Sell Sun TV Network, target price Rs 433.6: ICICI Direct

ICICI Direct has sell call on Sun TV Network with a target price of Rs 433.6. The current market price of Sun TV Network is Rs 436.75. Time period given by analyst is Intra Day when Sun TV Network price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 443.6.

Sun TV Network, incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 17032.34 Crore) operating in Media & Entertainment sector.

Sun TV Network key Products/Revenue Segments include Subscription Income, Income From Advertisement, Other Services, Income from Content Trading and Income from Films Production & Distribution for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 984.83 Crore, up 7.62 % from last quarter Total Income of Rs 915.06 Crore and down -10.93 % from last year same quarter Total Income of Rs 1105.68 Crore. Company has reported net profit after tax of Rs 422.55 Crore in latest quarter.

The company’s top management includes Mr.Kalanithi Maran, Mr.Desmond Hemanth Theodore, Mr.Sridhar Venkatesh, Mr.Nicholas Martin Paul, Mr.M K Harinarayanan, Mr.J Ravindran, Mr.R Ravivenkatesh, Mr.S Selvam, Mrs.Kavery Kalanithi, Mr.K Vijaykumar, Ms.Kaviya Kalanithi Maran, Mr.R Mahesh Kumar, Mrs.Mathipoorana Ramakrishnan. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-12-2022, the company has a total of 39 Crore shares outstanding.

Investment Rationale
Price reacting lower from 20 days EMA and a breakdown below lastfour weeks range signalling corrective bias.

Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of 31-Dec-2022, while FIIs owned 10.44 per cent, DIIs 3.79 per cent.