Saregama India Q3 PAT rises 37% YoY to Rs 43.40 cr

On a consolidated basis, the company's net profit rose 37.43% to Rs 43.40 crore on 12.27% increase in net sales to Rs 150.34 crore in Q3 December 2021 over Q3 December 2020.

Profit before tax rose 40.19% to Rs 58.01 crore in Q3 December 2021 over Q3 December 2020.

The company's Operating Income before Content Charge, Interest and Depreciation (OIBCID) increased to Rs 62.9 crore in Q3 FY22 from Rs 43.6 crore in corresponding quarter last year (i.e. 44% growth YoY).

OIBCID margin stood at 42% in Q3 December 2021 as against 37% in Q2 September 2021 and 33% in Q3 December 2020.

During the period under review, the company's revenues from music business jumped 16.75% to Rs 133.33 crore. Its revenues from TV & films division declined 16.06% to Rs 15.58 crore. The firm's revenues from publication division rose 24.35% to Rs 1.43 crore.

The board has declared an interim dividend of Rs 30 per share.

Carvaan sales improved during the quarter in sync with festive season. The firm sold 141,000 units during the quarter compared to 103,000 units in Q2.

The company is close to completing shoot of 2 Web Series for which licensing deals are closed. The delivery is expected over next 4 months.

"The rapid digitisation-of-India, further buoyed by the recent stay-at-home phenomenon, is the key driver of change in content consumption habits. This trend is expected to continue for a long time, and Saregama has aligned its content strategy to ride on this digital wave," the company said in a statement.

Saregama India owns the largest music archives in India, one of the biggest in the world. The ownership of nearly 50% of all the music ever recorded in the India also makes Saregama the most authoritative repository of the country's musical heritage. Saregama has also expanded into other branches of entertainment - publishing, film production and digital content.

Shares of Saregama India were up 0.14% at Rs 5341.80.

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