Saregama's Revenue Tunes Shift with Live Events Decline

Saregama India reported a 17.8% drop in profit for the December quarter, primarily due to a decline in its 'live event' business. While revenue from 'Music' increased, overall income dropped 46.34% year-on-year. The company faced exceptional items due to new labor codes, impacting its financial performance.

Saregama India, a leading music record company, reported a notable 17.8% decline in consolidated profit for the December quarter. This drop to Rs 51.24 crore was largely attributed to a significant downturn in the company's 'live event' business.

Despite a 12.32% growth in the 'Music' segment revenue, the live events sector saw a staggering 92.76% decline to Rs 16.42 crore from Rs 226.80 crore in the same period last year. Saregama India's total revenue stood at Rs 260.38 crore, marking a 46.13% decrease year-on-year.

The company, part of the RPSG group, also dealt with Rs 6.98 crore in exceptional items due to the implementation of new labor codes. Consequently, Saregama's shares on the BSE settled at Rs 327.70, slightly down by 0.58%.

(With inputs from agencies.)