We have Rs 126 crore in ad revenues in June: SL Narayanan, Sun Group
Sun Group CFO Narayanan in an interview with a news portal stated that the network posted a growth of 8% YoY in March
Sun Group CFO SL Narayanan In an interview with a news portal stated that the network posted a growth of 8% YoY in March and the effects of the pandemic were felt more towards the end of the December of 2020.
Narayanan said that in the quarter ended June 2020, the network had seen a decline of 66% in revenues. The degrowth then reduced to 27% in September 2020 quarter.
The Sun Group also posted Rs 126 crore in ad revenues in June and touched over 300 in the previous quarter, almost two and a half times the run rate of the first quarter of the last fiscal said the CFO.
With the industry revenue falling by 20%, Narayanan said that companies like Sun will degrow by a slightly larger number since the industry is dependent on national FMCG advertisers.
He then went on to state that surpassing the numbers of FY2020 is largely hinged on the GDP growth.
He also answered in the affirmative when quizzed about the double-digit growth in the next few quarters from OTT subscription spurt.
He stated that engagement TV has a high engagement rate of 235 minutes per day. "In our opinion, there is sufficient runway ahead," he averred.
Narayanan also emphasised that the network plans to go bullish on Sun Direct.
Speaking about the impact of IPL Sunrisers franchise, Narayan believes that the year has been rough, but still hopes for a decent earning since the tournament will be revived in September.
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