Saregama India Ltd

About [ edit ]

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. #
Since 2017, Saregama has been making headlines again owing to the launch of two unique initiatives, Saregama Carvaan and Yoodlee Films. #

Key Points [ edit ]
  • Market Cap 1,852 Cr.
  • Current Price 1,061
  • High / Low 1,098 / 182
  • Stock P/E 20.3
  • Book Value 269
  • Dividend Yield 0.14 %
  • ROCE 14.9 %
  • ROE 10.6 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 42.16% CAGR over last 5 years

Cons

  • Company has a low return on equity of 10.73% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
117 144 157 127 126 157 129 109 76 108 134
142 118 135 110 125 133 116 87 58 71 94
Operating Profit -26 26 22 16 1 24 14 21 19 37 40
OPM % -22% 18% 14% 13% 1% 15% 11% 20% 25% 34% 30%
Other Income 42 1 1 12 2 3 3 3 5 3 3
Interest 2 2 1 2 2 2 1 1 1 1 1
Depreciation 1 1 1 0 1 1 1 1 1 1 1
Profit before tax 14 24 20 26 0 24 14 22 22 38 41
Tax % 38% 35% 34% 37% 664% 19% 24% 34% 28% 24% 24%
Net Profit 8 15 13 17 -1 19 10 16 16 28 32
EPS in Rs 4.87 8.85 7.59 9.78 -0.75 11.05 5.84 9.07 9.04 16.18 18.12
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
110 112 139 161 186 177 187 222 218 357 545 521 427
131 125 134 141 170 160 184 209 209 320 507 461 310
Operating Profit -21 -14 5 20 16 17 2 13 9 36 38 60 117
OPM % -19% -12% 3% 12% 9% 10% 1% 6% 4% 10% 7% 12% 27%
Other Income 24 7 6 6 7 11 11 2 13 10 56 11 16
Interest 4 6 5 4 3 3 1 0 2 3 7 7 4
Depreciation 4 4 24 12 13 3 6 5 4 4 3 5 5
Profit before tax -5 -17 -18 10 7 22 6 9 16 39 85 60 124
Tax % -16% -21% 22% 91% -3% 23% -5% 25% 46% 27% 36% 28%
Net Profit -6 -21 -13 1 8 19 7 7 8 29 54 44 91
EPS in Rs -4.23 -11.87 -7.67 0.63 4.65 10.87 3.89 3.92 4.83 16.38 31.08 25.22 52.41
Dividend Payout % 0% 0% 0% 0% 32% 14% 39% 38% 31% 18% 10% 6%
Compounded Sales Growth
10 Years:17%
5 Years:23%
3 Years:34%
TTM:-21%
Compounded Profit Growth
10 Years:15%
5 Years:42%
3 Years:74%
TTM:102%
Stock Price CAGR
10 Years:34%
5 Years:38%
3 Years:15%
1 Year:209%
Return on Equity
10 Years:8%
5 Years:9%
3 Years:11%
Last Year:11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
15 17 17 17 17 17 17 17 17 17 17 17 17
Reserves 98 102 89 90 95 148 150 157 322 364 411 381 451
Borrowings 54 52 59 59 61 13 8 4 3 16 64 10 0
75 69 75 68 71 65 72 89 137 181 217 211 224
Total Liabilities 241 240 241 235 245 244 247 267 480 578 709 620 693
93 89 104 96 89 102 84 85 199 197 215 219 218
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 40 40 40 40 40 40 40 40 132 151 148 75 112
108 111 98 100 116 101 124 143 149 230 345 325 364
Total Assets 241 240 241 235 245 244 247 267 480 578 709 620 693

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-22 -20 9 4 6 27 3 32 -4 -19 -36 80
-6 -1 -5 -3 -4 -4 -1 -4 0 0 -6 -5
30 20 3 -4 -1 -25 -6 -8 -3 9 38 -72
Net Cash Flow 2 -1 6 -3 0 -2 -4 20 -7 -10 -4 2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % -0% -7% -8% 8% 8% 14% 4% 11% 7% 11% 21% 15%
Debtor Days 85 72 75 70 72 77 106 76 87 75 74 76
Inventory Turnover 1.02 1.22 1.40 1.36 0.74 1.36 0.08 2.02 -1.06 -1.23 -0.62 0.06

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
59.11 59.11 59.11 59.11 59.11 59.08 59.07 59.07 59.06 59.06 59.05 59.05
0.93 1.09 1.00 1.20 1.38 2.09 4.21 3.76 4.21 5.64 4.41 4.39
0.78 1.63 1.49 1.41 1.39 1.73 3.34 4.45 4.85 4.51 4.73 5.45
39.18 38.17 38.40 38.27 38.12 37.10 33.38 31.84 30.84 29.08 30.09 29.38
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.87 1.04 1.71 1.72 1.72

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