Saregama India Q2 net profit up 36% to Rs 46 crore; revenue rises 30% to Rs 189 crore

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Music label Saregama India Ltd on Monday reported a 36.42 per cent increase in its consolidated net profit to Rs 46.11 crore for the second quarter ended September 30, 2022.

It had posted a net profit of Rs 33.80 crore in the July-September quarter last fiscal, Saregama said in a regulatory filing.

Saregama's total income was up 30.37 per cent to Rs 189.16 crore during the quarter under review as against Rs 145.09 crore in the corresponding period of the previous fiscal.

"The Company posted highest ever Operating Revenue for the quarter to reach Rs 189.2 crore in Q2FY23, up 30 per cent YoY," Saregama said in its earning statement.

Its revenue from the music segment was at Rs 150.90 crore and Rs 34.08 crore from films, television serials and events.

The publication segment contributed Rs 4.18 crore.

Total expenses of the RP Sanjiv Goenka Group firm were at Rs 138.50 crore, up 32 per cent from Rs 104.91 crore in the year-ago period.

Saregama India Vice Chairperson Avarna Jain said, "Saregama’s strategy of investing in high quality new IP across audio and video has started paying rich dividends. And this is expected to accelerate with the growing digitisation across social strata in India." Shares of Saregama India Ltd on Monday afternoon were trading at Rs 376.90 on BSE, up 0.17 per cent from the previous close.