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Sun TV Network, a leading media company in India, has posted the quarterly financial results for the end of the third quarter of the financial year 2010.

The media company has reported 35.37% hike on quarterly basis in its net profit after tax (PAT) for the period. The net profit stood at Rs 151.94 crore for the quarter ended December 31, 2009 compared to Rs 112.24 crore for the quarter ended December 31, 2008, say the filing with BSE.

The revenues of Sun TV registered at Rs 395.08 crore for 3Q FY10. This marked an increase of 45.88% from Rs 270.83 crore in the previous quarter.

Sun TV Network is based in southern region of India operating 20 satellite television channels across four languages, i.e. Tamil, Telugu, Kannada and Malayalam. The media firm also has presence in the radio segment with 42 radio stations across the country.

During the quarter Sun TV announced hike in the advertisement rates for all of its TV channels, which has been effective from the January 1st, 2010. The company also expanded its verticals to have a reach in the northern, western and eastern markets of the Indian sub-continent.

The Company has also announced floating of a wholly owned subsidiary, "Sun TV Network Europe Ltd" in United Kingdom to broadcast and distribute its channels in U.K. and Europe.

Sun TV Network also informed that "Against the total projected utilization of Rs. 572 Crores (net of issue expenses) from the Initial Public Offering (IPO) funds, an amount, of Rs. 355.77 Crores has been utilised towards capitalization of subsidiaries, Rs. 87.26 Crores towards launch of new channels and purchase of new equipment and up-gradation of existing equipment; and Rs. 62.34 Crores towards construction of owned corporate office. The balance proceeds from the IPO after meeting the IPO expenses, pending utilization have been invested in fixed deposits with banks,” in the filing at BSE.