India’s oldest music label Saregama India posted its September quarter (Q2FY22) results on Monday, 11 October 2021.
Saregama’s revenue from operations stood at ₹145.1 crore, up 34% year-on-year. Company’s operating income stood at ₹53.5 crore, up 38% year-on-year. Meanwhile, its net profit stood at ₹33.8 crore, up 17% year-on-year.
The company’s revenue growth was led by the Music segment, which has grown by 21% year-on-year.
Other new businesses namely Film & TV Serial production and Publishing saw a rapid growth of more than 200%.
These new businesses contribute nearly 16% of the total revenues, which was just around 7% last year.
Music player Carvaan sales took a massive hit during the second wave in the June quarter, when the company was able to sell just 45,000 units. Once the restrictions were lifted, in the September quarter, the company managed to sell more than 1 lakh units, which was a meteoric rise of 130%.
Company recently announced its first web series “Invisible Woman” starring Suniel Shetty.
Saregama India’s management saw a change in content consumption habits because of the rapid digitisation in India and the stay-at-home trend. Saregama has aligned its content strategy to ride on this digital wave.
Saregama holds the largest music archive in India and one of the biggest in the world.
Saregama’s Q2 results were declared during the market hours & share prices hit an upper circuit of 5%. Interestingly in 2021, Saregama’s share prices have skyrocketed by more than 400%.