External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Sun TV Network (SUNTV) reported a weak 3QFY25 on all counts.</li><li>Revenue/ EBITDA declined 10%/25% YoY due to continued weakness in ad revenue (-14% YoY, vs-8% YoY for Zee) and higher production costs.</li><li>Recovery in ad revenue remains the key near-term monitorable.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sun TV Network (SUNTV) reported a weak 3QFY25 on all counts.Revenue/ EBITDA declined 10%/25% YoY due to continued weakness in ad revenue (-14% YoY, vs-8% YoY for Zee) and higher production costs.Recovery in ad revenue remains the key near-term monitorable.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Ad revenue declined 6.4% YoY in Q3FY25 as there was a sharp cut in ad spends by FMCG companies in Nov’24 and Dec’24. Subscription grew 2% YoY, lower than our estimated 4% YoY, as pricing hikes by the company are taking time to implement.</li><li>There were no movie releases/IPL revenues in the quarter; hence, revenue/ PAT declined 10.4% YoY/ 20% YoY.</li><li>Q4FY25E is also likely to be muted given ad spends by brands may get diverted towards IPL.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Ad revenue declined 6.4% YoY in Q3FY25 as there was a sharp cut in ad spends by FMCG companies in Nov’24 and Dec’24. Subscription grew 2% YoY, lower than our estimated 4% YoY, as pricing hikes by the company are taking time to implement.There were no movie releases/IPL revenues in the quarter; hence, revenue/ PAT declined 10.4% YoY/ 20% YoY.Q4FY25E is also likely to be muted given ad spends by brands may get diverted towards IPL.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sun TV Network - Another Muted Quarter as Ad Revenue Growth Remains Elusive

<p>Revenues (ex- IPL) at Rs 686 crore were up ~13% YoY, down ~12% QoQ, with ad revenues up ~94% YoY to Rs 244 crore, on a depressed base of Q1FY21 but down 23% QoQ (still ~34% below pre-Covid levels)....</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Revenues (ex- IPL) at Rs 686 crore were up ~13% YoY, down ~12% QoQ, with ad revenues up ~94% YoY to Rs 244 crore, on a depressed base of Q1FY21 but down 23% QoQ (still ~34% below pre-Covid levels)....Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>Production costs were up 23% YoY on the low base of 4QFY20. However, tight cost measures in employee/SG&amp;A; (down 8%/17%) kept the overall operating cost flattish (up just 1.5%). EBITDA subsequently improved 9% YoY to INR5.5b (in-line); EBITDA margins stood at 69.9% (up 140bps YoY). Net profits were flattish (up 2% YoY) at INR4.5b (6% above estimate) on...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Production costs were up 23% YoY on the low base of 4QFY20. However, tight cost measures in employee/SG&amp;A; (down 8%/17%) kept the overall operating cost flattish (up just 1.5%). EBITDA subsequently improved 9% YoY to INR5.5b (in-line); EBITDA margins stood at 69.9% (up 140bps YoY). Net profits were flattish (up 2% YoY) at INR4.5b (6% above estimate) on...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sharp cost savings in a weak environment aid earnings

<p>Sun TV, in its key market of Tamil, has improved its prime time fiction market share from 37% to 42% in the last three quarters, albeit it remains well below that earlier levels. The company envisages to take it to 50% in the medium term. Sun TV also intends to launch five to six shows including two big ticket shows (with total spend of Rs 50 crore for both shows) in Telugu and Malayalam in Q1FY22, which were delayed due to second wave that halted shootings. We expect the overall impact of the second wave and higher presence of local ad to push back ad revenue recovery.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Sun TV, in its key market of Tamil, has improved its prime time fiction market share from 37% to 42% in the last three quarters, albeit it remains well below that earlier levels. The company envisages to take it to 50% in the medium term. Sun TV also intends to launch five to six shows including two big ticket shows (with total spend of Rs 50 crore for both shows) in Telugu and Malayalam in Q1FY22, which were delayed due to second wave that halted shootings. We expect the overall impact of the second wave and higher presence of local ad to push back ad revenue recovery.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sun TV Network: Overall Recovery To Be Gradual

India

Sun TV Network Ltd. offers television channels. The Company operates Tamil and Malayalam language channels in southern India.

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Sun Tv Network (SUNTV IN)

Sun TV Network - Weak 3Q on All Counts

Revenue/ EBITDA declined 10%/25% YoY due to continued weakness in ad revenue (-14% YoY, vs-8% YoY for Zee) and higher production costs.

Motilal Oswal

Sun TV Network - Another Muted Quarter as Ad Revenue Growth Remains Elusive

Ad revenue declined 6.4% YoY in Q3FY25 as there was a sharp cut in ad spends by FMCG companies in Nov’24 and Dec’24. Subscription grew 2% YoY

ICICI Securities Limited

Sun TV Network: Recovery to Be Gradual

Revenues (ex- IPL) at Rs 686 crore were up ~13% YoY, down ~12% QoQ, with ad revenues up ~94% YoY to Rs 244 crore, on a depressed base of Q1FY21 but...

ICICI Securities Limited

Sharp cost savings in a weak environment aid earnings

Production costs were up 23% YoY on the low base of 4QFY20. However, tight cost measures in employee/SG&A; (down 8%/17%) kept the overall operating...

Motilal Oswal

Sun TV Network: Overall Recovery To Be Gradual

Sun TV, in its key market of Tamil, has improved its prime time fiction market share from 37% to 42% in the last three quarters, albeit it remains...

ICICI Securities Limited

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