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Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
SAREGAMA INDIA LTDResult Update (PARENT BASIS): Q2 FY19
CMP: 571.75 DEC 1st, 2018
Overweight ISIN:INE979A01017
Index Details SYNOPSISSaregama India Ltd., an RP Sanjiv Goenka GroupCompany, is India's oldest music label, youngest filmstudio and a multi-language TV content producer.
The company achieved a turnover of Rs. 1384.20 mnfor Q2 FY 2018-19 as against Rs. 844.60 mn in thecorresponding quarter of the previous year, anincrease of 63.89%.
During the quarter, net profit rose by 235.43% andregistered at Rs. 149.60 mn from Rs. 44.60 mn in thecorresponding quarter ending of previous year.
During the quarter, EBIDTA stood at Rs. 258.60 mnas against Rs. 107.90 mn in the corresponding periodof the previous year, up by 139.67%.
Profit before tax (PBT) increased by 158.71% to Rs.233.10 mn in Q2 FY19 from Rs. 90.10 mn in thecorresponding quarter of the previous year.
EPS of the company stood at Rs. 8.59 in Q2 FY19against Rs. 2.56 in the corresponding quarter of theprevious year.
The Revenue of the company registered a growth of70.44% at Rs. 2497.00 mn in H1 FY19 as against Rs.1465.00 mn in H1 FY18.
During H1 FY19, PAT of the company registered atRs. 235.50 mn in H1 FY19 as against Rs. 77.60 mn inH1 FY18, up by 203.48%.
Carvaan growth story continues with 229K units soldin Q2-FY19 a jump of 40% over previous quarter.
The Number of Over-To-The Top Streams increasedby 1003 mn in Q2 FY19 as against 567 mn in Q2FY18.
You Tube Views jumped to 914 mn in volumes in Q2FY19 which was stood at 391 mn in Q2 FY18.
Net Sales and PAT of the company are expected togrow at a CAGR of 31% and 58% over 2017 to2020E, respectively.
Stock DataSector Movies & EntertainmentBSE Code 532163Face Value 10.0052wk. High / Low (Rs.) 920.00/461.50Volume (2wk. Avg.) 3056Market Cap (Rs. in mn.) 9954.17
Annual Estimated Results(A*: Actual / E*: Estimated)Years( Rs. In mn) FY18A FY19E FY20ENet Sales 3456.10 5391.52 6361.99EBITDA 482.80 634.01 765.05Net Profit 305.10 384.15 469.92EPS 17.52 22.07 26.99P/E 32.63 25.91 21.18
Shareholding Pattern (%)
As on Sep 2018 As on June 2018
PROMOTER 59.11 59.11
PUBLIC 40.89 40.89
OTHERS -- --
1 Year Comparative Graph
SAREGAMA INDIA LTD S&P BSE SENSEX
PEER GROUPS CMP MARKET CAP EPS(TTM) P/E(X)(TTM) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
Saregama India Ltd 571.75 9954.17 26.59 21.49 2.61 30.00
Shemaroo Entertainment Ltd 470.00 12775.70 30.06 15.64 2.56 15.50
Eros International Media Ltd 93.30 8894.30 10.62 8.79 0.62 0.00
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results updates- Q2 FY19,
(Rs. In millions) Sep-18 Sep-17 % Change
Revenue 1384.20 844.60 63.89%
Net Profit 149.60 44.60 235.43%
EPS 8.59 2.56 235.23%
EBITDA 258.60 107.90 139.67%
Saregama India Ltd has achieved a turnover of Rs. 1384.20 mn for Q2 FY 2018-19 as against Rs. 844.60 mn in the
corresponding quarter of the previous year, an increase of 63.89%. During the 2nd quarter, net profit rose by 235.43% and
registered at Rs. 149.60 million as against Rs. 44.60 million in the corresponding quarter ending of previous year.
Reported earnings per share of the company stood at Rs. 8.59 in Q2 FY19 as against Rs. 2.56 in the corresponding quarter
of the previous year. Profit before interest, depreciation and tax stood at Rs. 258.60 million as against Rs. 107.90 million
in the corresponding period of the previous year, up by 139.67%.
