DOCSLIB.ORG

Brighter Days Ahead; Retain BUY Rating Upside

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Brighter Days Ahead; Retain BUY Rating Upside India Equity Research | Media & Entertainment © February 2, 2017 Event Update Emkay Your success is our success Sun TV Network CMP Target Price Rs552 Rs850 () Brighter days ahead; Retain BUY Rating Upside BUY () 54.1 % 2G Special court announced a landmark decision today, dismissing all charges against Change in Estimates promoters of Sun TV and other accused. Although CBI and Enforcement Directorate (ED) EPS Chg FY17E/FY18E (%) (6.4)/(7.6) would likely appeal in the Supreme Court, we believe Marans are in a stronger position Target Price change (%) 38.2 with today’s announcement. Previous Reco BUY The stock has been trading at benign valuations since 2011 for obvioius reasons i.e. 1) legal cases against promoters and 2) sub-par advertisement revenue growth as non-Tamil Emkay vs Consensus channels were losing market share. Partial re-rating started a few months back with EPS Estimates nd viewership market share gains in Telugu (2 largest market). FY17E FY18E The company has infused investments in content across non-Tamil portfolio, resulting in Emkay 24.9 27.8 consistent viewership market share gains in Telugu and Malayalam genre while the same Consensus 26.2 30.0 is yet to reflect in the Kannada genre. Mean Consensus TP Rs 541 As the legal overhang is now behind, we believe re-rating in the stock is imminent. We raise our target PE mulptile to 26x vs 18x earlier and roll forward valutions to FY19E EPS Stock Details to arrive at TP of Rs850, implying 54% upside. Retain BUY. Bloomberg Code SUNTV IN Face Value (Rs) 5 Focused business initiatives bear result; Ratings improve: SUN TV’s content strategy Shares outstanding (mn) 394 changes have started to reflect in viewership market share gains in Telugu and Malayalam 52 Week H/L 567 / 312 genre while the same is yet to reflect in the Kannada genre. In Q1FY17, it launched 20 new shows (including 5 dubbed shows) for non-Tamil and 2 new shows in Tamil while it continued M Cap (Rs bn/USD bn) 217 / 3.23 its focus on new launches in the following quarters as well. In the last 31 weeks, change in Daily Avg Volume (nos.) 21,52,366 content strategy has started to show results with ~8% and ~4% viewership gains in Telugu Daily Avg Turnover (US$ mn) 15.9 and Malayalam portfolio, while Kannada is grappling to arrest its viewership decline. Advertisement – Monetization of market share improvement from Q1FY18: SUN TV’s Shareholding Pattern Dec '16 advertisement revenue has been underperforming industry and peers in the last 5 years due Promoters 75.0% to inconsistency in content investment resulting in viewership market share loss in all the 3 FIIs 16.8% non-Tamil channels. Recent improvement in ratings failed to translate into advertisement DIIs 1.7% revenue growth, impeded by demonetization. We expect ad growth recovery from Q1FY18 in Public and Others 6.6% anticipation that impact of demonetization would recede by then. We are projecting ad growth of 1%/14%/14% for FY17/18/19E. Price Performance Digitization benefits yet to accrue: SUN TV’s cable TV subscription revenue has been (%) 1M 3M 6M 12M