Saregama India Ltd

₹ 363 -0.15%
24 Jun - close price
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 7,011 Cr.
  • Current Price 363
  • High / Low 551 / 269
  • Stock P/E 46.0
  • Book Value 71.4
  • Dividend Yield 0.83 %
  • ROCE 22.2 %
  • ROE 16.2 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 78.55% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 24.94%

Cons

* 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
126 157 129 109 76 108 134 123 105 145 150 180
125 133 116 87 58 71 94 89 68 101 96 129
Operating Profit 1 24 14 21 19 37 40 34 37 44 54 51
OPM % 1% 15% 11% 20% 25% 34% 30% 28% 35% 31% 36% 29%
2 3 3 3 5 3 3 19 3 5 8 19
Interest 2 2 1 1 1 1 1 1 1 1 1 1
Depreciation 1 1 1 1 1 1 1 2 2 3 4 4
Profit before tax 0 24 14 22 22 38 41 50 37 45 58 64
Tax % 664% 19% 24% 34% 28% 24% 24% 26% 26% 25% 25% 25%
Net Profit -1 19 10 16 16 28 32 37 27 34 43 48
EPS in Rs -0.07 1.11 0.58 0.91 0.90 1.62 1.81 2.12 1.56 1.94 2.25 2.50

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
139 161 186 177 187 222 218 357 545 521 442 581
135 142 170 160 184 209 209 320 507 461 312 394
Operating Profit 4 19 16 17 2 13 9 36 38 60 130 187
OPM % 3% 12% 9% 10% 1% 6% 4% 10% 7% 12% 29% 32%
7 7 7 11 11 2 13 10 56 11 31 35
Interest 5 4 3 3 1 0 2 3 7 7 3 5
Depreciation 24 12 13 3 6 5 4 4 3 5 6 13
Profit before tax -18 10 7 22 6 9 16 39 85 60 152 204
Tax % 22% 91% -3% 23% -5% 25% 46% 27% 36% 28% 25% 25%
Net Profit -13 1 8 19 7 7 8 29 54 44 113 153
EPS in Rs -0.77 0.06 0.47 1.09 0.39 0.39 0.48 1.64 3.11 2.52 6.46 7.91
Dividend Payout % 0% 0% 32% 14% 39% 38% 31% 18% 10% 6% 31% 38%
Compounded Sales Growth
10 Years: 14%
5 Years: 22%
3 Years: 2%
TTM: 31%
Compounded Profit Growth
10 Years: 69%
5 Years: 79%
3 Years: 41%
TTM: 36%
Stock Price CAGR
10 Years: 47%
5 Years: 70%
3 Years: 88%
1 Year: 29%
Return on Equity
10 Years: 13%
5 Years: 15%
3 Years: 17%
Last Year: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
17 17 17 17 17 17 17 17 17 17 17 19
Reserves 89 90 95 148 150 157 322 364 411 381 488 1,358
59 59 61 13 8 4 3 16 64 10 1 1
75 68 71 65 72 89 137 181 217 211 277 309
Total Liabilities 241 235 245 244 247 267 480 578 709 620 784 1,688
104 96 89 102 84 85 199 197 215 219 226 279
CWIP 0 0 0 0 0 0 0 0 0 0 2 0
Investments 40 40 40 40 40 40 132 151 148 75 137 676
98 100 116 101 124 143 149 230 345 325 420 732
Total Assets 241 235 245 244 247 267 480 578 709 620 784 1,688

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
9 4 6 27 3 32 -4 -19 -36 79 190 94
-5 -3 -4 -4 -1 -4 0 0 -6 -5 -136 -630
3 -4 -1 -25 -6 -8 -3 9 38 -72 -49 677
Net Cash Flow 6 -3 0 -2 -4 20 -7 -10 -4 2 4 141

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 75 70 72 77 106 76 87 75 74 76 72 68
Inventory Days 272 289 1,017 269
Days Payable 800 672 828 165
Cash Conversion Cycle -453 -314 72 77 106 76 87 75 74 76 262 172
Working Capital Days -17 18 44 42 77 23 59 78 120 104 35 417
ROCE % -8% 8% 8% 14% 4% 11% 7% 11% 21% 15% 34% 22%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
59.08 59.07 59.07 59.06 59.06 59.05 59.05 59.05 59.05 63.77 57.65 57.65
2.09 4.21 3.76 4.21 5.64 4.41 4.39 6.94 7.36 9.52 16.55 17.09
1.73 3.34 4.45 4.85 4.51 4.73 5.45 4.32 3.74 2.84 3.65 3.09
37.10 33.38 31.84 30.84 29.08 30.09 29.38 29.11 29.27 23.66 21.96 22.07
0.00 0.00 0.87 1.04 1.71 1.72 1.72 0.57 0.57 0.22 0.20 0.10

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