Financials
Q3-2015: Saregama reports lower results; television production segment disappoints
BENGALURU: Indian custodians of music company Saregama Limited (Saregama) reported an 8.9 per cent drop in Total Income from Operations (TIO) in Q3-2015 to Rs 39.21 crore from Rs 43.02 crore in the corresponding year ago quarter (Q3-2014) and a drop of 4.8 per cent from the Rs 41.20 crore reported in the immediate trailing quarter (Q2-2015). PAT for the current quarter (Q3-2015) was 25.5 per cent more at Rs 1.28 crore (3.3 per cent of TIO) than Rs 1.02 crore (2.4 per cent of TIO) in Q2-2014 and fell by 38.5 per cent from the Rs 2.08 crore (5 per cent of TIO) in Q3-2014.
Note: 100,00,000 = 100 lakh =10 million = 1 crore.
In the nine month period ended 31 December, 2014 (9M-2015), Saregama’a TIO fell 1.3 per cent to Rs 122.72 crore from Rs 124.36 crore reported for 9M-2014. PAT for 9M-2015 at Rs 6.73 crore (5.5 per cent of TIO) increased 26 per cent from Rs 5.34 crore (4.3 per cent of TIO) in 9M-2014.
Revenue Streams
The company’s net sales income in Q3-2014 at Rs 14.05 crore (35.8 per cent of TIO) was 8.3 per cent less than the Q2-2015 sales income of Rs 15.33 crore (37.2 per cent of TIO) and was 22.9 per cent lower than the Rs 18.22 crore (42.4 per cent of TIO) in Q3-2014. For 9M-2015, net sales income fell 6.2 per cent to Rs 44.45 crore (36.2 per cent of TIO) from Rs 47.41 crore (38.1 per cent of TIO) in 9M-2014.
License Fee income in Q3-2015 at Rs 26.1 crore (66.7 per cent of TIO) was 1.3 per cent more than the Q2-2015 license fee income of Rs 25.80 crore (62.6 per cent of TIO) and was 6 per cent higher than the Rs 24.67 crore (57.3 per cent of TIO) in Q3-2014. License Fee Income rose 1.8 per cent to Rs 78.06 crore (63.6 per cent of TIO) in 9M-2015 from Rs 76.71 crore (61.7 per cent of TIO) in 9M-2014.
Segment Results:
Two segments’ contribute to Saregama’s revenue – Music and Films and Television serials (TV).
Music
Saregama’s Music segment reported 2.5 per cent rise of operating revenue to Rs 26.60 (67.8 per cent of TIO) in Q3-2015 from Rs 25.96 crore (63 per cent of TIO) in Q2-2015 and increased 1.8 per cent from Rs 26.13 crore (60.7 per cent of TIO) in Q3-2014. For 9M-2015, operating revenue fell 1.5 per cent to Rs 79.44 crore (64.7 per cent of TIO) from Rs 80.68 crore (64.9 per cent of TIO) in 9M-2014.
The segment reported 50.1 per cent increase in operating profit to Rs 9.92 crore in the current quarter from Rs 6.61 crore in the preceding quarter and was 15.8 per cent more than the Rs 8.57 crore in Q3-2014. Operating profit from the music segment increased 9.5 per cent to Rs 28.72 crore from Rs 25.24 crore in 9M-2014.
Films and Television serials (TV)
Operating revenue from the TV segment fell 11.4 per cent in Q3-2015 to Rs 13.15 crore from Rs 15.24 crore (37 per cent of TIO) in Q2-2015 and fell 20 per cent from Rs 16.89 crore (39.3 per cent of TIO) in Q3-2014. In 9M-2015, operating revenue from the TV segment fell 0.9 per cent to Rs 43.28 crore (35.3 per cent of TIO) from Rs 43.68 crore (35.1 per cent of TIO) in 9M-2014.
This segment reported a loss of Rs 0.23 crore in Q3-2015 as compared to the operating profit in Q2-2015 of Rs 0.19 crore and an operating profit of Rs 0.69 crore in Q3-2014. In 9M-2015, TV segment reported operating loss of Rs 0.86 crore against an operating profit of Rs 3.60 crore in 9M-2014.
Let us look at the other numbers reported by Saregama for Q2-2015.
Saregama’s Total Expenditure (TE) in Q3-2015 at Rs 37.57 crore (95.8 per cent of TIO) was 6.8 per cent less than the Rs 40.33 crore (97.9 per cent of TIO) in Q2-2015 and was 9.9 per cent lower than the Rs 41.7 crore (96.9 per cent of TIO) in Q3-2014. For 9M-2015, TE fell 1.9 per cent to Rs 117.06 crore (95.4 per cent of TIO) from Rs 119.37 crore in 9M-2014.
Saregama paid 32.3 per cent lower Royalty Fees at Rs 3.10 crore (7.9 per cent of TIO) in Q3-2015 as compared to the Rs 4.58 crore (11.1 per cent of TIO) in Q2-2015, but was 11.2 per cent less as compared to the Rs 3.49 crore (8.1 per cent of TIO) in Q3-2014. 9M-2015 Royalty Fees paid by the company fell 14.6 per cent to Rs 13.2 crore (10.6 per cent of TIO) from Rs 15.24 crore (12.3 per cent of TIO) in 9M-2014.
Saregama’s cost of production of films, television and portal (Production cost) in Q3-2015 at Rs 13.60 crore (34.7 per cent of TIO) was 5.8 per cent lower than the Rs 14.44 crore (35 per cent of TIO) in Q2-2015 and was 4.4 per cent less than the Rs 14.23 crore (33.1 per cent of TIO) in Q3-2014. 9M-2015 production cost at Rs 41.79 crore (34.1 per cent of TIO) was 12.9 per cent more than the Rs 37.03 crore (29.8 per cent of TIO) in 9M-2014.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
