Television

Saregama Q1-2014 results subdued: Film & TV soaps segment profitable for first time

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BENGALURU: Saregama India Limited (Saregama) reported total income of Rs 35.81 crore, 5.01 per cent higher than the Rs 34.10 crore for Q1-2013, but 25.32 per cent lower than the Rs 25.32 crore for Q4-2013.

Saregama's Film and TV serials segment reported a profit before interest and tax of Rs 0.37 crore for the first time in Q1-2014, hence adding to the company's profit.

Saregama reported a PAT of Rs 1.83 crore for Q1-2014 which was 27.38 per cent lower than the Rs 2.52 crore for Q1-2013 and 21.12 per cent lower than the Rs 2.32 crore for Q4-2013.

Let us look at Saregama's other figures for Q1-2014

The company's net sales (net of excise duty) for Q1-2014 was Rs 12.82 crore, 12.55 per cent lower than the Rs 14.66 crore for Q1-2013 and 33.23 per cent lower than the Rs 19.20 crore for Q4-2013.

Saregama's license fees income for Q1-2014 at Rs 22.96 crore was 19.27 per cent higher than the Rs 19.25 crore in Q1-2013, but 20 per cent lower than the Rs 28.71 crore in Q4-2013.

Saregama's total expense for Q1-2014 at Rs 34.07 crore was 5.84 per cent more than Rs 32.19 crore y-o-y (as compared to Q1-2013), but 30.26 per cent lower than the Rs 48.85 crore q-o-q (as compared to Q4-2013).

The company's royalty payment for Q1-2014 at Rs 3.44 crore was 13.53 per cent more than the Rs 3.03 crore in Q1-2013, but was 10.18 per cent less than the Rs 3.83 crore paid in Q4-2013.

Saregama's provision for doubtful debts at Rs 2.11 crore was almost double the Rs 1.08 crore for Q1-2013, but less than a fifth (19.92 per cent) of the Rs 10.59 crore for Q4-2013.

Saregama paid Rs 2.21 crore towards advertisement and sales promotion for Q1-2014 which was more than double (2.1 times more) than the Rs 1.05 crore for Q1-2013 and 57.7 per cent lower as compared to the Rs 3.83 crore in Q4-2013.

Saregama's cost of production of Films, television and portal at Rs 8.97 crore in Q1-2014 was 20.24 per cent more than the Rs 7.46 crore for Q1-2013 and 22.87 per cent lower than the Rs 11.63 crore for Q4-2013.

The company's profit from operations before other income, finance costs and exceptional items for Q1-2014 at Rs 1.74 crore was 8.9 lower than the Rs 1.91 crore for Q1-2013. For Q4-2013, Saregama's incurred a loss from operations before other income, finance costs and exceptional items of Rs 0.90 crore.

Saregama had other income of Rs 1.39 crore for Q1-2014 which was 48.87 per cent higher than the Rs 0.94 crore for Q1-2013 but less than a fourth (24.3 per cent) of the Rs 5.72 crore for Q4-2013.

Saregama paid 30.56 per cent lower interest cost of Rs 0.50 crore for Q1-2014 as compared to the Rs 0.72 crore for Q1-2013. Its interest cost of Rs 0.61 crore for Q4-2013 was 18.03 per cent higher than the interest cost for Q1-2014.

Let us look at Sargama's segment results for Q1-2014

Saregama's Music segment had revenue of Rs 25.09 crore which was 7.55 per cent lower than the Rs 27.14 crore in Q1-2013 and 28.13 per cent lower than the Rs 34.91 crore for Q4-2013. Profit before tax and interest expense from this segment at Rs 9.31 crore was 22 per cent lower than the Rs 11.94 crore for Q1-2013 and less than half (47.5 per cent) of the Rs 19.60 crore for Q4-2013.

Capital employed (segment assets minus segment liabilities) by Saregama's Music segment for Q1-2014 at Rs 78.18 crore was 17.56 per cent higher than the Rs 66.5 crore and 3.2 per cent more than the Rs 75.75 crore for Q4-2013.

Revenue from Saregama's Film and Television serials segment at Rs 10.72 crore was 54 per cent more than the Rs 6.96 crore in Q1-2013 but 17.8 per cent lower than the Rs 13.04 crore for Q4-2013. Capital employed by the Film and Television serials segment (segment assets minus segment liabilities) for Q1-2014 was Rs 17.62 crore, which was 6.23 per cent lower than the Rs 18.79 crore for Q1-2013 and 12.86 per cent lower than the Rs 20.22 crore for Q4-2013.

As mentioned above, this segment returned a profit before interest and tax of Rs 0.37 crore for the first time in Q1-2014 as compared to the losses in previous quarters.

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