Saturday, Jun 22 2024 | Time 05:56 Hrs(IST)
Business Economy

Music label Saregama logs 24 pc jump in profit at Rs 54 crore in Q4

New Delhi, May 23 (UNI) RP-Sanjiv Goenka Group-owned music label Saregama on Thursday reported 23.59% year-on-year rise in consolidated net profit at Rs 53.90 crore for January-March quarter (Q4) of financial year 2023-24.
The company had posted a profit of Rs 43.61 crore in the March quarter of the previous financial year 2022-23.
The company's revenue from operations in Q4 of FY24 stood at Rs 263 crore, a 29% year-on-year rise compared to Rs 203.66 crore in the Q4 of previous fiscal 2022-23.
During the quarter under review, the company released 290 plus originals and premium recreations across Hindi, Bhojpuri, Gujarati, Punjabi, Tamil, Telugu, Malayalam, Marathi and Bengali languages. It also released 2,000 plus derivatives (LoFi, Trap Mix, Cover, Acoustic etc.) which is driving the popularity and growth of its catalogue.
For the full financial year 2023-24, Saregama logged a profit of Rs 197.56 crore as against Rs 185.05 crore in the previous financial year. Its revenue from operations during FY24 stood at Rs 803 crore.
Commenting on the company's financial performance, Avarna Jain, Vice Chairperson Saregama India, said “FY24 has been a significant year of transition with Saregama adopting a customer first approach, which is demonstrated by the diverse nature of content released across target segments, genres and languages. Our acquisition of digital entertainment company Pocket Aces, bold moves to launch artist management and event management segments is a testament to our strategy of being future ready.
The company’s strong performance was led by growth in music licensing on account of strong advertisement revenues driven by its investment in new music and the revenues generated through the artist management vertical.
Saregama, formerly known as The Gramophone Company of India Ltd, owns the largest music archives in India and one of the biggest in the world. The company has also expanded into other branches of entertainment - film & series production, live events, and music-based consumer products.
More News

Stock limit imposed on Tur, Chana to check hoarding & prices

21 Jun 2024 | 8:18 PM

New Delhi, June 21 (UNI) The government Friday issued an order imposing stock limits till September 30 this year on specific pulses applicable to wholesalers, retailers, big chain retailers, millers and importers to prevent hoarding and check prices of essential commodities.

see more..

N Sitharaman holds pre-Budget consultation with agri experts, MSMEs

21 Jun 2024 | 7:12 PM

New Delhi, June 21 (UNI) As part of pre-Budget consultation with stakeholders, Union Finance Minister Nirmala Sitharaman held meetings on Friday with representatives from farmer associations and agriculture economists.

see more..

HZL & AEsir Technologies join hands for developing Zinc batteries

21 Jun 2024 | 7:07 PM

New Delhi, June 21 (UNI) Hindustan Zinc Ltd (HZL) on Friday said that it has signed an MoU (memorandum of understanding) with US-based AEsir Technologies for developing Zinc batteries.

see more..

ONGC and Indian Oil sign pact to set up LNG plant

21 Jun 2024 | 7:00 PM

New Delhi, June 21 (UNI) State-owned energy majors Oil and Natural Gas Corporation (ONGC) and IndianOil Corporation Limited (IOCL) have signed a memorandum of understanding (MoU) to establish a small-scale Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin.

see more..

Centre assures states & farmers to procure pulses (Tur, Urad & Masur) at MSP

21 Jun 2024 | 6:31 PM

New Delhi, June 21 (UNI) Centre on Friday assured the states and farming community to procure pulses – Tur, Urad and Masur, at Minimum Support Prices (MSP) to ensure crop diversification and achieve self-sufficiency in pulse production.

see more..