Financials
Saregama reports subdued results for Q3-2014
BENGALURU: Saregama India Limited, which claims to be the custodian of over half the music ever recorded in India, reported lower numbers for Q3-2014 as compared to the immediate trailing and year ago quarters, despite its film and television serials segment recording a 15.6 per cent y-o-y and 5.1 per cent q-o-q growth in operating revenue. The company received lower licence fees and paid lesser royalty fees in Q3-2014 as compared to the previous and corresponding last year. At the same time, its cost of production of films, television serials and portal went up.
Overall, the company’s net total income from operations (net of excise duty) for Q3-2014 was 16.4 per cent lower at Rs 43.02 crore as compared to the Rs 51.43 crore in Q3-2013, and 5.5 per cent lower than the Rs 45.53 crore in Q2-2014. During 9M-2014, Saregama’s net total income fell 1.9 per cent to Rs 124.36 crore from Rs 126.74 crore in 9M-2013. For FY the, net total income reported was Rs 174.69 crore.
Saregama’s Q3-2014 net profit at Rs 1.02 crore was a little more than one-fifth (20.61 per cent) of Rs 4.95 crore in Q3-2013 and less than half (about 40 per cent) of the Rs 2.49 crore in Q2-2014. For the nine month period ended December 31, 2014, the company’s net profit was 37.6 per cent lower at Rs 5.34 crore as compared to the Rs 8.56 crore in 9M-2013. For FY 2013, the company reported PAT of Rs 10.88 crore.
Let us look at the other Q3-2014 figures reported by Saregama
Saregama received 17.7 per cent lower licensing fees at Rs 24.67 crore in Q3-2014 as compared to the Rs 29.96 crore in Q3-2013 and 15.2 per cent lower than the Rs 29.08 crore in Q2-2014. In 9M-2014, licensing fee income was Rs 76.71 crore, which was 0.58 per cent more than the Rs 76.27 crore in 9M-2013. For FY 2013, Saregama had licensing fee income of Rs 104.98 crore.
The company reports revenue from two segments – Music and Film and Television Serials (Production).
Music segment reported 29 per cent fall in revenue for Q3-2014 to Rs 26.13 from Rs 36.82 crore in Q3-2013, but reported an increase of 34.3 per cent from Rs 19.46 crore in Q2-2014. During 9M-2014, the Music segment’s revenue was down 16.6 per cent to Rs 80.68 crore from Rs 96.79 crore in 9M-2013. For FY 2013, the segment reported revenue of Rs 131.70 crore.
Music segment’s operating profit in Q3-2014 at Rs 8.57 crore was down 25 per cent from Rs 11.42 crore in Q3-2013 and was just 2.5 per cent more than the Rs 8.36 crore in Q2-2014. In 9M-2014, operating profit was 17.3 per cent lower at Rs 26.24 crore as compared to the Rs 31.73 crore in 9M-2013. For FY 2013, Music segment reported revenue of Rs 51.33 crore.
The company’s Production segment reported operating revenue of Rs 16.89 crore, which was 15.6 per cent more than the Rs 14.61 crore in Q3-2013 and 5.1 per cent more than the Rs 16.07 crore in Q2-2014. The segment’s 9M-2014 operating revenue at Rs 43.68 crore was 45.4 per cent more than the Rs 29.95 crore in 9M-2013. For FY 2013, the segment reported operating income of Rs 42.99 crore.
Production segment reported operating profit at Rs 0.69 crore as compared to an operating loss of Rs 1.28 crore y-o-y and was a little more than a fourth (about 27 per cent) of the Rs 2.54 crore operating profit in Q2-2014. For 9M-2014, the segment reported an operating profit of Rs 3.6 crore as compared to an operating loss of Rs 9.70 crore in 9M-2013. Saregama’s Production segment had reported an operating loss of Rs 11.49 crore in FY 2013.
The company’s Q3-2014 Total expense at Rs 41.70 crore was 12.4 per cent lower than the Rs 47.59 crore in Q3-2014 and was 4.4 per cent lower than the Rs 43.6 crore in Q2-2014. During the nine month period of the current year, Total expense was up by 0.35 per cent to Rs 119.37 crore from Rs 118.95 crore in 9M-2013. For FY 2013, the company’s Total expense was Rs 167.8 crore.
As mentioned above, Saregama’s cost of production of Films, Television Serials and portal in Q3-2014 was higher by 10.5 per cent at Rs 14.23 crore as compared to the Rs 12.88 crore in Q3-2013 and was 2.9 per cent more than the Rs 13.83 crore in Q2-2014. For 9M-2014, this expense head at Rs 37.03 crore was 32.6 per cent more than the Rs 27.92 crore in 9M-2013. For FY 2013, Saregama’s cost of production of Films, Television Serials and portal was Rs 39.55 crore.
The company’s Royalty expense in Q3-2014 was lower by 29.6 per cent at Rs 3.49 crore as compared to the Rs 4.96 crore in Q3-2013 and was less than half 42 per cent of the Rs 8.31 crore in Q-2014. In 9M-2014, Saregama’s royalty expense at Rs 15.24 crore was 29 per cent more than the Rs 11.81 crore in 9M-2013. For FY 2013, the royalty expense was Rs 15.64 crore.
Saregama’s advertising and sales promotion expense at Rs 2.17 crore in Q3-2014 was less than half (44 per cent) of the Rs 4.92 crore in Q3-2013 and 45.6 per cent more than the Rs 1.49 crore in Q2-2014. In 9M-2014, the company spent Rs 5.87 crore towards Ad expense, which was (44.6) per cent lower than the Rs 10.59 crore in 9M-2013. In FY 2013, the company spent Rs 14.42 crore towards this expense head.
Click here for full financials
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.