impacted by continued delays in implementation of digitization in TN due to Arasu and now Absolute 10 3 21 54 delay in implementation of Phase III. Nevertheless, renewed deals with MSOs have resulted Rel. to Nifty 4 1 20 34 in improved traction in cable TV subscription revenue (37% yoy growth in Q1FY17). Growth in the near to medium term would be contingent on 1) resolution of Phase III digitization Relative price chart (despite Arasu remaining a drag) and 2) continued healthy growth in DTH subscriptions driven 575 Rs % 50 by strong bouquet offering. Sustenance of market share improvement would strengthen its 520 36 bargaining power on both Cable TV and DTH subscription. We expect Cable TV and DTH subscription revenue to grow at 12% CAGR (FY16-19E). 465 22 410 8 Financial Snapshot (Consolidated) 355 -6 (Rs mn) FY15 FY16 FY17E FY18E FY19E 300 -20 Revenue 23,954 25,698 27,957 31,102 34,929 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 EBITDA 16,772 17,742 18,769 21,012 24,379 Sun TV Network (LHS) Rel to Nifty (RHS) Source: Bloomberg EBITDA Margin (%) 70.0 69.0 67.1 67.6 69.8 APAT 7,820 8,954 9,808 10,939 13,129 Naval Seth EPS (Rs) 19.8 22.7 24.9 27.8 33.3 [email protected] EPS (% chg) 4.5 14.5 9.5 11.5 20.0 +91 22 66242414 ROE (%) 23.6 25.4 26.1 26.9 29.7 P/E (x) 27.8 24.3 22.2 19.9 16.6 Ashish Agrawal EV/EBITDA (x) 12.5 11.6 10.8 9.6 8.1 [email protected] P/BV (x) 6.3 6.0 5.6 5.2 4.7 +91 22 66121241 Source: Company, Emkay Research Emkay Research is also available on www.emkayglobal .com, Bloomberg EMKAY<GO>, Reuters and DOWJONES. Emkay Global Financial Services Ltd. Emkay Research | February 2, 2017 2017 2, February | Research Emkay Sun TV Network (SUNTV IN) IN) (SUNTV Sun Network TV Source:BARC, Emkay Research trend viewership Telugu Exhibit 1: 10% 15% 20% 25% 30% 35% 0% 5% MaaTV GeminiTV week 1 week 4 week 7 week 10 week 13 week 16 week 19 week 22 GeminiMovies ETV Telugu week 25 week 28 week 31 Uptick started Uptickstarted for Gemini TV Malayalam,grappling while Kannada tois its arrest strategy has started to show and has results since continued its with focus on new ~8% launches. and launched 20 ~ new shows (including 5 dubbed shows) fo Telugu and Malayalam genre while the same is yet to SUN TV’s content strategy changes have started to ref Focusedbusiness initiatives bear result; Ratingsi Source:BARC, Emkay Research trend Tamil viewership Exhibit 4: Source:BARC, Emkay Research trend viewership Kannada Exhibit 3: 10% 15% 20% 25% 30% 35% 40% week 34 0% 5% -20% 20% 40% 60% 80% 0% week 37 week 40 Polimer TV Sun Udaya TV Udaya week 1 week 1 week 43 week 3 week 3 ZeeTelugu week 46 week 5 week 5 week 49 week 7 week 7 week 52 week 9 week 9 week 3 Zee Kannada Zee week 11 week 11 Kalaignar TV Kalaignar KTV week 13 week 13 Source:BARC, Emkay Research trend viewership Malayalam Exhibit 2: -20% week 15 20% 40% 60% 80% week 15 0% week 17 week 17 AsianetNews FlowersTV Surya TV week 19 week 19 week 1 week 21 week 21 week 4 week 23 Kannada Colors week 23 week 7 J Movie J Tamil Zee week 25 week 25 week 10 week 27 week 27 week 13 week 29 week 29 week 16 vieweship declining week 31 In the last 31 weeks, change in content week 31 week 19 reflect in Kannada genre. In Q1FY17, it lect in viewership market