Break up of Expenditure
Break up of ExpenditureValue in Rs. Million
Q2 FY19 Q2 FY18 %Change
Cost of MaterialsConsumed 706.80 229.60 208%
Employee BenefitsExpense 82.60 126.50 -35%
Depreciation &Amortization Expense 8.60 9.70 -11%
Advertisement and SalesPromotion 263.10 82.90 217%
Royalties 131.40 105.50 25%
Provision for DoubtfulDebts/Advances 16.00 53.70 -70%
Other Expenditure 138.60 99.50 39%
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
Segment Revenue:
FINANCIAL SUMMARY Q2 FY19:
Revenues of Music Segment registered a growth of 73% at Rs. 1263.70 mn in Q2 FY19 as against Rs. 732 mn in Q2
FY18.
TV & Films Segment Revenue registered a growth of 6% at Rs. 120.50 mn in Q2 FY19 as against Rs. 112.60 mn in
corresponding previous year quarter period.
FINANCIAL PERFORMANCE – HALF YEAR:
The Revnue of the company registered a growth of 70.44% at Rs. 2497.00 mn in H1 FY19 which was stood at Rs.
1465.00 mn in H1 FY18.
During H1 FY19, PAT of the company registered at Rs. 235.50 mn in H1 FY19 as against Rs. 77.60 mn in H1 FY18,
up by 203.48%.
OPERATIONAL HIGHLIGHTS:
Music Segment Operational Highlights:
Carvaan growth story continues with 229K units sold in Q2-FY19 a jump of 40% over previous quarter.
The Number of Over-To-The Top Streams increased by 1003 mn in Q2 FY19 as against 567 mn in Q2 FY18.
You Tube Views jumped to 914 mn in volumes in Q2 FY19 which was stood at 391 mn in Q2 FY18.
28% YoY in B2B Revenues Fueled by growing market share in OTT business, impact of new movie song releases
and higher publishing deal renewals.
3K new billing dealers added in Q2 total 15.5K dealers.
Gross margin maintained at 23% inspite of dollar strengthening
Carvaan Premium (Companion app, AM Radio) @7390 and Carvaan Mini2.0 @2490 launched.
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
New Film Music Acquired:
The Company acquired 9 New Film Music as on 30th Sep, 2018.
Sahib Biwi Gangster3
Yamla Pagla Deewana Phir Se
Thadam
Peranbu
MarinthirunthuPaarkum Marmam Enna
Aan Dhevathai
Vandi
Ratsasa
Maaniik
COMPANY PROFILE
Saregama India Ltd., an RP Sanjiv Goenka Group Company, is India's oldest music label, youngest film studio and a
multi-language TV content producer. Over the years, the Company has expanded its business from audio to home video,
publishing, digital, events, films production and distribution and audio visuals.
The Company has a music library of 1.2 lakh songs, covers 18 languages spread across eight music categories –
Bollywood, regional films, ghazals, devotional classical, Indian pop and kids music. Since 2017, Saregama has been
making headlines again owing to the launch of two unique initiatives, Saregama Carvaan and Yoodlee Films.
Carvaan is a perfect blend of digital technology and a retro form factor, in less than a year from its launch, it is now
Saregama's flagship product. Saregama Carvaan, Carvaan Premium, Carvaan Gold and Carvaan mini are portable digital
music players that come with features such as Bluetooth, USB, FM/AM and a collection of in-built songs.
Yoodlee Films, Saregama's film production arm is positions as writers’ studio. The films produced by the studio are
driven by the powerful stories targeted at young audiences across the words who primarily consume content on personal
devices 5,400+ hours of Tamil serial programming telecast on Sun TV and features in top 3 slots of afternoon prime time.
