for FY11e and FY12e respectively. We maintain Buy on the stock with a price target of INR 600”.

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