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Saregama registers 39% growth in Q2 net profit

Saregama, an RPSG group company, registered a 39 per cent rise in standalone net profit at ₹46 crore for the quarter that ended September 30, 2022 as against ₹33 crore in the same period last year.

Revenue from operations on a standalone basis increased 15 per cent at ₹164 crore during the quarter under review compared with ₹142 crore in the same period last year.

The company’s operating income before content charge, interest and depreciation (OIBCID) rose 31 per cent to around ₹70 crore in Q2FY23 from ₹54 crore in the corresponding quarter last year.

During the quarter, Saregama launched music for several films, including Chiranjeevi’s God Father, Kalyan Ram’s Bimbisara, Anurag Kashyap’s film Do Baaraa and Balki’s Chup and Dhanush’s film Naane Varuvean across languages. It also released multiple original songs sung by Adnan Sami, Satinder Sartaj, Shilpi Raj and Pawan Singh. Overall, the company released 308 films and non-film songs across Hindi, Bhojpuri, Gujarati, Punjabi, Tamil, Telugu, Malayalam, Marathi and Bengali languages, the company said in a press statement.

The company also announced its long-term partnership with Arijit Singh to create multiple original songs and renditions in Hindi and Bengali.

Saregama’s newly launched variant, Carvaan Mobile, aided in regaining its momentum, with sales growing by 51 per cent YoY.. Overall, the company sold 1,56,000 units in Q2 compared to 1,03,000 last year.

“Saregama’s strategy of investing in high-quality new IP across audio and video has started paying rich dividends. And this is expected to accelerate with the growing digitisation across social strata in India,” Avarna Jain, Vice Chairperson of Saregama India, said in the statement. The Hindu BusinessLine

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