Saregama India Ltd

saregama.com BSE: 532163 NSE - BE : SAREGAMA
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.

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Website BSE NSE
  • Market Cap ₹ 8,215 Cr.
  • Current Price ₹ 4,267
  • High / Low ₹ 4,840 / 687
  • Stock P/E 63.4
  • Book Value ₹ 334
  • Dividend Yield 0.47 %
  • ROCE 33.9 %
  • ROE 24.9 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 59.53% CAGR over last 5 years

Cons

  • Stock is trading at 12.78 times its book value
  • Promoter holding has decreased over last quarter: -1.40%

Peer comparison

Sector: Entertainment Industry: Entertainment / Electronic Media Software

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
157 127 126 157 129 109 76 108 134 123 105 145
135 110 125 133 116 87 58 71 94 89 68 101
Operating Profit 22 16 1 24 14 21 19 37 40 34 37 44
OPM % 14% 13% 1% 15% 11% 20% 25% 34% 30% 28% 35% 31%
Other Income 1 12 2 3 3 3 5 3 3 19 3 5
Interest 1 2 2 2 1 1 1 1 1 1 1 1
Depreciation 1 0 1 1 1 1 1 1 1 2 2 3
Profit before tax 20 26 0 24 14 22 22 38 41 50 37 45
Tax % 34% 37% 664% 19% 24% 34% 28% 24% 24% 26% 26% 25%
Net Profit 13 17 -1 19 10 16 16 28 32 37 27 34
EPS in Rs 7.59 9.78 -0.75 11.05 5.84 9.07 9.04 16.18 18.12 21.25 15.60 19.39
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
112 139 161 186 177 187 222 218 357 545 521 442 507
125 135 142 170 160 184 209 209 320 507 461 312 352
Operating Profit -14 4 19 16 17 2 13 9 36 38 60 130 156
OPM % -12% 3% 12% 9% 10% 1% 6% 4% 10% 7% 12% 29% 31%
Other Income 7 7 7 7 11 11 2 13 10 56 11 31 30
Interest 6 5 4 3 3 1 0 2 3 7 7 3 4
Depreciation 4 24 12 13 3 6 5 4 4 3 5 6 8
Profit before tax -17 -18 10 7 22 6 9 16 39 85 60 152 174
Tax % -21% 22% 91% -3% 23% -5% 25% 46% 27% 36% 28% 25%
Net Profit -21 -13 1 8 19 7 7 8 29 54 44 113 130
EPS in Rs -11.87 -7.67 0.63 4.65 10.87 3.89 3.92 4.83 16.38 31.08 25.22 64.58 74.36
Dividend Payout % -0% -0% -0% 32% 14% 39% 38% 31% 18% 10% 6% 31%
Compounded Sales Growth
10 Years: 12%
5 Years: 15%
3 Years: 7%
TTM: 20%
Compounded Profit Growth
10 Years: 26%
5 Years: 60%
3 Years: 58%
TTM: 85%
Stock Price CAGR
10 Years: 52%
5 Years: 79%
3 Years: 95%
1 Year: 446%
Return on Equity
10 Years: 11%
5 Years: 13%
3 Years: 17%
Last Year: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
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 102 89 90 95 148 150 157 322 364 411 381 488 626
Borrowings 52 59 59 61 13 8 4 3 16 64 10 1 1
69 75 68 71 65 72 89 137 181 217 211 277 272
Total Liabilities 240 241 235 245 244 247 267 480 578 709 620 784 917
89 104 96 89 102 84 85 199 197 215 219 226 244
CWIP 0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 2 -0
Investments 40 40 40 40 40 40 40 132 151 148 75 137 186
111 98 100 116 101 124 143 149 230 345 325 420 486
Total Assets 240 241 235 245 244 247 267 480 578 709 620 784 917

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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 9 4 6 27 3 32 -4 -19 -36 79 190
-1 -5 -3 -4 -4 -1 -4 0 0 -6 -5 -136
20 3 -4 -1 -25 -6 -8 -3 9 38 -72 -49
Net Cash Flow -1 6 -3 0 -2 -4 20 -7 -10 -4 2 4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 72 75 70 72 77 106 76 87 75 74 76 72
Inventory Days 271 272 289 1,017
Days Payable 762 800 672 828
Cash Conversion Cycle -419 -453 -314 72 77 106 76 87 75 74 76 262
Working Capital Days 130 5 37 44 43 77 23 59 78 120 104 35
ROCE % -7% -8% 8% 8% 14% 4% 11% 7% 11% 21% 15% 34%

Shareholding Pattern

Numbers in percentages

Insider trades
Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
59.11 59.11 59.08 59.07 59.07 59.06 59.06 59.05 59.05 59.05 59.05 63.77
1.20 1.38 2.09 4.21 3.76 4.21 5.64 4.41 4.39 6.94 7.36 9.52
1.41 1.39 1.73 3.34 4.45 4.85 4.51 4.73 5.45 4.32 3.74 2.84
38.27 38.12 37.10 33.38 31.84 30.84 29.08 30.09 29.38 29.11 29.27 23.66
0.00 0.00 0.00 0.00 0.87 1.04 1.71 1.72 1.72 0.57 0.57 0.22

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