share gains in KiranTV Asianet week 33 week 33 r non-Tamil and 2 new shows in Tamil week 22 4% viewership gain in Telugu and mprove week 35 week 35 week 25 Event Update | Research India Equity Star Suvarna Star Adithya TV Adithya Vijay STAR week 37 week 37 week 28 week 39 week 39 week 31 Uptick started for Surya TV week 41 week 41 week 34 week 43 week 43 week 37 week 45 week 45 week 40 week 47 week 47 AsianetMovies MazhavilManorama Udaya Movies Udaya week 43 week 49 week 49 Jaya TV Jaya week 46 week 51 week 51 week 49 week 1 week 1 week 52 week 3 week 3 2 week 3 Sun TV Network (SUNTV IN) India Equity Research | Event Update Exhibit 5: Telugu viewership share – monthly trend Oct’15 Nov’15 Dec’15 Jan’16 Feb’16 Mar’16 Apr’16 May’16 Jun’16 Jul’16 Aug’16 Sep’16 Oct’16 Nov’16 Dec’16 Jan’17 ETV Telugu 25% 26% 26% 25% 26% 24% 23% 23% 23% 23% 23% 22% 23% 23% 22% 23% Maa TV 24% 21% 23% 22% 22% 22% 22% 22% 22% 20% 20% 20% 20% 21% 21% 21% Zee Telugu 19% 22% 21% 23% 24% 24% 25% 26% 24% 23% 21% 22% 22% 20% 21% 22% Gemini TV 19% 20% 18% 19% 17% 18% 20% 19% 20% 24% 25% 27% 27% 28% 28% 26% Gemini Movies 12% 12% 12% 11% 11% 11% 10% 10% 11% 11% 10% 9% 9% 9% 9% 8% Source: BARC, Emkay Research Exhibit 6: Kannada viewership share – monthly trend Oct’15 Nov’15 Dec’15 Jan’16 Feb’16 Mar’16 Apr’16 May’16 Jun’16 Jul’16 Aug’16 Sep’16 Oct’16 Nov’16 Dec’16 Jan’17 Colors Kannada 30% 34% 35% 33% 29% 29% 29% 28% 30% 30% 31% 33% 31% 32% 31% 33% Udaya TV 19% 16% 16% 17% 16% 15% 16% 16% 17% 17% 16% 16% 12% 11% 10% 11% Suvarna 18% 16% 17% 16% 19% 21% 19% 17% 15% 15% 18% 17% 20% 20% 20% 19% Udaya Movies 19% 19% 17% 17% 17% 17% 18% 19% 19% 18% 15% 16% 16% 15% 16% 15% Zee Kannada 14% 16% 16% 16% 18% 18% 18% 20% 19% 19% 20% 18% 21% 21% 23% 22% Source: BARC, Emkay Research Exhibit 7: Malayalam viewership share – monthly trend Oct’15 Nov’15 Dec’15 Jan’16 Feb’16 Mar’16 Apr’16 May’16 Jun’16 Jul’16 Aug’16 Sep’16 Oct’16 Nov’16 Dec’16 Jan’17 Asianet 55% 55% 51% 55% 54% 53% 51% 50% 54% 50% 49% 45% 45% 49% 50% 53% Mazhavil Manorama 13% 14% 17% 15% 15% 16% 17% 17% 16% 16% 14% 16% 15% 13% 12% 13% Flowers TV 11% 11% 11% 12% 13% 12% 10% 12% 10% 10% 12% 13% 13% 12% 11% 11% Surya TV 10% 11% 12% 9% 8% 10% 11% 11% 11% 15% 16% 17% 15% 12% 13% 13% Asianet Movies 10% 9% 9% 9% 9% 9% 10% 9% 9% 9% 10% 10% 12% 13% 14% 11% Kiran TV 9% 8% 9% 9% 12% 11% 10% Source: BARC, Emkay Research Exhibit 8: Tamil viewership share – monthly trend Tamil Oct’15 Nov’15 Dec’15 Jan’16 Feb’16 Mar’16 Apr’16 May’16 Jun’16 Jul’16 Aug’16 Sep’16 Oct’16 Nov’16 Dec’16 Jan’17 Sun TV 60% 59% 58% 60% 62% 61% 61% 58% 57% 57% 57% 56% 59% 58% 57% 58% KTV 19% 20% 18% 17% 17% 16% 17% 19% 18% 16% 15% 15% 14% 15% 14% 13% STAR Vijay 11% 10% 13% 12% 12% 11% 10% 11% 12% 13% 12% 12% 10% 10% 10% 11% Zee tamil 5% 5% 7% 7% 7% 9% 10% 12% 12% 13% 13% 13% 13% Polimer 6% 6% 6% 6% 5% 5% 5% 5% 5% 4% 5% 4% 5% 4% 4% Source: BARC, Emkay Research Emkay Research | February 2, 2017 3 Sun TV Network (SUNTV IN) India Equity Research | Event Update Advertisement growth uptick expected from Q1FY18 SUN TV’s advertisement revenue has been underperforming industry and peers in the last 5 years due to inconsistency in content investment resulting in loss in viewership market share in all the 3 non-Tamil channels.
