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 ]

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.

Music Licensing - "Saregama" Portfolio Monetization:
The company has Intellectual Property (IP) rights of 1.3Lakh songs, 6K+ hours of Tamil television serials (content made for SunTV), and 60 movies.^# It has a presence in film music across all Indian languages, with 31% of the music portfolio acquired in the last 20 years.
Through digital licensing agreements across global OTT platforms, social media, TV & radio stations, etc. company is monetizing the music portfolio across 7B+ per month song touchpoints (2B+ youtube channel views in Q3FY21 ^#).

Carvaan Product Platform :
"Carvaan: Digital Music Player" is a product with 5000 preloaded songs, easy UI, and high-quality speakers including ones from Harman Kardon ^#. These are being sold by a distribution network of 30K retailers.

Film production business:
Yoodlee Films ^# is Saregama’s production house producing digital thematic films for the youth, with revenue primarily from licensing to digital OTT platforms. It has released 15 movies on Netflix/Disney Hotstar/Zee5 in the last 3 yrs ^#.

Website BSE NSE

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

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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.

Peer comparison

Sector: Entertainment Industry: Entertainment / Electronic Media Software

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Detailed Comparison with:

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

Corporate actions

	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

Saregama India Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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