Revenues were up ~30% YoY, at Rs 189.2 crore, led by TV & films segment, up 52.6% YoY at Rs 34.1 crore. Music segment was up 24% YoY driven by Carvaan sales volumes which were up 51% YoY to 1.56 lakh units, while licencing revenues continued to be robust.. EBITDA grew 27.5% YoY to Rs 56.5 crore with EBITDA margin at 29.9%, down 68 bps YoY, owing to revenue mix
Superlative TV& Films segment and Carvaan growth was a positive surprise. The company has guided for 22-25% revenues growth ahead. Furthermore, commentary on new content acquisition will be key monitorable. The stock is currently trading at 38x FY23 P/E
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