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Saregama Profit At Rs 1.83 Cr For Q1-FY14; Music Biz Down, Films & TV Biz Up

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Saregama India has posted declined profits of Rs 1.83 crore for the quarter ending June 30, 2013, down 27.4% from Rs 2.52 crore profit in the same quarter last year and down 21.1% from Rs 2.32 crore in the previous quarter.

This is despite a marginal year on year increase in its operational revenues, which was at Rs 35.8 crore for the quarter, up 5% from Rs 34.1 crore in the same quarter last year but down 25.34% from Rs 47.95 crore in the previous quarter.

Music Revenues Decline: Revenues from the Music segment declined to Rs 25.09 crore for the quarter, down 7.6% from Rs 27.14 crore in the same quarter last year. The segment also saw a decline in the profit before tax to Rs 9.31 crore for the quarter, a 22% dip from 11.94 crore profit in the same quarter last year and down 51% from Rs 19.60 crore profit in the previous quarter.

While Music still accounts for a majority of Saregama’s revenues, its contribution declined to 70.1% for the quarter, down from 79.6% in the same quarter last year.

Films and TV Serials Revenues Increase Significantly: The films and television serials revenue continues to grow significantly year on year and posted revenues of Rs 10.72 crore for the quarter, up 35.1% from Rs 6.96 crore in the same quarter last year. The segment also posted a profit of 0.37 crore for the quarter, as compared to Rs 4.46 crore loss in the same quarter last year. Films and television serials accounted for 29.9% of Saregama’s revenues, up from 20.4% in the same quarter last year.

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Saregama hasn’t shared any operational information for the quarter and the company website was down with a ‘502 Bad Gateway’ error message, at the time of writing this article. However, the company seems to be transforming into a primarily digital business, having chosen to license out its physical music business to Sony DADC last month.

It has also appointed three key ex-Web18 executives in the past year: Former Web18 CEO Surya Mantha had joined as Saregama MD in January 2013, Keshaw Sinha, previously Vice President and Technology Head at Web18, was appointed as Saregama’s CTO in May 2013 and Avinash Mudaliar, who was instrumental in building the music initiative from Web18’s In.com and more recently the co-founder and former Head of Times Internet’s* Gaana.com, had joined Saregama as its Head of Internet Products and Services earlier this month.

Download: Financials

*Note: Disclosures apply

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