Sun TV shares rise on higher Q3 net profit

The share price of Kalanithi Maran-led Sun TV rose as high as 3.56 per cent in mid-afternoon trade on the Bombay Stock Exchange on Wednesday following better-than-expected results from the television and FM radio group during the third quarter of fiscal 2013 ended December 31, 2013.

Sun TV posted 13.10 per cent increase in net profit to Rs 189.88 crore in the three months ended December 31,2012 from Rs 167.88 crore in the corresponding period a year earlier. Total income during the period rose 10.73 per cent from Rs 448.32 crore a year ago to Rs 496.41 crore.

Analysts had been expecting net profit at Rs 178 crore on net sales of Rs 473 crore for the quarter. Earnings before interest tax depreciation and amortization (EBITDA) rose 10.32 per cent to Rs 376.34 crore in the quarter under review. EBITDA margin went up by 140 basis points quarter-on-quarter to 77.4 per cent in the third quarter. The board of Sun TV Network declared an interim dividend of Rs 2.50 per share for the year ending March 2013.

Its stock rose over 2.5 per cent in morning trade on Wednesday on the BSE following announcement of results. It closed at Rs 439.20, up 3.86 per cent over the previous day's close on BSE. Over 2 million shares were traded on the NSE on Wednesday.

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