Load more

Recommended publications
  • * in the High Court of Delhi at New Delhi
    * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment delivered on: 26.07.2015 + WP(C) No. 6891/2015 & CM No.12620/2015 DIGITAL RADIO (MUMBAI) BROADCASTING LTD & ANOTHER … Petitioners versus UNION OF INDIA … Respondent Advocates who appeared in this case: For the Petitioners : Mr Kapil Sibal, Sr Advocate with Mr Mahesh Agarwal, Ms Shally Bhasin, Mr Paras Anand, Mr Lakshneesh Kamath and Ms Ayushi Chadha For the Respondent : Mr Tushar Mehta, ASG with Mr Sanjeev Narula and Ms Neha Rashmi alongwith Mr Puneet Kansal, Joint Secretary and Mr Yogender Trihan, Deputy Director, Ministry of Information & Broadcasting. AND + WP(C) No. 6892/2015 & CM No.12623/2015 DIGITAL RADIO (DELHI) BROADCASTING LTD & ANOTHER … Petitioners versus UNION OF INDIA … Respondent Advocates who appeared in this case: For the Petitioners : Dr Abhishek Manu Singhvi, Sr Advocate with Mr Mahesh Agarwal, Ms Shally Bhasin, Mr Paras Anand, Mr Lakshneesh Kamath and Ms Ayushi Chadha WP(C) Nos.6891/15 & 6892/15 Page 1 of 29 For the Respondent : Mr Tushar Mehta, ASG with Mr Sanjeev Narula and Ms Neha Rashmi alongwith Mr Puneet Kansal, Joint Secretary and Mr Yogender Trihan, Deputy Director, Ministry of Information & Broadcasting. CORAM: HON'BLE MR. JUSTICE BADAR DURREZ AHMED HON'BLE MR. JUSTICE SANJEEV SACHDEVA JUDGMENT BADAR DURREZ AHMED 1. These writ petitions raise identical issues and are, therefore, being considered together. The facts in both the petitions are virtually the same with some minor differences. We shall refer to the facts in WPC 6891/2015 [Digital Radio (Mumbai) Broadcasting Limited & Anr v. Union of India] in which the petitioner no.1 has been and is currently running the Red FM 93.5 channel for Mumbai [under Phases I and II].
    [Show full text]
  • SUN TV A-Report 2013 Final.Cdr
    CORPORATE INFORMATION BOARD OF DIRECTORS Kalanithi Maran Executive Chairman K. Vijaykumar Managing Director & Chief Executive Officer S. Selvam Director Kavery Kalanithi Executive Director J. Ravindran Independent Director M.K. Harinarayanan Independent Director Nicholas Martin Paul Independent Director R. Ravivenkatesh Independent Director COMPANY SECRETARY & R. Ravi COMPLIANCE OFFICER BANKERS Andhra Bank Axis Bank City Union Bank Corporation Bank HDFC Bank ICICI Bank Indian Bank Indian Overseas Bank Karur Vysya Bank Kotak Mahindra Bank Royal Bank of Scotland Standard Chartered Bank State Bank of India Yes Bank AUDITORS M/s S.R. Batliboi & Associates LLP Chartered Accountants, 6th & 7th Floor - 'A' Block (Module 601,701,702) Tidel Park, No. 4, Rajiv Gandhi Salai, Taramani, Chennai - 600 113 REGISTERED OFFICE Murasoli Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai - 600 028 REGISTRAR AND SHARE TRANSFER AGENT M/s Karvy Computershare Private Limited, Plot Nos.17 to 24, Vittal Rao Nagar, Madhapur, Hyderabad - 500 081 01 Annual Report 2012-2013 Sun TV Network Limited AUDIT COMMITTEE J. Ravindran Chairman M.K. Harinarayanan Nicholas Martin Paul R. Ravivenkatesh REMUNERATION COMMITTEE J. Ravindran Chairman M.K. Harinarayanan Nicholas Martin Paul R. Ravivenkatesh INVESTOR / SHAREHOLDER'S GRIEVANCE COMMITTEE M.K. Harinarayanan Chairman J. Ravindran Nicholas Martin Paul R. Ravivenkatesh SHARE TRANSFER AND TRANSMISSION COMMITTEE Kalanithi Maran Chairman Kavery Kalanithi CORPORATE MANAGEMENT TEAM Kalanithi Maran Executive Chairman K.
