Sun TV Network Ltd

Sun TV Network is engaged in producing and broadcasting satellite television and radio software programming in the regional languages of South India.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 26.60%
Company has been maintaining a healthy dividend payout of 31.20%
Cons:

Peer Comparison Sector: Entertainment // Industry: Entertainment / Electronic Media Software

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
1,146 917 1,131
402 299 436
Operating Profit 744 618 695
OPM % 65% 67% 61%
Other Income 44 72 59
Interest 0 0 3
Depreciation 149 247 164
Profit before tax 639 443 587
Tax % 35% 34% 34%
Net Profit 418 292 387
EPS in Rs 10.60 7.41 9.82
Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
870 1,039 1,453 2,013 1,847 1,923 2,224 2,395 2,474 2,646 2,963 3,783
272 303 362 433 433 514 716 718 983 876 959 1,176
Operating Profit 598 737 1,091 1,581 1,414 1,409 1,508 1,677 1,491 1,770 2,004 2,607
OPM % 69% 71% 75% 78% 77% 73% 68% 70% 60% 67% 68% 69%
Other Income 57 67 35 46 80 72 87 99 407 183 165 243
Interest 16 14 5 2 6 5 3 2 2 1 1 2
Depreciation 124 220 321 480 474 442 478 615 497 400 450 663
Profit before tax 514 569 800 1,144 1,014 1,035 1,113 1,159 1,399 1,551 1,718 2,185
Tax % 39% 40% 37% 33% 33% 32% 33% 32% 34% 34% 34% 34%
Net Profit 327 368 520 770 693 710 748 782 922 1,030 1,135 1,433
EPS in Rs 7.87 8.92 11.94 18.09 16.04 16.45 17.37 17.66 20.24 24.11 28.80 36.37
Dividend Payout % 30% 27% 57% 45% 54% 53% 50% 57% 66% 38% 35% 21%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.79%
5 Years:11.21%
3 Years:15.21%
TTM:27.66%
Compounded Profit Growth
10 Years:14.54%
5 Years:13.25%
3 Years:23.21%
TTM:25.27%
Return on Equity
10 Years:26.61%
5 Years:25.41%
3 Years:26.60%
Last Year:27.28%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
197 197 285 290 197 197 197 197 197 197 197 197
Reserves 1,252 1,505 1,689 2,057 2,315 2,588 2,898 3,151 3,277 3,831 4,491 5,329
Borrowings 69 72 0 0 0 0 0 0 0 0 0 0
330 295 632 626 412 474 506 440 287 398 630 715
Total Liabilities 1,848 2,068 2,517 2,880 2,924 3,260 3,602 3,788 3,761 4,426 5,319 6,242
553 838 928 1,296 1,246 1,377 1,373 1,179 845 1,225 1,153 1,112
CWIP 222 157 315 11 4 3 2 2 1 2 49 13
Investments 180 181 228 272 224 244 472 506 636 1,148 2,147 2,801
892 893 1,047 1,301 1,450 1,636 1,755 2,101 2,279 2,052 1,969 2,316
Total Assets 1,848 2,068 2,517 2,880 2,924 3,260 3,602 3,788 3,761 4,426 5,319 6,242

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
342 588 747 1,147 876 869 1,195 1,162 1,299 1,296 1,371 1,824
-573 -372 -654 -592 -346 -477 -786 -518 -401 -716 -1,294 -1,113
-17 -209 -84 -501 -578 -382 -431 -635 -737 -475 -475 -596
Net Cash Flow -248 7 9 54 -47 10 -22 9 160 104 -398 115

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 38% 34% 43% 53% 42% 39% 38% 36% 33% 41% 39% 42%
Debtor Days 108 85 83 78 101 111 103 115 115 107 131 109
Inventory Turnover 3,782.30 5,196.80 1,026.74 979.79 1,924.14 3,807.92 4,156.30 4,562.63 3,072.84 2,619.52 5,198.28 15,438.94