Saregama India has posted a net profit of Rs. 2.55 crore in the quarter ended 3oth June 2011. This is a major increase compared to a profit of Rs 42 lakh that it reported in the same quarter, last year. The company’s total revenues at the end of the quarter stand at Rs 32.10 crore, an increase against Q1FY11’s revenues of Rs 26.55 crore. The basic and diluted EPS was Rs 1.47, against Rs 0.24 in the corresponding quarter, last year.
Revenue from the Music segment was Rs 27.01 crore, while the segment witnessed profits of Rs 9.66 crore. Revenue from Films and Television serials was Rs 4.88 crore, while the segment reported losses of Rs 1.95 crore.
Last month, Saregama announced the acquisition of a 10% equity stake in Timbre Media, the same company which provided music programming to satellite radio service WorldSpace. The company will act as the content provider and distributor for the soon to be launched radio stations, on Internet, mobile and DTH platforms, reviving the WorldSpace brand.
Saregama had also made multiple appointments in its Music management division to facilitate its growth in the music delivery value chain, appointing R.Madhusudhan as Head of its Digital business.