Saregama Q3 revenue up 12% to Rs 150.3 crore

Saregama, India’s oldest music label and the youngest movie studio, has reported a 12% increase in revenue from operations at Rs 150.3 crore for the quarter ended 31st December as against Rs 134 crore in the same quarter last year. Revenue from the music segment increased 17% to Rs 133 crore while the TV & Films segment witnessed a 16% drop in revenue at Rs 16 crore. Publication revenue was up 27% to Rs 1.4 crore. The company's net profit jumped 38% to Rs 44 crore from Rs 32 crore. Total expenses dropped 3% to Rs 87.4 crore as against Rs 90.3 crore. During this quarter, Saregama Acquired music rights of Karan Johar’s next directorial film 'Rocky Rani Ki Prem Kahani' starring Ranveer Singh and Alia Bhatt. The company released 165 films and non-film “Original” songs across Hindi, Telugu, Tamil, Bhojpuri, Gujarati, Malayalam, Punjabi, Haryanvi, Bengali and Marathi languages. The company signed a global music licensing deal with short-format video app Chingari. The other highlight of the quarter was the use of our songs by brands like Nestle, Amazon, PhonePe, Vivo, Himalaya, etc in their ad films. During the quarter, Carvaan sales improved in sync with the festive season with the company selling 141,000 units during the quarter compared to 103,000 units in Q2. Saregama’s Tamil serial Roja and Anbe Vaa continued to be the Slot Leaders in their respective prime time slots. A new comedy series Naanga Vera Maari was launched on YouTube and received a good response from the audiences. The company is close to completing the shoot of two web series for which licensing deals are closed. The delivery is expected over the next four months. Saregama recently announced its next Hindi web series ‘The Biscuit King’ based on the life of Rajan Pillai starring Prithiviraj Sukumaran. The rapid digitisation of India, further buoyed by the recent stay-at-home phenomenon, is the key driver of change in content consumption habits. This trend is expected to continue for a long time, and Saregama has aligned its content strategy to ride on this digital wave.