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Saregama reports subdued results for Q3-2014

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BENGALURU: Saregama India Limited, which claims to be the custodian of over half the music ever recorded in India, reported lower numbers for Q3-2014 as compared to the immediate trailing and year ago quarters, despite its film and television serials segment recording a 15.6 per cent y-o-y  and 5.1 per cent q-o-q growth in operating revenue. The company received lower licence fees and paid lesser royalty fees in Q3-2014 as compared to the previous and corresponding last year.  At the same time, its cost of production of films, television serials and portal went up. 

Overall, the company’s net total income from operations (net of excise duty) for Q3-2014 was 16.4 per cent lower at Rs 43.02 crore as compared to the Rs 51.43 crore in Q3-2013, and 5.5 per cent lower than the Rs 45.53 crore in Q2-2014. During 9M-2014, Saregama’s net total income fell 1.9 per cent to Rs 124.36 crore from Rs 126.74 crore in 9M-2013. For FY the, net total income reported was Rs 174.69 crore.

Saregama’s Q3-2014 net profit at Rs 1.02 crore was a little more than one-fifth (20.61 per cent) of Rs 4.95 crore in Q3-2013 and less than half (about 40 per cent) of the Rs 2.49 crore in Q2-2014. For the nine month period ended December 31, 2014, the company’s net profit  was 37.6 per cent lower at Rs 5.34 crore as compared to the Rs 8.56 crore in 9M-2013. For FY 2013, the company reported PAT of Rs 10.88 crore. 

Let us look at the other Q3-2014 figures reported by Saregama 

Saregama received 17.7 per cent lower licensing fees at Rs 24.67 crore in Q3-2014 as compared to the Rs 29.96 crore in Q3-2013 and 15.2 per cent lower than the Rs 29.08 crore in Q2-2014. In 9M-2014, licensing fee income was Rs 76.71 crore, which was 0.58 per cent more than the Rs 76.27 crore in 9M-2013. For FY 2013, Saregama had licensing fee income of Rs 104.98 crore. 

The company reports revenue from two segments – Music and Film and Television Serials (Production). 

Music segment reported 29 per cent fall in revenue for Q3-2014 to Rs 26.13 from Rs 36.82 crore in Q3-2013, but reported an increase of 34.3 per cent from Rs 19.46 crore in Q2-2014. During 9M-2014, the Music segment’s revenue was down 16.6 per cent to Rs 80.68 crore from Rs 96.79 crore in 9M-2013. For FY 2013, the segment reported revenue of Rs 131.70 crore.

Music segment’s operating profit in Q3-2014 at Rs 8.57 crore was down 25 per cent from Rs 11.42 crore in Q3-2013 and was just 2.5 per cent more than the Rs 8.36 crore in Q2-2014. In 9M-2014, operating profit was 17.3 per cent lower at Rs 26.24 crore as compared to the Rs 31.73 crore in 9M-2013. For FY 2013, Music segment reported revenue of Rs 51.33 crore. 

The company’s Production segment reported operating revenue of Rs 16.89 crore, which was 15.6 per cent more than the Rs 14.61 crore in Q3-2013 and 5.1 per cent more than the Rs 16.07 crore in Q2-2014. The segment’s 9M-2014 operating revenue at Rs 43.68 crore was 45.4 per cent more than the Rs 29.95 crore in 9M-2013. For FY 2013, the segment reported operating income of Rs 42.99 crore.

Production segment reported operating profit at Rs 0.69 crore as compared to an operating loss of Rs 1.28 crore y-o-y and was a little more than a fourth (about 27 per cent) of the Rs 2.54 crore operating profit in Q2-2014. For 9M-2014, the segment reported an operating profit of Rs 3.6 crore as compared to an operating loss of Rs 9.70 crore in 9M-2013. Saregama’s Production segment had reported an operating loss of Rs 11.49 crore in FY 2013. 

The company’s Q3-2014 Total expense at Rs 41.70 crore was 12.4 per cent lower than the Rs 47.59 crore in Q3-2014 and was 4.4 per cent lower than the Rs 43.6 crore in Q2-2014. During the nine month period of the current year, Total expense was up by 0.35 per cent to Rs 119.37 crore from Rs 118.95 crore in 9M-2013. For FY 2013, the company’s Total expense was Rs 167.8 crore. 

As mentioned above, Saregama’s cost of production of Films, Television Serials and portal in Q3-2014 was higher by 10.5 per cent at Rs 14.23 crore as compared to the Rs 12.88 crore in Q3-2013 and was 2.9 per cent more than the Rs 13.83 crore in Q2-2014. For 9M-2014, this expense head at Rs 37.03 crore was 32.6 per cent more than the Rs 27.92 crore in 9M-2013. For FY 2013, Saregama’s cost of production of Films, Television Serials and portal was Rs 39.55 crore. 

The company’s Royalty expense in Q3-2014 was lower by 29.6 per cent at Rs 3.49 crore as compared to the Rs 4.96 crore in Q3-2013 and was less than half 42 per cent of the Rs 8.31 crore in Q-2014. In 9M-2014, Saregama’s royalty expense at Rs 15.24 crore was 29 per cent more than the Rs 11.81 crore in 9M-2013. For FY 2013, the royalty expense was Rs 15.64 crore. 

Saregama’s advertising and sales promotion expense at Rs 2.17 crore in Q3-2014 was less than half (44 per cent) of the Rs 4.92 crore in Q3-2013 and 45.6 per cent more than the Rs 1.49 crore in Q2-2014. In 9M-2014, the company spent Rs 5.87 crore towards Ad expense, which was  (44.6) per cent lower than the Rs 10.59 crore in 9M-2013. In FY 2013, the company spent Rs 14.42 crore towards this expense head.

Click here for full financials

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