Sun TV Network Ltd., one of India's largest media conglomerates, has reported a year-over-year (YoY) increase in its consolidated total income for the third quarter ending September 30, 2023, despite experiencing a decline from the previous quarter. The company's stake distribution has remained largely unchanged with promoters holding steady at 75%, while foreign institutional investors (FIIs) and domestic institutional investors (DIIs) saw slight increases in their holdings.
Key financial highlights from the report include:
- A consolidated total income of Rs 1160.21 crore for Q3, marking a significant YoY growth of 26.79%.
- However, this figure also represents a quarter-over-quarter (QoQ) decrease of -21.08%.
- The company's net profit after tax for the quarter stood at Rs 464.73 crore.
Despite the mixed results, investment firm Motilal Oswal has maintained confidence in Sun TV's performance, issuing a buy call on the company's shares with a target price of Rs 750. This target suggests an optimistic outlook compared to the current market price of Rs 671.3.
The stability in Sun TV Network's promoter shareholding is seen as a positive sign by some investors, indicating continued control and direction from the founding stakeholders. FIIs' stake increased marginally to 10.57% and DIIs' stake rose to 4.47%, reflecting a growing interest from institutional investors.
The company's financial performance and Motilal Oswal's recommendation suggest that Sun TV Network remains a noteworthy player in the Indian media landscape, with potential for growth despite the recent quarterly setbacks.
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