Saregama India Ltd

₹ 4,699 -4.24%
Jan 25 9:47 a.m.
About

Saregama is the oldest music label company from India (established 1902, erstwhile "Gramophone Company of India" & then "HMV"). The company is aiming to be a pure-play content company supported by the global consumption boom. [1]
Since 2017, Saregama has been making headlines again owing to the launch of two unique initiatives, Saregama Carvaan and Yoodlee Films. [2]

Key Points

Business Segments
Music Licensing (46% of sales), Carvaan Product Platform (40% of sales) Film & TV Segment (13% of sales), and Publication- "OPEN" Magazine (1% of sales) as of FY20.

  • Market Cap 9,069 Cr.
  • Current Price 4,699
  • High / Low 5,506 / 925
  • Stock P/E 65.7
  • Book Value 329
  • Dividend Yield 0.64 %
  • ROCE 32.0 %
  • ROE 23.2 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 54.82% CAGR over last 5 years

Cons

  • Stock is trading at 14.91 times its book value
  • Promoter holding has decreased over last quarter: -6.12%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
124 121 150 124 105 74 108 131 121 102 142 147
108 119 129 111 75 54 73 95 88 65 98 93
Operating Profit 16 2 21 12 30 21 35 37 33 37 44 53
OPM % 13% 2% 14% 10% 28% 28% 32% 28% 27% 36% 31% 36%
Other Income 12 3 3 3 3 5 3 3 17 3 5 8
Interest 2 2 2 1 1 1 1 1 1 1 1 1
Depreciation 0 1 1 1 1 1 1 1 2 2 3 4
Profit before tax 26 2 21 13 30 24 36 38 48 37 45 57
Tax % 38% 74% 22% 27% 25% 26% 26% 26% 27% 26% 26% 25%
Net Profit 16 0 16 9 23 18 27 28 35 28 33 42
EPS in Rs 9.25 0.29 9.44 5.30 13.10 10.09 15.23 16.17 19.91 15.85 19.08 22.03

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
99 132 150 175 168 182 215 208 346 524 500 434 512
94 108 133 156 142 164 200 200 312 492 435 309 345
Operating Profit 5 24 17 19 26 18 15 8 34 32 65 125 167
OPM % 5% 18% 11% 11% 15% 10% 7% 4% 10% 6% 13% 29% 33%
Other Income 8 5 6 6 -3 4 0 16 14 60 11 29 33
Interest 6 5 4 3 3 1 0 2 3 7 7 3 4
Depreciation 3 22 11 12 3 5 5 4 4 3 4 5 10
Profit before tax 4 2 7 11 17 15 10 17 41 82 66 145 187
Tax % 85% -177% 119% -1% 30% -2% 23% 42% 26% 37% 26% 26%
Net Profit 1 6 -1 11 12 16 8 10 31 52 49 107 138
EPS in Rs 0.36 3.65 -0.80 6.25 6.95 9.02 4.33 5.75 17.52 29.83 28.11 61.41 76.87
Dividend Payout % -0% -0% -0% 24% 22% 17% 35% 26% 17% 10% 5% 33%
Compounded Sales Growth
10 Years: 13%
5 Years: 15%
3 Years: 8%
TTM: 22%
Compounded Profit Growth
10 Years: 33%
5 Years: 55%
3 Years: 52%
TTM: 45%
Stock Price CAGR
10 Years: 53%
5 Years: 83%
3 Years: 101%
1 Year: 413%
Return on Equity
10 Years: 11%
5 Years: 13%
3 Years: 16%
Last Year: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
17 17 17 17 17 17 17 17 17 17 17 17 17
Reserves 136 142 141 149 158 169 173 324 365 409 396 492 618
Borrowings 47 52 48 12 7 4 -0 -0 13 61 7 1 1
60 67 60 62 57 64 82 127 169 205 199 264 256
Total Liabilities 261 279 266 240 239 255 273 468 564 692 619 775 892
82 98 91 85 89 83 84 198 197 215 219 226 244
CWIP -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 2 -0
Investments 42 42 42 42 50 48 48 123 139 137 80 135 171
137 139 134 113 100 124 141 147 229 340 320 412 477
Total Assets 261 279 266 240 239 255 273 468 564 692 619 775 892

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-20 11 32 19 24 2 29 -8 -7 -23 85 187
-0 -5 -3 -4 -14 -1 -1 3 -11 -20 -10 -138
19 1 -8 -39 -10 -6 -8 -3 9 38 -72 -47
Net Cash Flow -1 6 21 -24 -1 -5 20 -8 -9 -5 2 3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 59 72 75 80 85 116 84 97 82 79 80 75
Inventory Days 263 288 264 1,012
Days Payable 856 928 683 813
Cash Conversion Cycle -535 -568 -345 80 85 116 84 97 82 79 80 274
Working Capital Days 258 137 79 58 55 93 35 74 89 128 115 40
ROCE % 5% 3% 5% 9% 16% 10% 10% 7% 12% 20% 16% 32%

Shareholding Pattern

Numbers in percentages

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
59.11 59.08 59.07 59.07 59.06 59.06 59.05 59.05 59.05 59.05 63.77 57.65
1.38 2.09 4.21 3.76 4.21 5.64 4.41 4.39 6.94 7.36 9.52 16.55
1.39 1.73 3.34 4.45 4.85 4.51 4.73 5.45 4.32 3.74 2.84 3.65
38.12 37.10 33.38 31.84 30.84 29.08 30.09 29.38 29.11 29.27 23.66 21.96
0.00 0.00 0.00 0.87 1.04 1.71 1.72 1.72 0.57 0.57 0.22 0.20

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