Sun TV Q2 PAT Falls 13.4% to Rs 354.7 Crore Despite Revenue Growth

Sun TV Networks reported a 13.37% decline in consolidated profit after tax to Rs 354.69 crore in the September quarter, while revenue from operations dropped 38.9% to Rs 1,299.87 crore. The company declared an interim dividend of 75% (Rs 3.75 per share) and its holding company acquired 100% stake in Sunrisers Leeds for GBP 100.5 million, with cricket franchise income contributing Rs 94.52 crore during the quarter.

Sun TV Shares Surge 18% on Potential IPL Team Revaluation Linked to RCB Sale Reports

Sun TV shares jumped 18% to Rs 617 following reports that Diageo may sell its stake in IPL team Royal Challengers Bangalore (RCB) for $2 billion. This potential sale could reset IPL team valuations and increase the worth of Sun TV's Sunrisers Hyderabad (SRH) team. Sun TV currently attributes Rs 87 billion of its market value to SRH, which represents about 45% of the company's market capitalization. Former IPL commissioner Lalit Modi commented that RCB's sale could set a new record valuation and establish a new floor price for all IPL teams. Sun TV shares closed at Rs 588, up 12% for the day, though they remain down 11% year-to-date.