    [Show full text]
  • A Study Onbrand Equity of Sun Tv Network with Special
    PROJECT REPORT “A STUDY ONBRAND EQUITY OF SUN T.V NETWORK WITH SPECIAL REFERENCE TO ITS CHANNELS, BANGALORE” SUBMITTED BY Mr.S.DILIP KUMAR 15P35G0103 UNDER THE GUIDANCE OF Ms.SREEJA.K NEW HORIZON COLLEGE MASTERS OF BUSINESS ADMINISTRATION BHARATHIAR UNIVERSITY COLLEGE CODE: KA 11 B 131 2016-2017 GUIDE CERTIFICATE This is to certify that the project report entitled“A STUDY ON BRAND EQUITY OF SUN NETWORK” submitted by DILIP KUMAR S bearing registration number 15P35G0103 to Bharathiar University for the partial fulfillment of master degree in business management is an outcome of genuine research work carried under my guidance and it has been submitted for the award of any degree, diploma or prize. DATE Ms. SREEJA K Bangalore ASSISTANT PROFESSOR PRINCIPAL’S CERTIFICATE This is to certify that DILIP KUMAR S bearing registration no 15P35G0103 is a bonafide student of this college. The project entitled “A STUDY ON BRAND EQUITY OF SUN NETWORK” is a work carried out by him in partial fulfillment of the requirements for master degree in Business management of Bharathiar University along the year 2016-17 DATE Dr. R BODHISATVAN Bangalore HOD CERTIFICATE This is to certify that DILIP KUMAR S bearing registration number 15P35G0103 is a bonafide student of this college. The project work entitled “A STUDY ON BRAND EQUITY OF SUN NETWORK” is a work carried out by him for partial fulfillment of the requirements for Master Degree in Business management of Bharathiar University during the year 2016-17. It is certified that all the corrections/suggestions have been incorporated in the project report and a copy is deposited in the department library.
    [Show full text]
  • Page 01 Dec 10.Indd
    ISO 9001:2008 CERTIFIED NEWSPAPER QSL: Al Wakra hit Al Gharafa for a six Sport | 29 Wednesday 10 December 2014 • 18 Safar 1436 • Volume 19 Number 6275 www.thepeninsulaqatar.com [email protected] | [email protected] Editorial: 4455 7741 | Advertising: 4455 7837 / 4455 7780 Kuwait most Leaders’ differences should favoured destination for not affect people, says Emir GCC students DOHA: Kuwait is the favourite destination for GCC students seeking education in other Emir opens GCC Gulf countries, shows a report released by the GCC General Summit in Doha Secretariat. As per the 2013 data, Qatar ranks fourth in the list after DOHA: The Emir, H H Sheikh Kuwait, UAE and Saudi Arabia, Tamim bin Hamad Al Thani, respectively. However, Qatar has yesterday said minor differences the distinction of having the low- of opinion on issues among GCC est number of its citizens pur- leaders should not affect their suing education in other GCC people, the region’s economies, states compared to other member society and the media. states. “We learnt from recent experi- There are 2,986 students from ence that we should not be in a other GCC countries enrolled in hurry to change political differ- schools and universities in Qatar, ences which could happen among who are part of the total 42,462 leaders and interpret their political GCC students studying in other stands into differences that could member countries, local Arabic affect our society, economy and daily Al Rayah reported yester- media,” said the Emir. day, citing a report released by the Opening the 35th session of information section of the GCC the GCC Supreme Council at the The Emir H H Sheikh Tamim bin Hamad Al Thani, Kuwait’s Emir H H Sheikh Sabah Al Ahmad Al Jaber Al Sabah, Bahrain’s King H M Hamad bin Isa Al general secretariat.
    [Show full text]
  • IIFL Sector Report: Weaving a Digital Story
    Table of Contents Premia Research NSE Table of Contents Page No. Sectoral Outlook 2 Key Global markets trends 3-7 India’s growth on global trends 8-11 Favorable factors for sector 12-14 Digitization to drive mid-term growth 15-16 OTT platforms in India and its Impact 17-18 Zee Entertainment Enterprises Ltd 19-24 Sun TV Network Ltd 25-30 Shemaroo Entertainment Ltd 31-35 TV Today Network Ltd 36-40 Disclaimer 41 1 | P a g e Weaving a digital story Premia Research Zee Entertainment Enterprises– BUY The ‘Digital’ wave in India (as a medium of entertainment) on the back CMP Target Upside of higher internet penetration will drive the next leg of growth for the 539 691 28% Media and Entertainment (M&E) industry. The launch of Jio has made Sun TV Network – BUY mobile data accessible and affordable for masses (avg. mobile data CMP Target Upside price has dipped from ~`200/GB two years back to `3.2/GB currently). 782 984 26% Further, rising internet subscribers (from ~45cr in December, 2017 to Shemaroo Entertainment – BUY ~83cr in FY21E) coupled with declining internet costs is leading the CMP Target Upside consumption pattern towards digital. Moreover, with advent of Over 481 580 21% the Top (OTT) platforms, content has become an ‘Anytime, Anywhere’ TV Today Network – BUY service, benefiting broadcasters and content aggregators/producers. CMP Target Upside Robust internet consumption to propel digital growth 412 517 25% Prices as on 02/07/2018 Given the favorable infrastructure, the total Indian mobile data Financials (`cr) traffic/month is expected to increase to 14 Exabyte (EB) by CY23E ZEE Enter.
