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ICICI Direct Report
Saregama India Ltd. is India's oldest music label with ~1.3 lakh songs across various languages, which is monetised over various formats such as digitals (streaming, YouTube), physical (Carvaan) and television. Apart from music, it is also into TV serials/(Tamil) and creates low budget films as well as web series for OTT platforms through Yoodlee Films.
Saregama has demerged its entire distribution business of the company relating to sale of all its physical products including Carvaan on digital marketplaces along with identified non-core assets (i.e. investment in publication business).
Demerged division topline was Rs 17.4 crore in FY21 while bottomline (in our view) is miniscule.
We highlight that demerger only involves digital distribution arm and Carvaan business stays with Saregama residual entity. As per our understanding, distribution arm enjoys non-exclusive rights of selling Carvaan on e-commerce platform, which will continue.
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