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Shemaroo operating revenue midway through COVID recovery, up 48.5% QoQ

Shemaroo Entertainment

Key takeaways

  • Shemaroo continues to suffer the pandemic’s economic impact, with quarterly revenues not recovering to comparable pre-COVID periods.
  • Digital now accounts for almost half the company’s revenues. While traditional investments will pay off en masse soon and perhaps regain their vast-majority status, this is still a significant development for the company as it transitions from B2B to B2C.
  • Even digital revenues have suffered, though, in spite of people staying home and OTT consumption registering an increase during the pandemic.


Entertainment company Shemaroo’s earnings have been depressed throughout the year on account of the COVID-19 pandemic, with the 9 month period so far of FY21 yielding revenues 40% lower than the preceding year. Among the few bright spots were the contribution of the digital business. “The company’s digital business contribution has grown from less than 10% in FY14 to 39% in FY20,” the company said in a presentation to investors.

  • EBITDA and revenue lag: EBITDA margin has sunk to a low of 0.62% in the aggregated nine months of the financial year thus far. In Q3, though, the margin stood at 8.03%, indicating a certain level of recovery. However, the digital share of the business is close to overtaking everything else in terms of revenue.

Source: Shemaroo

  • In absolute terms, Digital didn’t do much better: While digital revenue may account for a larger slice of the pie, it has been hit by the overall reduction in revenue. Digital revenue reduced substantially compared to the quarter and three-quarter period in the previous financial year:

Source: Shemaroo

  • No subscriber count for ShemarooMe: The company has not yet revealed how many subscribers its ShemarooMe streaming service has, but did say that it’s YouTube channels have had growth in monthly views.

Source: Shemaroo

Financial snapshot — Q3FY21

  • Revenue: ₹88 crore (up 48.5% QoQ, down 9.3% YoY)
  • Net Loss: ₹1.4 crore (down 84% QoQ, Net Profit of ₹8.5 crore in Q3FY20)
  • EBITDA Margin: 8.03% (compared to negative 1.22% in the previous quarter, and 20.07% in Q3FY20)
  • Digital Media Revenue: ₹39.9 crore (down 17.2% YoY)

Financials | Presentation

Written By

I cover the digital content ecosystem and telecom for MediaNama.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



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