Sun TV Network Ltd

About

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

Key Points

This is one of the Asia’s largest TV networks. This was established by Kalanidhi Maran in the year 1993. Its flagship channel is Sun TV, which was the first fully privately owned Tamil channel in India. After which it has grown huge and currently owns and operates 32 TV channels across Indian languages – Tamil, Telugu, Kannada, Malayalam and Bengali.

And it is now expanding its market to North India also, and will be launching 11 new channels including the network's first Marathi language channel. After this, Sun Group will have a total of 43 TV channels. [1]

See full details
  • Market Cap 21,850 Cr.
  • Current Price 554
  • High / Low 587 / 381
  • Stock P/E 13.4
  • Book Value 179
  • Dividend Yield 0.90 %
  • ROCE 29.5 %
  • ROE 22.9 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 34.89%

Cons

  • The company has delivered a poor sales growth of 5.13% over past five years.
  • Company has high debtors of 164.75 days.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
780 939 917 1,110 804 848 758 612 769 994 803 819
215 261 299 415 325 253 256 202 274 387 252 332
Operating Profit 565 679 618 695 478 595 502 409 495 608 551 487
OPM % 72% 72% 67% 63% 60% 70% 66% 67% 64% 61% 69% 59%
Other Income 65 62 72 59 75 67 60 112 54 65 77 59
Interest 1 1 0 3 3 3 3 3 3 3 18 2
Depreciation 86 181 247 164 150 149 238 151 97 74 82 38
Profit before tax 544 559 443 587 400 511 321 367 450 596 528 506
Tax % 33% 36% 34% 34% 8% 25% 24% 26% 25% 25% 11% 25%
Net Profit 365 359 292 387 369 384 245 257 335 446 487 365
EPS in Rs 9.26 9.10 7.41 9.81 9.36 9.76 6.22 6.53 8.50 11.31 12.37 9.27

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,453 2,013 1,847 1,923 2,224 2,395 2,474 2,646 2,963 3,783 3,520 3,177 3,384
362 433 433 514 716 718 1,253 874 959 1,176 1,248 1,111 1,244
Operating Profit 1,090 1,581 1,414 1,409 1,508 1,678 1,221 1,772 2,004 2,607 2,272 2,065 2,140
OPM % 75% 78% 77% 73% 68% 70% 49% 67% 68% 69% 65% 65% 63%
Other Income 35 46 80 72 87 99 677 181 165 242 260 306 256
Interest 5 2 6 5 3 2 2 1 1 2 13 27 26
Depreciation 321 480 474 442 478 615 497 400 450 663 700 404 291
Profit before tax 800 1,144 1,014 1,035 1,113 1,159 1,399 1,551 1,718 2,185 1,819 1,941 2,079
Tax % 37% 33% 33% 32% 33% 32% 34% 34% 34% 34% 24% 21%
Net Profit 520 770 693 710 748 782 922 1,030 1,135 1,433 1,385 1,525 1,633
EPS in Rs 13.19 19.53 17.58 18.01 18.98 19.84 23.39 26.14 28.80 36.37 35.15 38.70 41.45
Dividend Payout % 57% 45% 54% 53% 50% 57% 66% 38% 35% 21% 71% 13%
Compounded Sales Growth
10 Years:5%
5 Years:5%
3 Years:2%
TTM:12%
Compounded Profit Growth
10 Years:7%
5 Years:14%
3 Years:10%
TTM:30%
Stock Price CAGR
10 Years:7%
5 Years:0%
3 Years:-5%
1 Year:28%
Return on Equity
10 Years:25%
5 Years:25%
3 Years:24%
Last Year:23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
285 290 197 197 197 197 197 197 197 197 197 197
Reserves 1,689 2,057 2,315 2,588 2,898 3,151 3,277 3,831 4,491 5,329 5,527 6,857
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
619 612 394 446 468 397 285 350 585 670 782 893
Total Liabilities 2,505 2,866 2,906 3,232 3,564 3,745 3,759 4,378 5,273 6,197 6,507 7,946
928 1,296 1,246 1,377 1,373 1,179 845 1,225 1,153 1,112 1,145 946
CWIP 315 11 4 3 2 2 1 2 49 13 66 146
Investments 228 272 224 244 472 506 636 1,148 2,147 2,801 2,692 3,504
1,035 1,287 1,433 1,609 1,717 2,058 2,278 2,004 1,923 2,271 2,603 3,351
Total Assets 2,505 2,866 2,906 3,232 3,564 3,745 3,759 4,378 5,273 6,197 6,507 7,946

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
747 1,147 876 869 1,195 1,162 1,299 1,296 1,371 1,824 1,656 1,464
-654 -592 -346 -477 -786 -518 -401 -716 -1,294 -1,113 -406 -1,152
-84 -501 -578 -382 -431 -635 -737 -475 -475 -596 -1,222 -249
Net Cash Flow 9 54 -47 10 -22 9 160 104 -398 115 27 63

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 83 78 101 111 103 115 115 107 131 109 142 165
Inventory Days
Days Payable
Cash Conversion Cycle 83 78 101 111 103 115 115 107 131 109 142 165
Working Capital Days 34 17 80 96 84 113 137 89 89 78 102 103
ROCE % 43% 53% 42% 39% 38% 36% 33% 41% 39% 42% 30% 29%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
9.69 9.49 8.82 8.53 8.68 8.96 10.32 10.89 9.44 8.98 7.73 8.09
6.69 7.15 7.55 8.10 8.16 7.21 5.62 5.25 5.03 4.05 3.63 3.32
8.62 8.36 8.63 8.37 8.16 8.83 9.06 8.86 10.53 11.97 13.64 13.59

Documents