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Saregama India, one of India’s largest music labels, has reported a net profit of Rs 1.29 crore for the quarter ended December 30, 2014 (Q3-FY15), registering 26.47 % increase from Rs 1.02 crore in the same quarter last year. In the previous quarter, the company had reported a net profit of Rs 2.06 crore.

The total operational income declined to Rs 39.21  crore for the quarter, down 8.86% from Rs 43.02 crore in the same quarter last year. It had posted operational revenues of Rs 41.2 crore in the previous quarter.

Music business down: Revenues from Saregama’s music business dipped by  2.03% to Rs 25.60 crore, from Rs 26.13 crore in the same quarter last year. The profit before tax for the segment increased to Rs 9.22 crore for the quarter, up 7.58% from Rs 8.57 crore in the same quarter last year.

Music revenues now contribute for 65.29 % of Saregama’s operational revenues for the quarter, up from 60.73% in the same quarter last year and 63% in the previous quarter.

Films and TV serial revenues down: Revenue from Films and TV serials was down by 19.42% to Rs 13.61 crore for the quarter, from Rs 16.89 crore in the same quarter last year. The company registered a loss before tax of Rs 23 lakh for the segment compared to the profit of  Rs 69 lakh from same quarter last year.

The segment accounted for 34.71% of Saregama’s total revenues for the quarter, as compared to 39.26% in the same quarter last year and 36.9% in the previous quarter.

The company’s board also re-appointed Sanjiv Goenka as a director and also decided to accept resignation of  Harshavardhan Neotia as Director of the Company in November.