Saregama TV/Films segment drives strong performance

News: Revenues were up ~46% YoY to Rs 180.2 crore, led by TV & Films segment, up 150% YoY at Rs 52.5 crore. Music segment was up 25.5% YoY. Carvaan sales volumes were up 2% YoY to 1.12 lakh units, while licencing revenues continued to be robust. EBITDA grew 50% YoY (down 5% QoQ) to Rs 51.4 crore with EBITDA margin at 28.5%, were up 80 bps YoY (down 7600 bps QoQ owing to revenues mix) Consequent PAT was at Rs 48.2 crore (up 30% YoY).

Views: Superlative TV& films segment growth was owing to two films (‘Zombivili’ and ‘Habbadi’) and one regional web series being licenced during the quarter. The company guided for 23-25% revenues growth ahead. The stock is currently trading at 46x FY23 P/E.

Impact: Positive