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Saregama India - Q2FY21 Company Update - ICICI Securities

Posted On: 2020-10-30 08:32:32


Saregama India's revenues for Q2FY21 fell 31.3% YoY to Rs. 108.1 crore as Carvaan sales declined to 81,000 units vs. 250,000 in Q2FY20. EBITDA, however, was at Rs. 36.9 crore, up 52.3% YoY, due to lower promotion costs (high marketing expense in base quarter) and contract manufacturing charges with a healthy EBITDA margins at 34.1%. Consequently, PAT came in at Rs. 28.2 crore.

Valuation & Outlook

Increasing digital consumption via streaming and social media platforms is a major growth driver with monetisation of existing IPs being key. Revenues through licensing deals with Spotify & Facebook have started to kick in. The company signed deals with two other platforms during the quarter. Softer marketing spends on Carvaan and other cost cuts will support operating margins in the near term. However, subdued Carvaan sales and delay in its ramp up will limit overall growth. We will track the strategy of converting Carvaan into a platform and its monetisation. New music acquisition spends will also be a key monitorable. We maintain HOLD rating with a revised target price of Rs. 680/share at13x FY22 P/E.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_Saregama_CoUpdate_Oct20.pdf

Shares of SAREGAMA INDIA LTD. was last trading in BSE at Rs.659 as compared to the previous close of Rs. 681.95. The total number of shares traded during the day was 6871 in over 863 trades.

The stock hit an intraday high of Rs. 709.1 and intraday low of 652. The net turnover during the day was Rs. 4605537.


Source: Equity Bulls

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