Saregama India Ltd

Saregama India Ltd

₹ 544 -2.21%
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

Revenue Mix FY23{# https://r.saregama.com/resources/pdf/investor/financials_FY22_23_Q4.pdf#page=7}
Music - 82%
Films/TV Serials -18%

  • Market Cap 10,491 Cr.
  • Current Price 544
  • High / Low 581 / 310
  • Stock P/E 53.1
  • Book Value 76.1
  • Dividend Yield 0.74 %
  • ROCE 19.4 %
  • ROE 14.1 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 29.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 36.0%

Cons

  • Stock is trading at 7.14 times its book value
  • Working capital days have increased from 119 days to 176 days

* 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
123 105 145 150 180 166 185 182 204 163 172 204 263
89 68 101 96 129 114 128 119 154 113 111 139 193
Operating Profit 34 37 44 54 51 52 57 63 49 50 61 66 70
OPM % 28% 35% 31% 36% 29% 31% 31% 35% 24% 31% 35% 32% 27%
19 3 5 8 19 10 11 15 17 18 13 15 18
Interest 1 1 1 1 1 1 1 1 2 1 0 1 0
Depreciation 2 2 3 4 4 4 4 6 6 7 8 9 12
Profit before tax 50 37 45 58 64 56 63 71 58 59 66 70 76
Tax % 26% 26% 25% 25% 25% 26% 25% 26% 25% 27% 27% 25% 29%
37 27 34 44 48 42 47 53 44 43 48 52 54
EPS in Rs 2.13 1.56 1.94 2.25 2.50 2.17 2.41 2.76 2.27 2.25 2.49 2.71 2.79
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
186 177 187 222 218 357 545 521 442 576 737 803
170 160 184 209 209 320 507 461 312 377 516 556
Operating Profit 16 17 2 13 9 36 38 60 130 199 221 247
OPM % 9% 10% 1% 6% 4% 10% 7% 12% 29% 35% 30% 31%
7 11 11 2 13 10 56 11 31 23 54 64
Interest 3 3 1 0 2 3 7 7 3 5 6 3
Depreciation 13 3 6 5 4 4 3 5 6 13 21 36
Profit before tax 7 22 6 9 16 39 85 60 152 204 248 271
Tax % -3% 23% -5% 25% 46% 27% 36% 28% 25% 25% 25% 27%
7 17 6 7 9 28 54 44 113 153 185 198
EPS in Rs 0.47 1.09 0.39 0.39 0.48 1.64 3.11 2.53 6.47 7.91 9.60 10.24
Dividend Payout % 32% 14% 39% 38% 31% 18% 10% 6% 31% 38% 31% 39%
Compounded Sales Growth
10 Years: 16%
5 Years: 8%
3 Years: 22%
TTM: 9%
Compounded Profit Growth
10 Years: 28%
5 Years: 30%
3 Years: 21%
TTM: 13%
Stock Price CAGR
10 Years: 49%
5 Years: 60%
3 Years: 27%
1 Year: 35%
Return on Equity
10 Years: 13%
5 Years: 15%
3 Years: 14%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 17 17 17 17 17 17 17 17 17 19 19 19
Reserves 95 148 150 157 322 364 411 381 488 1,358 1,323 1,450
61 13 8 4 3 16 64 10 1 1 1 5
71 65 72 89 137 181 217 211 277 309 361 559
Total Liabilities 245 244 247 267 480 578 709 620 784 1,688 1,704 2,034
89 102 84 85 199 197 215 219 226 278 338 748
CWIP 0 0 0 0 0 0 0 0 2 2 4 0
Investments 40 40 40 40 132 151 148 75 137 676 239 118
116 101 124 143 149 230 345 325 420 732 1,124 1,168
Total Assets 245 244 247 267 480 578 709 620 784 1,688 1,704 2,034

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
6 27 3 32 -4 -19 -36 79 190 94 93 93
-4 -4 -1 -4 0 0 -6 -5 -136 -630 -154 17
-1 -25 -6 -8 -3 9 38 -72 -49 677 -75 -85
Net Cash Flow 0 -2 -4 20 -7 -10 -4 2 4 142 -136 25

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 72 77 106 76 87 75 74 76 72 68 73 72
Inventory Days 1,030 270 266
Days Payable 838 165 114
Cash Conversion Cycle 72 77 106 76 87 75 74 76 264 173 226 72
Working Capital Days 44 42 77 23 59 78 120 104 35 84 98 176
ROCE % 8% 14% 4% 11% 7% 11% 20% 15% 34% 23% 18%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
59.05% 63.77% 57.65% 57.65% 58.49% 58.49% 58.49% 58.49% 58.83% 59.09% 59.09% 59.09%
7.36% 9.52% 16.55% 17.09% 17.30% 17.24% 17.47% 17.70% 17.79% 17.12% 16.81% 16.05%
3.74% 2.84% 3.65% 3.09% 2.67% 2.66% 2.65% 2.43% 2.27% 2.38% 2.62% 2.58%
29.27% 23.66% 21.96% 22.07% 21.44% 21.47% 21.23% 21.13% 20.86% 21.15% 21.22% 22.00%
0.57% 0.22% 0.20% 0.10% 0.10% 0.11% 0.15% 0.24% 0.24% 0.26% 0.26% 0.26%
No. of Shareholders 30,14338,66341,03645,33160,75363,53063,53664,67169,38172,90377,33872,433

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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