15 August 2020 Sun TV Network (SUNTV)s revenue fell by 45% YoY, weighed by a plunge in ad revenues and the absence of an IPL season, but partly cushioned by subscription revenue growth. EBITDA fell 39%, partly offset by no fresh content production cost and SG&A; cost rationalization. We revise our FY21/FY22E EBITDA by 9%/8% as we factor IPL earnings in FY21E, better subscription revenues, and the benefit of sharp cost rationalization. SUNTVs 1QFY21 revenues declined by 45% YoY to INR6b (in-line), largely due to the postponement of the IPL season, through which the company had generated INR2.4b in 1QFY20. EBITDA thus declined 39% YoY to INR4.2b (38% above our estimate), supported by a reduction in operating cost, and EBITDA margins expanded 670bp YoY to 68.7%. Net profit thus fell by 25% YoY to INR2.8b (51% beat); PAT margins were at 47%, supported by other income and lower opex.