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Saregama PAT triples in third quarter of FY 2021

Y-o-Y and Q-o-Q revenue from ops increased three percent and 24 percent respectively.

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BENGALURU: Indian music label and movie studio Saregama India Ltd (Saregama) reported more than 200 per cent (201.5 per cent) Y-o-Y (year-on-year) growth in consolidated net profit after tax (PAT) for the quarter ended 31 December 2020 (Q3 2021, quarter or period under review) as compared to the corresponding year ago quarter Q3 2020. Quarter-on quarter (Q-o-Q) the company’s PAT was 9.3 per cent higher in Q3 2021 as compared to the immediate trailing quarter Q2 2021.

Saregama reported PAT of Rs 31.60 crore, Rs 10.48 crore and Rs 28.92 crore for Q3 2021, Q3 2020 and Q2 2021 respectively. Operating EBIDTA for the quarter under review increased 192.9 per cent Y-o-Y to Rs 40.01 crore (29.9 per cent margin of operating revenue) as compared to Rs 13.68 crore (10.6 per cent margin of operating revenue) in the corresponding year ago quarter and was 8.6 per cent higher Q-o-Q than the Rs 36.85 crore (34.1 per cent margin of operating revenue) for the immediate trailing quarter.

The company reported a 3.4 per cent Y-o-Y growth in consolidated revenue from operations for the period under review at Rs 133.91 crore as compared to Rs 129.45 crore in Q3 2020. Consolidated operating revenue for Q3 2021 was 23.9 per cent higher Q-o-Q as compared to Rs 108.11 crore in Q2 2021. Consolidated total income (operating revenue plus other income) for Q3 2021 at Rs 137.32 crore was 3.9 per cent higher Y-o-Y than Rs 132.18 crore in Q3 2020 and was 23.1 per cent more Q-o-Q than the Rs 111.55 crore in Q2 2021.

Segment numbers for Q3 2021

Saregama has three segments in music; films and television serials; and publication.

For its music segment, the company reported operating revenue of Rs 114.20 crore for Q3 2021 which was 0.9 per cent lower Y-o-Y than the Rs 115.23 crore in Q3 2020, but was 13.8 per cent higher Q-o-Q than the Rs 100.35 crore for Q2 2021. Operating result for the segment however more than doubled (increased by 102.7 per cent) Y-o-Y to Rs 52.68 crore in Q3 2021 from Rs 25.49 crore in Q3 2020 and increased 0.9 per cent Q-o-Q from Rs 51.24 crore in Q2 2021.

Films and television serials segment reported 51.8 per cent Y-o-Y growth in operating revenue in Q3 2021 to Rs 1,856 crore from Rs 12.23 crore in Q3 2020 and almost tripled (up 179.5 per cent) Q-o-Q from the Rs 6.64 crore in Q2 2021. The segment’s operating profit in Q3 2021 grew 58.3 per cent Y-o-Y to Rs 1.52 crore from Rs 0.96 crore in Q3 2020. For Q2 2021, the company had reported an operating loss of Rs 0.83 crore.

Publication segment operating revenue declined 42.2 per cent Y-o-Y to Rs 1.15 crore in Q3 2021 from Rs 1.99 crore in Q3 2020, but was slightly higher (up 2.7 per cent) Q-o-Q than the RS 1.12 crore for Q2 2021. Operating results for Q3 2021 was a higher operating loss at Rs 2.77 crore as compared to a loss of Rs 2.70 crore in Q3 2020, but was lower than the loss of Rs 3.37 crore in the immediate trailing quarter.

Let us look at some of the other numbers reported by the company for Q3 2021

Saregama’s consolidated total expenses in Q3 2021 declined 18.9 per cent Y-o-Y to Rs 95.94 crore from Rs 118.37 crore in Q3 2020, but were 30.9 per cent higher Q-o-Q as compared to Rs 73.31 crore in Q2 2021.

Consolidated cost of materials consumed/contract manufacturing charges for the quarter under review declined to by 64.9 per cent to Rs 9.17 crore from Rs 26.11 crore in Q3 2020, but were almost 17 times higher (up 1598.1 per cent) Q-o-Q than the Rs 0.54 crore in Q2 2021. Consolidated cost of production of films and TV serials in Q3 2021 increased 40.3 per cent Y-o-Y to Rs 17.34 crore from Rs 12.36 crore in Q3 2020 and increased 40.7 per cent Q-o-Q from Rs 12.32 crore in Q2 2021. Consolidated employee benefits expenses in Q3 2021 declined 16 per cent Y-o-Y to Rs 17.03 crore from Rs 20.27 crore in Q3 2020 and were 1.2 per cent lower than the Rs 17.97 crore in Q2 2021.

Consolidated finance costs in Q3 2021 declined 44.1 per cent Y-o-Y to Rs 0.80 crore from Rs 1.43 crore in Q3 2020 and was almost flat Q-o-Q as compared to Rs 0.81 crore in Q2 2021. Consolidated advertisement and sales promotion costs in Q3 2021 declined 44.5 per cent Y-o-Y to Rs 12 crore from Rs 21.61 crore in Q3 2020, but was 72.9 per cent higher Q-o-Q than Rs 6.94 crore in Q2 021. Consolidated royalty expenses in Q3 2021 fell 8.4 per cent Y-o-Y to Rs 14.69 crore from Rs 16.04 crore in Q3 2020 and was 3.6 per cent lower Q-o-Q than Rs 15.24 crore in Q2 2021. Consolidated other expenses during the period under review fell 27.8 per cent Y-o-Y to Rs 13.54 crore from Rs 18.76 crore in the corresponding year ago quarter and were 15.3 per cent lower than the Rs 15.99 crore in Q2 2021.

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