Sun TV Network announced that the 35th Annual General Meeting (AGM) of the company will be held on 16 September 2020.

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Consolidated net sales for Q1 June 2020 stood at Rs 611.51 crore, falling nearly 45% from Rs 1110 crore in Q1 June 2019. The result was announced after market hours on Friday, 14 August 2020.

Profit before tax came at Rs 352.3 crore in quarter ending June 2020, 40% lower from Rs 587 crore posted in the same period last year. Total tax expense declined 52% to Rs 95.1 crore in Q1 June 2020 over Q1 June 2019.

On a standalone basis, company's net profit declined 26% to Rs 282.8 crore on 44% drop in net sales to Rs 606.1 crore in Q1 June 2020 over Q1 June 2019.

Revenues for the quarter dropped due to the absence of IPL and movie distribution. Sun TV's subscription revenues for the quarter ended 30 June 2020, grew by 18% year on year to Rs 442.25 crore. EBITDA for the Q1 June 2020 stood at Rs 416.49 crore, falling 39% from Rs 682.91 crore in the same period last year.

Share of Sun TV Network were up 3.15% at Rs 412.80. The scrip traded in the range of Rs 408.15 to Rs 416.95 so far during the day.

Sun TV Network is one of the largest television broadcasters in India, operating satellite television channels across four languages of Tamil, Telugu, Kannada and Malayalam, airs FM radio stations across India and owns the SunRisers Hyderabad Cricket Franchise of the Indian Premier League (IPL).

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Net profit of Sun TV Network declined 33.44% to Rs 257.41 crore in the quarter ended June 2020 as against Rs 386.72 crore during the previous quarter ended June 2019. Sales declined 44.91% to Rs 611.51 crore in the quarter ended June 2020 as against Rs 1110.04 crore during the previous quarter ended June 2019.

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Sun TV Network will hold a meeting of the Board of Directors of the Company on 14 August 2020.

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