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ICICI Direct Report
Saregama India Ltd.'s revenues for Q1 FY21 fell 39.2% YoY to Rs 76.5 crore due to Carvaan sales declining to 15,000 units versus 219,000 in Q1 FY20 as retail stores were shut during lockdown.
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Ebitda came in at Rs 18.9 crore, up approximately 16 times YoY, due to lower promotion costs (high marketing expense in base quarter) and reduced production costs and contract manufacturing charges with Ebitda margins at 24.7%. Consequently, profit after tax was at Rs 15.8 crore.
Saregama's film and Television serial shoots, which came to a halt during lockdown, have resumed in July. During lockdown, TV segment witnessed almost nil revenues.
Delayed productions of TV and films segment resulted in reduced working capital. On the web series front, the management remains hopeful of a release in FY21E. Saregama has received two new films deal and shoots have started.
The company maintained its plan to build a portfolio of small budget profitable films in the next two to three years.
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