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Saregama Net Profit Down To Rs 1.02 Cr In Q3-FY14, Music Revenues Continue To Slide

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Saregama India, one of India’s largest music labels, has reported an operating income of Rs 43.02 crore for the quarter ending December 31, 2013, down 5.51% from Rs 45.53 crore reported at the end of September 30, 2013 and by 16.35% from Rs 51.43 crore reported at the end of the same quarter last year.

Of this, Licensing Fees brought in Rs 24.67 crore for Q3-FY14, down from Rs 29.08 crore reported in Q2, and down from Rs 29.96 crore reported at the end of the same quarter last year. Net sales brought in comparatively less income, at Rs 18.22 crore.

The company’s net profit has declined by 59% to Rs 1.02 crore, from Rs 2.49 crore reported at the end of Q2-FY14 and by 79.4% from Rs 4.95 crore reported at the end of the same quarter last year.

The company’s total expenses has reduced marginally to Rs 41.70 crore for the quarter ending December 31, 2013, from Rs 43.60 crore at the end of quarter ending September 30, 2013 and from Rs 47.59 crore at the end of the same quarter last year. Of this amount, the cost of production of films, television serials and portal has increased marginally to Rs 14.23 crore for the quarter ending December 31, 2013, up from Rs 13.83 crore reported at the end of September 30, 2013 and up from Rs 12.88 crore reported at the end of the same quarter last year.

Segment wise revenue

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– Films & television serials accounted for Rs 16.87 crore in Q3-FY14, up from Rs 16.07 crore at the end of September 30, 2013 and up from Rs 14.61 crore at the end of the same quarter last year.

– Music segment accounted for Rs 26.13 crore in this quarter, down from Rs 29.46 crore in Q2 and down from 36.82 crore at the end of the same quarter last year.

Change in leadership

After a year or so at the helm of music major Saregama’s  CEO Surya Mantha had resigned earlier this month. He had made some pretty interesting moves while he was in position: firstly, he rightly switched the focus of the company from physical sales to digital, so that Saregama would focus largely on digital rights, and brought in a team with experience with both digital and music: Avinash Mudaliar, who was instrumental in building gaana.com was brought in from Times Internet, and Keshaw Sinha was brought in as CTO from Web18. Both had worked with Mantha in the past.

Download: Financials

Also read: Want To Disrupt The Music Business In India? Here’s How

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