Saregama India advances 13% on strong December quarter results

The company said the fast growing digitisation-of-India, buoyed by the present Covid-19 situation, is the key driver of change in content consumption habits

Shares of Saregama India (SIL) moved higher by 13 per cent to Rs 1,011 on the BSE in the intra-day trade on Thursday after the company reported a three-fold jump in net profit at Rs 31.6 crore for December 2020 quarter (Q3FY21). The company had reported a profit of Rs 10.5 crore in the year-ago quarter. On quarter on quarter (QoQ) basis, net profit grew 9 per cent from Rs 28.9 crore logged in September quarter (Q2FY21). In the past three months, the stock has rallied 76 per cent, as against a 23 per cent rise in the S&P BSE