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Saregama posts decent performance

Revenues were up ~61% YoY, at Rs 169.3 crore, led by TV & Films segment, up 223% YoY at Rs 38.6 crore, on a depressed base. Music segment was up 38.8% YoY led by Carvaan sales volumes which were up 118% YoY to 98000 units, while licencing revenues continued to be robust. EBITDA grew 39% YoY (flat QoQ) to Rs 51.4 crore with EBITDA margin at 30.4%, down 485 bps YoY, owing to revenue mix.

Views: Superlative TV & films segment and Carvaan growth was owing to benign base. The company has guided for 22-25% revenues growth ahead. The stock is currently trading at 42x FY23 P/E. ICICIdirect

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