Financials
Q2-2015: Saregama reports lower results
BENGALURU: Indian custodians of music company Saregama Limited (Saregama) reported a 9.5 per cent drop in Total Income from Operations (TIO) in Q2-2015 to Rs 41.20 crore from the Rs 45.53 crore in the corresponding year ago quarter (Q2-2014) and a drop of 2.4 per cent from the Rs 42.31 crore reported in the immediate trailing quarter (Q1-2015). PAT for the current quarter (Q2-2015) fell 16.5 per cent to Rs 2.08 crore (5 percent of TIO) from Rs 2.49 crore (5.5 per cent of TIO) in Q2-2014 and fell by 38.1 per cent from the Rs 3.36 crore (7.9 per cent of TIO) in Q1-2015.
Note: 100,00,000 = 100 lakh =10 million = 1 crore.
In the six month period ended 30 September 2014 (HY-2015), Saregama’s TIO increased 2.7 per cent to Rs 83.51 crore from Rs 81.34 crore in HY-2014. PAT for HY-2013 at Rs 5.44 crore increased 25.9 per cent to Rs 5.44 crore (6.5 percent of TIO) from Rs 4.32 crore (5.3 percent of TIO) in HY-2014.
Revenue Streams
The company’s net sales income in Q2-2015 at Rs 15.33 crore (37.2 per cent of TIO) was 6.4 per cent lower than the Rs 16.37 crore (36 per cent of TIO) in Q2-2014, and 1.7 per cent more than the Rs 15.07 crore (35.6 per cent of TIO) in Q1-2015. For HY-2015, net sales income increased 4.1 per cent to Rs 30.40 crore (36.4 per cent of TIO) from Rs 29.19 crore (35.9 per cent of TIO) in HY-2014.
License Fee income in Q2-2015 at Rs 25.80 crore (62.6 per cent of TIO) was 11.3 per cent lower than the Rs 29.08 crore (63.9 per cent of TIO) in Q2-2014 and 4.9 per cent less than the Rs 27.12 crore (64.1 per cent of TIO) in Q1-2015. License Fee income rose 1.7 per cent to Rs 52.92 crore (63.4 per cent of TIO) in HY-2015 from Rs 52.04 crore (64 per cent of TIO) in HY-2014.
Segment Results:
Two segments’ contribute to Saregama’s revenue – Music and Films and Television serials (TV).
Music
Saregama’s Music segment reported 11.9 per cent drop in operating revenue to Rs 25.96 crore (63 per cent of TIO) in Q2-2015 from Rs 29.46 crore (64.7 per cent of TIO) in Q2-2014 and a drop of 6.9 per cent from Rs 27.88 crore (65.9 per cent of TIO) in Q1-2015. For HY-2015, operating revenue fell 1.3 per cent to Rs 53.84 crore from Rs 54.55 crore in HY-2014.
The segment reported 20.9 per cent drop in operating profit to Rs 6.61 crore in the current quarter from Rs 8.36 crore in Q2 2014 and 48.7 per cent drop from the Rs 12.89 crore in Q1-2015. Operating profit from the music segment increased 10.4 per cent to Rs 19.5 crore from Rs 17.67 crore in HY-2014.
Films and Television serials (TV)
Operating revenue from the TV segment fell 5.2 per cent in Q2-2015 to Rs 15.24 crore (37 per cent of TIO) from Rs 16.07 crore (35.3 per cent of TIO) in Q2-2014 and increased 5.6 per cent from the Rs 14.43 crore (34.1 per cent of TIO) in Q1-2015. In HY-2015, operating from the TV segment rose 10.8 per cent to Rs 29.67 crore (35.5 per cent of TIO) from Rs 26.79 crore (32.9 per cent of TIO) in HY-2014.
This segment reported less than one thirteenth (1/13.37 times) the operating profit in Q2-2015 at Rs 0.19 crore as compared to the Rs 2.54 crore in Q2-2014. For Q1-2015, the segment had reported operating loss of Rs 0.82 crore. In HY-2015, TV segment reported operating loss of Rs 0.63 crore against an operating profit of Rs 2.91 crore in HY-2014.
Let us look at the other numbers reported by Saregama for Q2-2014.
Saregama’s Total Expenditure (TE) in Q2-2015 at Rs 40.33 crore (97.9 per cent of TIO) was 7.5 per cent lower than the Rs 43.6 crore (95.8 per cent of TIO) in Q2-2014 and 3 per cent more than the Rs 39.16 crore (92.6 per cent of TIO) in Q1-2015. For HY-2015, TE increased 2.3 per cent to Rs 79.49 crore (95.2 per cent of TIO) in HY-2014.
Saregama paid 44.9 per cent lower Royalty Fees in Q2-2015 at Rs 4.58 crore (11.1 per cent of TIO) as compared to the Rs 8.31 crore (18.3 per cent of TIO) in Q1-2014 and 14.2 per cent lower than the Rs 5.34 crore (12.6 per cent of TIO) in Q1-2015. HY-2015 Royalty Fees paid by the company fell 15.6 per cent to Rs 9.92 crore (11.9 per cent of TIO) from Rs 11.75 crore (14.4 per cent of TIO) in HY-2014.
Saregama’s cost of production of films, television and portal (Production cost) in Q2-2015 at Rs 14.44 crore (35 per cent of TIO) was 4.4 per cent more than the Rs 13.83 crore (30.4 per cent of TIO) in Q2-2014 and 4.9 per cent more than the Rs 13.76 crore (32.5 per cent of TIO) in Q1-2015. HY-2015 production cost at Rs 28.19 crore (33.8 per cent of TIO) was 23.6 per cent more than the Rs 22.80 crore (28 per cent of TIO) in HY-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.
