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Saregama: Why a tepid quarter doesn’t upset our thesis 

Monetisation opportunities of music as content augur well for the company’s growth prospects

January 25, 2023 / 10:43 AM IST
Saregama: Why a tepid quarter doesn’t upset our thesis 

Saregama has delivered less-than-expected revenues.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights  Revenue fell 2 percent sequentially 3 percentage point sequential improvement in EBIT Carvaan units sales at 168K units, 15 percent behind pre-COVID levels Music licensing and Film & TV business guidance of 20-25 per cent revenue growth unchanged Interim dividend of Rs 3 a share Valuation is reasonable Saregama (CMP: Rs 331.35; Market Capitalisation: Rs 6,388 crore) has delivered less-than-expected revenues, which fell 2 percent sequentially in a seasonally strong quarter. However, weak revenue growth was compensated by a relatively stronger sequential margin improvement. The music...

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