    [Show full text]
  • Corporate Information
    CORPORATE INFORMATION BOARD OF DIRECTORS Mr. Kalanithi Maran Executive Chairman Mr. K. Vijaykumar Managing Director & Chief Executive Officer Mr. S. Selvam Director Mrs. Kavery Kalanithi Executive Director Mr. J. Ravindran Independent Director Mr. M.K. Harinarayanan Independent Director Mr. Nicholas Martin Paul Independent Director Mr. R. Ravivenkatesh Independent Director COMPANY SECRETARY & Mr. R. Ravi COMPLIANCE OFFICER BANKERS City Union Bank Limited, Mandaveli, Chennai - 28 Royal Bank of Scotland, N.V., Chennai - 31 Kotak Mahindra Bank Limited, Annasalai, Teynampet, Chennai - 18 Standard Chartered Bank, Haddows Road, Chennai - 6 The Karur Vysya Bank Limited, Anna Salai, Teynampet, Chennai - 18 ICICI Bank Limited, Cenotaph Road, Teynampet, Chennai - 18 HDFC Bank Limited, ITC Centre, Chennai - 2 Axis Bank Limited, Mylapore, Chennai - 4 Corporation Bank, Mylapore, Chennai - 4 Indian Bank, Kodambakkam, Chennai - 24 AUDITORS M/s S.R. Batliboi & Associates Chartered Accountants, 6th & 7th Floor - 'A' Block (Module 601,701,702) Tidel Park, No. 4, Rajiv Gandhi Salai, Taramani, Chennai - 113 REGISTERED OFFICE Murasoli Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai - 28 REGISTRAR AND SHARE TRANSFER AGENT M/s Karvy Computershare Private Limited, Plot Nos.17 to 24, Vittal Rao Nagar, Madhapur, Hyderabad - 500 081 01 Annual Report 2011-2012 Sun TV Network Limited AUDIT COMMITTEE Mr. J. Ravindran Chairman Mr. M.K. Harinarayanan Mr. Nicholas Martin Paul Mr. R. Ravivenkatesh REMUNERATION COMMITTEE Mr. J. Ravindran Chairman Mr. M.K. Harinarayanan Mr. Nicholas Martin Paul Mr. R. Ravivenkatesh INVESTOR / SHAREHOLDER'S GRIEVANCE COMMITTEE Mr. M.K. Harinarayanan Chairman Mr. J. Ravindran Mr. Nicholas Martin Paul Mr. R. Ravivenkatesh SHARE TRANSFER AND TRANSMISSION COMMITTEE Mr.
    [Show full text]
  • A Paradigm Shift – Impact of Advertisement a Case Study of Sunnxt App
    IOSR Journal Of Humanities And Social Science (IOSR-JHSS) Volume 22, Issue 8, Ver. 16 (August. 2017) PP 01-04 e-ISSN: 2279-0837, p-ISSN: 2279-0845. www.iosrjournals.org Television Viewing- A paradigm Shift – Impact of Advertisement a Case study of SunNXT app *Dr.Padmaja Arvind, The S.I.A. College of Higher Education, Dombivli (EAST), Mumbai Corresponding Author: Dr.Padmaja Arvind, ----------------------------------------------------------------------------------------------------------------------------- ---------- Date of Submission: 11-08-2017 Date of acceptance: 30-08-2017 ----------------------------------------------------------------------------------------------------------------------------- ---------- I. INTRODUCTION The Indian population is highly diversified into metropolitan, sub-urban and rural regions. The urban population of India is highly active on the internet whereas the rural people are gradually emerging on the modern media platform. Initially, radio was the primary source of entertainment in India.The emergence of television boosted the entertainment industry and people got highly engaged on it. Television as a medium has played a significate role in the entertainment sector. The growth of private channels has brought greater impact among the viewers. Variety of programmes are organised and it has reached millions of audience. The rapid growth of technology facilitates the viewers the all new digital to see programmes though they are not able to view during the actual telecast. Kalanithi Maran-owned Sun TV has recently launched a new digital content platform called Sun NXT. The app is compatible with every screen format, ranging from smartphones to living room TV. Keeping the global future of digital content in mind, it is available on both Android and iOS.. It creates platform through “Sun NXT” enabling audience to watch their popular TV programmes in Tamil, Telugu, Malayalam and Kannada anytime and anywhere on their favourite devices.
