Saregama India Ltd
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. #
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 #.
- 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.
Peer comparison
Sector: Entertainment Industry: Entertainment / Electronic Media Software
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 |
Documents
Add documentRecent announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 19 Feb
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 17 Feb
- Participation In Forthcoming Investor Conference 15 Feb
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 11 Feb
- Announcement under Regulation 30 (LODR)-Resignation of Director 4 Feb
View all
Annual reports
- Financial Year 2020 from bse
- Financial Year 2019 from bse
- Financial Year 2018 from bse
- Financial Year 2017 from bse
- Financial Year 2016 from bse
- Financial Year 2015 from bse
- Financial Year 2014 from bse
- Financial Year 2013 from bse
- Financial Year 2012 from bse
- Financial Year 2011 from bse
- Financial Year 2010 from bse
- Financial Year 2010 from nse