IPL beat strengthens our view; Subscription and Ad businesses continue the momentum Q1 numbers above expectations on IPL surprise. Sun TV Network Ltd (Sun TV)'s Q1 FY19 numbers came above our expectations as both Subscription as well as Advertising revenues grew strongly at 15% and 20% yoy respectively. IPL revenues got a boost at 3.82bn by the virtue of its team SRH ending up this season as runners up and overall surge in sponsorship and gate revenues. Management highlighted that despite dip in market share in Q1, there has been a good revival in it in July. Though the cable TV revenues grew by just 4% on a high base of last year which had some catch up revenues...