SAREGAMA · Media Entertainment & Publication
Saregama India Ltd reported revenue of ₹242 cr for July to September 2024, +40.7% on the year and +18.0% on the quarter.
Operating profit (EBITDA) was ₹61.0 cr, a margin of 25.2%, −1,026 bps on the year and +33 bps on the quarter. Over the last 6 quarters the margin has ranged from 24.9% to 35.5%, averaging 29.2%. Operating costs grew +63.1%, faster than revenue at +40.7%, so operating profit grew less than sales.
Net profit was ₹45.0 cr, −6.3% on the year and +21.6% on the quarter, with earnings per share of ₹2.33. Profit before other income, one-offs and tax fell 13.2%, so 7 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average.
On earnings per share of ₹9.74 over the last four quarters, the stock at ₹639.65 trades at 65.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹204 cr | ₹263 cr | ₹205 cr | ₹242 cr | ₹483 cr | ₹241 cr | ₹207 cr | ₹230 cr | ₹260 cr | ₹287 cr | ₹264 cr | ₹314 cr |
| YoY | — | — | +26% | +41% | +137% | −8% | +1% | −5% | −46% | +19% | +27% | +37% |
| EBITDA margin | 32.4% | 26.6% | 24.9% | 25.2% | 17.4% | 33.2% | 26.6% | 29.9% | 35.4% | 42.2% | 35.4% | 32.4% |
| Other income, % of PBT | 21% | 24% | 24% | 22% | 19% | 28% | 27% | 19% | 0% | 8% | 6% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 29% | 27% | 24% | 26% | 27% | 28% | 27% | 26% | 28% | 26% | 25% |
| Net profit | ₹52.0 cr | ₹54.0 cr | ₹37.0 cr | ₹45.0 cr | ₹62.0 cr | ₹60.0 cr | ₹37.0 cr | ₹43.8 cr | ₹51.0 cr | ₹74.0 cr | ₹51.9 cr | ₹64.2 cr |
| YoY | — | — | −14% | −6% | +19% | +11% | 0% | −3% | −18% | +23% | +40% | +46% |
| Core profit YoY | — | — | −5% | −13% | +24% | +2% | −5% | +6% | +3% | +61% | +79% | +66% |
| EPS | ₹2.71 | ₹2.79 | ₹1.91 | ₹2.33 | ₹3.23 | ₹3.12 | ₹1.90 | ₹2.28 | ₹2.66 | ₹3.91 | ₹2.69 | ₹3.37 |
| Flags | · | · | 1 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Saregama India Ltd reported revenue of ₹242 cr (+40.7% on the year) and net profit of ₹45.0 cr (−6.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −13.2% on the year, against −6.3% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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