    [Show full text]
  • Kal Radio Limited Annual Report 2019
    KAL RADIO LIMITED ANNUAL REPORT 2019 KAL Radio Limited CORPORATE INFORMATION BOARD OF DIRECTORS Mr.K. Shanmugam Managing Director Mr.K.Vijaykumar Director Mr.J.Ravindran Independent Director Mrs.Nisha Narayanan Director Mr.B.Surendar Director Mr.Nicholas Martin Paul Independent Director COMPANY SECRETARY Mrs.Uma Madhu STATUTORY AUDITOR Ms.N.Priya (Membership No.223834), Chartered Accountant New # 41, Ramanujam Street, T.Nagar, Chennai – 600 017. PRINCIPAL BANKER City Union Bank Limited REGISTERED OFFICE Murasoli Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai – 600 028. KAL RADIO LIMITED Contents of Annual Report for 2018-19 Particulars Page Nos. Directors’ Report 1 - 23 Auditors’ Report 24 – 35 Balance Sheet 36 Statement of Profit and Loss 37 Statement of Changes in Equity & Cash 38 - 39 Flow Statement Notes 40 - 64 DIRECTORS’ REPORT TO THE SHAREHOLDERS Your Directors have pleasure in presenting their report for the year ended March 31, 2019 together with the Balance Sheet and the Profit and Loss account Statement for the year ended on that date. FINANCIAL HIGHLIGHTS (Rupees in Lakhs) March 31, 2019 March 31, 2018 Particulars Revenues 11926.72 10256.60 Other Income 793.13 620.66 Total Income 12719.85 10877.26 Expenditure 7767.97 5897.27 (Excluding interest, depreciation & amortization) Earning before interest, tax, depreciation & 4951.88 4979.99 amortization (EBITDA) Interest 0.25 2.97 Depreciation and amortization 1613.60 1030.72 Earning before taxation (EBT) 3338.03 3946.30 Current Tax 1034.98 1432.41 MAT Credit - - Deferred Tax (37.25) 273.64 Profit for the Year 2340.30 2240.25 OPERATIONS The broadcasting revenue of the company for the year 2018-19 has increased by 16.28% to Rs.11926.72 Lakhs from Rs.10256.60 Lakhs of the previous year.
    [Show full text]
  • The Case of Tamil Nadu
    CINEMATIC CHARISMA AS A POLITICAL GATEWAY IN SOUTH INDIA: THE CASE OF TAMIL NADU Dhamu Pongiyannan, MA Submitted to the Faculty of Humanities and Social Sciences In fulfilment of the requirements for the degree of Doctor of Philosophy (PhD) at The University of Adelaide 2012 Table of Contents Table of Contents ............................................................................................................... i List of Figures .................................................................................................................. iv Abstract............. ............................................................................................................... vi Declaration. ..................................................................................................................... vii Acknowledgements ........................................................................................................ viii Dedication....... ............................................................................................................... viii Situating Tamil Nadu in the Subcontinent ........................................................................ x Preface................ ............................................................................................................. xi Introduction ....................................................................................................................... 1 Ordinary Tamils, extraordinary celebrity devotion .................................................
    [Show full text]
  • SUN TV Annual Report 2020
    {) SuN TV NETWORK LIMITED Murasoli MaranTowers , 73, MRCNagar Main Road, MRC Nagar , Chennai-600 028 , India. SUN Tel : +91-44-44676767 , Fax: +91-44-40676161 , E-mail:[email protected] GROUP Website:www.suntv.in CIN.: L22110TN1985PLC012491 25th August, 2020 BSE Limited National Stock Exchange of India Limited Floor No . 25, P J Towers, Exchange Plaza Bandra - Reclamation Dalal Street, BandraKurla Complex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 532733, Scrip Id: SUNTV Symbol: SUNTV, Series: EQ Sir, Sub: Annual Report for the Financial Year 2019-20 Ref: Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, we are submitting herewith the Annual Report of the Company along with the Notice of ACM for the financial year 2019-20, which will be circulated to the Members through electronic mode. The 35th AGM will be held on Wednesday, September 16, 2020 at 10.00 a.m. 1ST through Video Conference / Other Audio-Visual Means (OAVM) in accordanc e with the relevant circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India. This is for your information and records. Thanking you, For Sun TV Network Limited R. Ravi Company Secretary & Compliance Officer 35th Annual Report 2020 CORPORATE INFORMATION BOARD OF DIRECTORS Kalanithi Maran Executive Chairman R. Mahesh Kumar Managing Director Kavery Kalanithi Executive Director K. Vijaykumar Executive Director Kaviya Kalanithi Maran Executive Director S. Selvam Non-Executive Director M.K. Harinarayanan Independent Director J. Ravindran Independent Director Nicholas Martin Paul Independent Director R.
