Saregama India Q1 net profit at Rs 15.76 cr

Music label Saregama India Ltd on Friday reported a consolidated net profit of Rs 15.76 crore for the April-June quarter this year helped by increased consumption of content on digital media during the coronavirus-induced lockdown period. “The primary profit driver was the increased consumption of Saregama Music, Films, TV Serials on digital media by people staying at home.

Music label Saregama India Ltd on Friday reported a consolidated net profit of Rs 15.76 crore for the April-June quarter this year helped by increased consumption of content on digital media during the coronavirus-induced lockdown period. It had posted a net loss of Rs 1.24 crore in the April-June quarter last fiscal, Saregama said in a regulatory filing.

Its revenue from operations was down 39.24 per cent to Rs 76.49 crore during the period under review as against Rs 125.90 crore in the corresponding period of the previous fiscal. "The primary profit driver was the increased consumption of Saregama Music, Films, TV Serials on digital media by people staying at home. There is more content getting consumed by more number of people in the post-Covid-19 era than the pre-Covid-19 one," the company said in a statement.

Saregama's total expenses were at Rs 59.85 crore in the first quarter of 2020-21 as against Rs 127.86 crore in the year-ago period, down 53.19 per cent. "These results have come despite Caravan sales slowing down in light of retail network being shut and no new shoots of our TV serials during this Quarter," it said.

Its revenue from Music was at Rs 69.64 crore while Films/Television serials segment contributed Rs 5.87 crore from during the quarter under the review. Shares of Saregama India Ltd on Friday settled at Rs 478.65 on BSE, down 2.27 per cent from the previous close.