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Sun TV Network, one of the leading media and entertainment conglomerates in India, has reported a 53% rise in revenues for the first quarter ended June 30, 2010. The revenues for the period stood at Rs 440.44 crores against Rs 287.65 crore in the corresponding period previous year.

The net profit for Q1 FY11 was Rs 170.96 crore highlighting an increase of 42.70% from Rs 119.80 crores. The EBITDA percentage grew from 77.74% to 81.71%.

“The growth in the revenues have been largely a function of the sustained advertising growth and subscription revenue contribute through a well-diversified mix of clients (national, regional and local) across multiple product categories,” says the earning release of the company.

The total income for the quarter was posted at Rs 451.72 crore up by 49.64% from Rs 301.88 crores during previous quarter in FY10.

Sun TV Network operates 20 satellite television channels across four languages of Tamil, Telugu, Kannada and Malayalam and presently airing 43 FM radio stations across India.

The Company has also informed that against the projected utilization of Rs 572 crore from the IPO funds, an amount of Rs 355.77 crore has been utilised towards capitalisation of subsidiaries, Rs 103.68 crore towards launch of new channels and purchase of new equipment and up-gradation of existing equipment. Sun TV Network has also directed Rs 62.34 crores of funds towards construction of owned corporate office.