Sony Pictures Network India reports jump in net profit to Rs 975.97 cr in FY20
The company’s total revenue has dropped to Rs 5846.20 crore in FY20 from Rs 6309.90 crore during the previous year
During its 25th year of operations in the financial year 2019-20, Sony Pictures Network India (SPNI)- an indirect wholly-owned subsidiary of Sony Corporation, Japan, recorded total revenue of Rs. 5846.20 crore as compared to Rs. 6309.90 crore in the previous financial year. The company witnessed a drop of 7.3% in the total revenue, according to Registrar of Companies filing shared by market intelligence firm Tofler
The company has registered Profit After Tax (PAT) of Rs 975.97 crore for the year as against a PAT of Rs 346. 42 crore in the year ended on March 31, 2019.
The Company recorded consolidated revenue of Rs. 5961.10 crore and consolidated profit after tax Rs. 895.50 crore for the year. In the previous financial year, SPNI recorded consolidated revenue of Rs. 64,25.3 crore and consolidated profit after tax Rs. 4,14.3 crore for the year.
The company celebrated its 25th anniversary in October this year, which owns several channels including Sony Entertainment Television (SET)- one of India’s popular Hindi General Entertainment Channel (GECs). The network also owns 18 TV channels across genres and an OTT platform - SonyLIV.
As per the filing, the company’s advertising revenue dropped by 13.31% to Rs 2755.58 crore in FY20 as compared to 3178.69 crore in the year ended on March 31, 2019, whereas the Subscription income grew 21.17% to Rs 2378.75 crores as compared to Rs 1962.99 crore in FY19.
SPNI’s revenue share from distribution and advertising in FY20 stood at Rs 170.66 crore against Rs 219.65 crore in the previous financial year. Also, the network’s digital and licensing income declined in this financial year to Rs 443.48 crore as compared to Rs 847.10 crore.
The filing also mentioned that the network’s cost of programs, films, and other rights dipped to Rs 3060.48 crore as compared to Rs 3994.13 crore in the previous year. The broadcast cost too declined to Rs 104.51 crore as compared to Rs 160.35 crore in FY 19.
This year in June, Sony Pictures Network India decided to discontinue the operation of its English Entertainment channels AXN and AXN HD.
e4m reached out to Sony for an official response, but is yet to get a comment.
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