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Saregama India: Healthy performance; valuations full after run up, ICICI Securities

Saregama reported robust Q2FY22 results.

  • Revenues were up ~34% YoY to | 145.1 crore, on a benign base (~31% decline in Q2FY21), led by TV & films segment, up 237% YoY at | 22.4 crore, on a depressed base. Music segment was up 21.2% YoY. Carvaan sales volumes were up ~27.2% YoY to 1.03 lakh units, on a benign base
  • EBITDA grew 20% YoY to | 44 crore with EBITDA margin at 30.6% (down 350 bps YoY) owing to higher selling and distribution expense
  • Consequent PAT was at | 35.1 crore (up 24.4% YoY)

Key triggers for future price performance

  • Growth trajectory in music licencing, which the management envisages to grow at 20%+ in medium term, along with new content performance
  • Recovery in Carvaan on the back of festive season
  • Expansion in movies and web series segment

BCS Bureau

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