MUMBAI: Sun TV Network, once the prime-time champion of regional television, is now facing more reruns than fresh hits. The third quarter of FY25 has been less 'superhit serial' and more 'filler episode'—with revenue, EBITDA, and profits all taking dramatic dives. While audiences may still be watching, advertisers have clearly flipped the channel, leaving Sun TV’s earnings on mute.
Is this a brief ad break before the comeback, or is Sun TV headed for a season finale?
Standalone Results
Sun TV’s Q3 FY25 numbers resemble an ageing sitcom—still on air, but struggling for ratings. The company reported total income of Rs 927.66 crore, a decline from Rs 1,014.81 crore in Q3 FY24. The advertisement revenue stood at Rs 332.17 crore, sliding from Rs 355.43 crore last year. Clearly, advertisers are swiping right on digital and left on traditional TV.
Subscription revenue, however, managed a 2.03 per cent growth, reaching Rs 434.51 crore—a small consolation prize in a sea of red ink. Meanwhile, EBITDA took a nosedive to Rs 432.13 crore, down from Rs 573.76 crore in Q3 FY24, reflecting higher operational costs and the ever-shrinking TV margins.
Profit before tax (PBT) slipped to Rs 454.61 crore, down from Rs 591.31 crore last year. The real kicker? Profit after tax (PAT) dropped to Rs 347.17 crore, a steep decline from Rs 437.34 crore in Q3 FY24. A 20.6 per cent drop in net profits is enough to make any investor reach for the remote control.
Consolidated Results
On a consolidated level, total income stood at Rs 967.56 crore, marking a drop from Rs 1,058.66 crore in Q3 FY24. Revenues from operations were Rs 827.56 crore, a slump compared to Rs 923.15 crore in the corresponding quarter last year.
The profit before tax on a consolidated basis stood at Rs 473.87 crore, down from Rs 611.85 crore in Q3 FY24. The after-tax profits also followed the downward trend, clocking in at Rs 363.26 crore, compared to Rs 453.09 crore in the previous year’s Q3.
While cricket franchise revenues from Sunrisers Hyderabad and Sunrisers Eastern Cape offered some cushion, their combined contribution stood at a modest Rs 0.11 crore this quarter, a stark contrast to Rs 8.98 crore in Q3 FY24. The cost of maintaining these franchises remains high at Rs 1.09 crore this quarter, squeezing margins further.
Sun TV Network’s board has approved an interim dividend of Rs 2.50 per share, a 50 per cent payout on a face value of Rs 5.00 per share—a small consolation prize for investors watching their returns shrink faster than a bad soap opera plot twist. While this cash giveaway might sweeten the deal, will it be enough to distract from the sinking profits?
Meanwhile, ad revenue has taken a nosedive, as brands shift their budgets towards digital darlings like YouTube and OTT platforms. Is Sun TV stuck in an old-school rerun while the world streams ahead? Or does it have one last prime-time comeback left in its script?
With advertising dollars migrating to digital, subscription revenues becoming the lifeline, and cricket franchise earnings proving inconsistent, Sun TV has its work cut out. Will it manage to reinvent itself, or are we witnessing the beginning of a long-term fade-out?
