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Saregama India, one of India’s largest music labels, has reported a consolidated net profit of Rs 18.91 crore for the year ended March 31, 2014 (FY14), more than double of Rs 8.11 crore profit in the previous year.  This is despite a 4.6% decline in its consolidated revenues to Rs 177.49 crore for the year, from Rs 185.99 crore revenue in the previous year.

On a quarterly basis, the company posted a net profit of Rs 6.75 crore for the quarter ended March 31, 2014 (Q4-FY14), up from Rs 2.32 crore profit in the same quarter last year. The total operational revenue however declined by 9.6% year-on-year to Rs 43.35 crore, from Rs 47.95 crore in the same quarter last year.

Music revenues down 18.5% YoY: Saregama’s music business posted a net profit before tax of Rs 42.45 crore for FY14, registering a 12.3% decline from Rs 48.42 crore in the previous year. Consolidated revenues from the music segment also declined to Rs 113.96 crore for FY14, down 18.5% from Rs 139.8 crore revenue in the previous year. This pulled the segment’s contribution to 64.2% of Saregama’s total revenues for the fiscal, down from 75.1% in the previous year.

On a quarterly basis, the music segment posted a net profit of Rs 16.40 crore for the quarter, down 16.3% from Rs 19.6 crore in the same quarter last year. The total revenues also declined by 11.8% to Rs 30.79 crore for the quarter, from Rs 34.91 crore in the same quarter last year.

Film & TV serial revenues up 30.8% YoY: The Films and TV serials business has posted a profit before tax of Rs 1.75 crore for the fiscal, as compared to Rs 11.49 crore loss in the previous year. The total revenues however increased to Rs 56.24 crore for FY14, up 30.8% from Rs 42.99 crore revenue in the previous year. The segment accounted for 31.7% of Saregama’s total revenues for the fiscal, up from 23.1% in the previous fiscal.

On a quarterly basis however, the segment posted a loss before tax of Rs 1.85 crore, as compared to Rs 1.79 crore in the same quarter last year. The total revenues also declined by 3.7% to Rs 12.6 crore for the quarter, from Rs 13.04 crore in the same quarter last year.

Believe Digital Tie-up: In April this year, Saregama had signed a partnership with the international digital distribution company Believe Digital for the digital distribution of its music catalogue in international markets, especially with the Indian diaspora. The company had also switched its focus to digital sales by licensing its physical rights to Sony DADC last July.