Shares of Saregama India are down nearly 30 percent this year.
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Music label Saregama India's shares ended lower on Monday despite the company reporting record quarterly operating revenue during the July-September period.
The company's revenue increased 30.5 percent from last year to Rs 189.2 crore while net profit increased 36.1 percent to Rs 46 crore.
During the quarter, the company launched music in Telugu, Hindi, Tamil, and Punjabi along with releasing multiple original songs. It also announced a long-term partnership with Arijit Singh to create multiple original songs in Hindi and Bengali.
Revenue from the Music business increased to Rs 150 crore from Rs 121.5 crore last year. The music business contributes to a majority of the company's revenue. The films, television serials, and events business also saw revenue increase to Rs 34.1 crore from Rs 22.3 crore last year.
On the operational front, the company's EBITDA increased 28.1 percent to Rs 56.6 crore while margin declined 40 basis points from last year to 30 percent from 30.4 percent last year.
The company's Caravaan unit continued to grow with sales rising 51 percent from last year. Growth this quarter was aided by its newly launched variant Carvaan Mobile. It sold 1.56 lakh units in the September quarter compared to 1.03 lakh units last year.
Shares of Saregama India ended 0.7 percent lower at Rs 373.50. The stock is down 30 percent this year.