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Hold Saregama India; target of Rs 1000: ICICI Direct

ICICI Direct recommended hold rating on Saregama India with a target price of Rs 1000 in its research report dated January 25, 2021.

January 28, 2021 / 02:58 PM IST
 
 
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ICICI Direct's research report on Saregama India


Saregama India's revenues for Q3FY21 increased 3.4% YoY to Rs 133.9 crore with growth being led by TV & films segment (Q3FY20 revenue was also impacted due to dip in Carvaan sales). Carvaan sales declined ~30% YoY to 138,000 units in Q3FY21. EBITDA grew 193% YoY to Rs 40 crore with EBITDA margin at 29.9%. Cost reduction across all fronts (except for TV & films production), mainly in promotion costs for Carvaan and other expenses led to strong growth in operating profit. Subsequently, reported PAT was at Rs 31.6 crore, up 211% YoY.


Outlook


We maintain HOLD rating with a revised target price of Rs 1000/share (previous TP: Rs 680/share).


For all recommendations report, click here


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Broker Research
first published: Jan 28, 2021 02:56 pm

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