Saregama Q2 Net Profit Rises 46% To Rs 64.17 Crore As Live Events Revenue Doubles
Revenue rose 37% to Rs 314.3 crore, with live events up 101% and music up 35%, the label said in its filing for the July to September quarter.
Saregama India reported a consolidated net profit of Rs 64.17 crore for the July to September quarter on Wednesday, 4 November, up 46.4 per cent from Rs 43.83 crore a year earlier, PTI reported from the company's stock exchange filing. Revenue from operations rose 37 per cent to Rs 314.3 crore, against Rs 230 crore in the same quarter of last year.
Live events did the heavy lifting in the percentage terms. Revenue from the segment, which covers concerts, stand-up comedy and other shows, was Rs 44.7 crore, up 101 per cent, which the company attributed to "a higher number of events". A quarter earlier it was Rs 16 crore. The investor presentation lists Ilaiyaraaja's Raja 50 series, 11 shows in 11 cities, and 21 stand-up shows across 16 cities.
The numbers
All figures are from the press release and investor presentation, converted from rupees million.
- Revenue from operations: Rs 314.3 crore, up 37 per cent
- Music revenue: Rs 251.3 crore, up 35 per cent
- Live events revenue: Rs 44.7 crore, up 101 per cent
- Video revenue: Rs 18.3 crore, down 16 per cent
- Adjusted EBITDA: Rs 118 crore, up 39 per cent, a 38 per cent margin against 37 per cent a year ago
- Operational profit before tax: Rs 85.8 crore, up 43 per cent
Saregama's adjusted EBITDA leaves out its music content charge, the amortised cost of royalty-based and outright-purchase deals plus the marketing of new content. That charge was Rs 37.5 crore in the quarter, up 15 per cent.
Music
Licensing and artiste management brought in Rs 230.2 crore, up 39 per cent, while retail, which covers Carvaan players and vinyl, made Rs 21.1 crore, up 2 per cent. The label said it released more than 650 film and non-film tracks in the quarter, across Hindi, Bhojpuri, Punjabi, Tamil, Telugu, Malayalam and Kannada. It named the Telugu film album The Paradise, the Tamil album Meesaya Murukku 2, songs from the pop project I-Popstar, the Punjabi single "Bari" and the Bhojpuri track "Aa Fariyale".
It added 54 artistes in the quarter, taking its roster to 340.
"Our focus remains on maximising the value of our intellectual property through multiple monetisation avenues," Vice Chairperson Avarna Jain said in the release.
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Video and the share price
Saregama says it continues to take a "calibrated approach" to video, moving away from producing its own films and towards investing in Bhansali Productions. Video was the only segment to shrink.
PTI reported that Saregama shares traded at Rs 623.45 on the BSE on Wednesday afternoon, up 10.89 per cent from the previous close.
Tips Music reported its own September quarter in October, which we covered. Our earlier Saregama story was on the Reality audio rights. More label and money stories are on Business and Film Music.
