Saregama India Q3 net profit jumps over three-fold to Rs 31.60 crore
Revenue from operations rose 3.44 percent to Rs 133.91 crore during the period under review as against Rs 129.45 crore earlier.
January 22, 2021 / 08:09 PM IST
Music label Saregama India Ltd on Thursday reported an over three-fold jump in consolidated net profit to Rs 31.60 crore for the December quarter, helped by increased consumption of digital media during stay-at-home after the pandemic. It had posted a net profit of Rs 10.48 crore in the October-December period of the previous fiscal, Saregama said in a regulatory filing.
Revenue from operations rose 3.44 percent to Rs 133.91 crore during the period under review as against Rs 129.45 crore earlier. Total expenses of the RP Sanjiv Goenka Group firm stood at Rs 95.94 crore in Q3 FY 2020-21, as against Rs 118.37 crore, down 18.9 percent.
"The fast-growing digitisation-of-India, buoyed by present Covid situation, 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. Saregama has consistently been able to increase monetisation of its intellectual property (music, films, TV serials) over the last 12 quarters.
"Digitisation and low cost of data in India remain the growth driver of content consumption. This is further fuelled by the increase in smartphones and rising popularity of OTT apps," it said. With no new films getting released, Saregama focussed on creation/ acquisition of non-film Hindi and regional language songs over the last 10 months.
Shares of Saregama India on Thursday settled at Rs 950.45 on BSE, down 5.99 percent from the previous close.