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ICICI Securities Report
Sun TV Network Ltd. In Q1 FY25, advertising revenue slipped 1.9% QoQ/4.5% YoY due to the impact of:
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a very heavy cricket quarter – ad wallet share skewed towards sports channels; and
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general elections – ad wallet share skewed towards national news channels.
According to management, there are signs of improvement in ad revenue’s trajectory; however, the quantum of improvement will be apparent only as the festive season approaches (September 2024 onwards). Subscription revenues marginally declined in Q1 FY25; however, we think it is likely to grow 3–4% for the full year.
While IPL revenues were down 3% YoY in Q1 FY25, it increased ~15% overall in the 2024 season. We think this is likely to grow further in the 2025 season due to higher sponsorships.
We maintain 'Buy' and revise our target price to Rs 1,140 (earlier Rs 1,000).
Click on the attachment to read the full report:
Berger Paints Q1 Results Review – Gaining Ground Amid Intensified Competition: ICICI Securities
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