    [Show full text]
  • CFA Institute Research Challenge Hosted by Indian Association of Investment Professionals (IAIP) Indian Institute of Management, Bangalore
    CFA Institute Research Challenge Hosted by Indian Association of Investment Professionals (IAIP) Indian Institute of Management, Bangalore SUN TV NETWORK (Industry: Media & Entertainment, Sector: Broadcasting ) Date: Nov 4, 2013 Current Price: INR 423.25 (as on 31.10.13) Recommendation: BUY Exchange: NSE Ticker: SUNTV Upside: 21% Target Price: INR 511 Key Stock Statistics Make hay while the ‘SUN’ shines Price INR 423.25 Buy Recommendation - We issue a buy recommendation for SUN TV Network Face Value INR 5 with a target price of 511 which is an upside of 21% over the CMP. SUN TV looks certain to consolidate its position as the largest TV broadcasting company in South Shares Outstanding 394.08 mn India. Radio business will grow but is still pretty small compared to TV advertising Free Float Market Cap 41,393.7 mn and subscription. The company is also looking to revitalize the film distribution business. 52 wk range (INR) 311 - 494.90 Strong Revenue Stream - SUN TV has robust a revenue stream backed by a Beta 0.96 strong business model. Its subscription revenues will receive a major boost due to Free Float 25% implementation of digitization norms. Its DTH subscriber base is forecasted to grow from ~9 million presently to over 14 million by 2017 with ARPU rising by Avg Daily Volumes 129,107 (LTM) nearly 60% over the same period. SUN TV has hiked rates sufficiently to compen- sate for TRAI’s 10+2 min/hr ad cap regulation. Ad revenues are driven primarily 2013 Dividend Yield 2.43% by FMCG ad spending.
    [Show full text]
  • In the High Court of Judicature at Madras
    Bar & Bench (www.barandbench.com) 1 IN THE HIGH COURT OF JUDICATURE AT MADRAS Reserved on: 17.07.2018 Pronounced on: 25.07.2018 Coram The Honourable Dr.Justice G.JAYACHANDRAN Criminal Revision Petition Nos.671, 682 to 684 of 2018 State through The Deputy Superintendent of Police, CBI, STF, NEW Delhi. ... Petitioner in all the cases /versus/ 1. K.B. Brahmadathan, The then Chief General Manager BSNL, Chennai. ... Petitioner/Accused No.1 Crl.M.P.No.4482/2017 2. M.P.Velusamy, the Then Chief General Manager, BSNL, Chennai. ... Petitioner/Accused No.2 Crl.M.P.No.4485/2017 3. Dayanidhi Maran The then MOCIT. ... Petitioner/Accused No.3 No Discharge Petition filed 4. Vedagiri Gowthaman, The then Additional PS to MOCIT, ... Respondent/Accused No.4 Crl.M.P.No.4483/2017 5. K.S.Ravi, The then Electrician, SUN TV. ... Respondent/Accused No.5 Crl.M.P.No.4484/2017 http://www.judis.nic.in Bar & Bench (www.barandbench.com) 2 6. S.Kannan, The then CTO, SUN TV, ... Respondent/Accused No.6 No Discharge Petition filed 7. Kalanidhi Maran, CMD, SUN TV. ... Respondent/Accused No.7 No Discharge Petition filed PRAYER : Criminal Revision Petitions are filed under Section 397 and 401 of Criminal Procedure Code, to set aside and quash the order dated 14.03.2018 passed by Learned XIV Additional Special Judge for CBI Case, Chennai in C.C.No.12 of 2017 arising out of RC DST 2013 A 0019/CBI/STF/DLI in CBI Vs. Dayanidhi Maran and others whereby the learned Trial Court discharged all the respondents.
    [Show full text]