New Delhi: Music label Ltd on Monday reported a 16.87 per cent increase in its consolidated net profit at Rs 33.80 crore for the second quarter ended September 2021. It had posted a net profit of Rs 28.92 crore in the July-September quarter last fiscal, Saregama said in a regulatory filing.
Saregama’s revenue from operations was up 34.21 per cent at Rs 145.09 crore during the period under review as against Rs 108.11 crore in the corresponding period of the previous fiscal.
Total expenses of the RP Sanjiv Goenka Group firm were at Rs 104.91 crore in Q2/FY 2021-22 as against Rs 73.31 crore, up 43.1 per cent.
“The rapid digitisation-of-India, further buoyed by the recent stay-at-home phenomenon, is the key driver of change in content consumption habits. This trend is expected to continue for a long time, and Saregama has aligned its content strategy to ride on this digital wave,” the company said in a post statement release.
During this quarter, Saregama launched multiple new songs across languages, including the hit music of Akshay Kumar starrer Bell Bottom and multiple non-films “Original” songs across Hindi, Bhojpuri, Gujarati, Punjabi, and Tamil languages, it said.
Shares of Saregama India Ltd on Monday settled at Rs 4,216.80 apiece on the BSE, up 5 per cent from their previous close.