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)Balance Sheet as of March 31, 2017 -2020E
FY17A FY18A FY19E FY20E
ASSETS
1) Non-Current Assetsa) Property, Plant and Equipment 1892.80 1881.20 2106.94 2275.50b) Investment Property 24.70 24.20 24.93 25.92c) Intangible Assets 61.90 61.40 63.24 66.40d) Investments in Subsidiaries, Asso. & Joint Ventures 155.40 155.40 163.17 169.70e) Financial Assets
i) Investments 1076.40 1234.00 1308.04 1360.36ii) Loans 42.20 34.40 39.56 43.52
f) Other Non Current Assets (Net) 18.90 111.30 19.45 14.00Sub - Total Non- Current Assets 3272.60 3501.90 3725.33 3955.41
2) Current Assetsa) Inventories 98.90 472.50 685.13 876.96b) Financial Assets
i) Trade Receivables 555.90 781.00 1171.50 1581.53ii) Cash and Cash Equivalents 155.80 63.60 41.34 31.01iii) Bank Balances other than Cash 0.70 16.20 20.25 24.30iv) Loans 28.40 5.40 5.89 6.30v) Other Financial Assets 0.60 0.50 1.42 1.82
c) Current Tax Assets 412.90 414.00 289.80 237.64d) Other Current Assets 159.00 386.90 727.37 989.23Sub - Total Current Assets 1412.20 2140.10 2942.69 3748.77
Total Assets (1+2) 4684.80 5642.00 6668.03 7704.17EQUITY AND LIABILITIES1) EQUITY
a) Equity Share Capital 174.00 174.10 174.10 174.10b) Other Equity 3236.20 3646.90 4031.05 4500.97
Total Equity 3410.20 3821.00 4205.15 4675.072) Non Current Liabilities
a) Financial Liabilitiesi) Borrowings 0.00 0.00 0.00 0.00
ii) Employee Benefit Obligations 19.00 20.60 21.84 22.93b) Deferred Tax Liabilities (Net) 424.60 455.70 483.04 507.19Sub - Total Non Current Liabilities 443.60 476.30 504.88 530.12
3) Current Liabilitiesa) Financial Liabilities
i) Borrowings 0.00 129.20 415.48 623.22ii) Trade Payables 370.60 386.40 463.68 537.87iii) Other Financial Liabilities 115.20 347.20 496.50 659.37
b) Other Current Liabilities 67.70 116.10 183.24 249.21c) Provisions 261.70 358.50 394.35 425.90d) Employee Benefit Obligation 15.80 7.30 4.75 3.41Sub - Total Current Liabilities 831.00 1344.70 1958.00 2498.97
Total Equity and Liabilities (1+2+3) 4684.80 5642.00 6668.03 7704.17
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
Annual Profit & Loss Statement for the period of 2017 to 2020E
Value(Rs.in.mn) FY17A FY18A FY19E FY20EDescription 12m 12m 12m 12mNet Sales 2081.60 3456.10 5391.52 6361.99Other Income 158.60 142.20 263.07 302.53Total Income 2240.20 3598.30 5654.59 6664.52Expenditure -2003.30 -3115.50 -5020.58 -5899.47Operating Profit 236.90 482.80 634.01 765.05Interest -23.20 -33.70 -70.77 -85.63Gross Profit 213.70 449.10 563.24 679.42Depreciation -40.70 -37.90 -39.80 -42.58Profit Before Tax 173.00 411.20 523.44 636.83Tax -73.00 -106.10 -139.29 -166.91Net Profit 100.00 305.10 384.15 469.92Equity Capital 174.00 174.10 174.10 174.10Reserves 3236.20 3646.90 4031.05 4500.97Face Value 10.00 10.00 10.00 10.00EPS 5.75 17.52 22.07 26.99
Quarterly Profit & Loss Statement for the period of 31st Mar, 18 to 31st Dec, 18E
Value(Rs.in.mn) 31-Mar-18 30-June-18 30-Sep-18 31-Dec-18EDescription 3m 3m 3m 3mNet Sales 1053.70 1112.80 1384.20 1536.46
Other Income 74.50 431.10 22.70 11.89
Total Income 1128.20 1543.90 1406.90 1548.35
Expenditure -897.50 -1381.90 -1148.30 -1436.59
Operating Profit 230.70 162.00 258.60 111.76
Interest -10.10 -15.20 -16.90 -18.59
Gross Profit 220.60 146.80 241.70 93.17
Depreciation -9.30 -8.70 -8.60 -9.20
Profit Before Tax 211.30 138.10 233.10 83.97
Tax 3.20 -52.20 -83.50 -29.65
Net Profit 214.50 85.90 149.60 54.32
Equity Capital 174.10 174.10 174.10 174.10
Face Value 10.00 10.00 10.00 10.00
EPS 12.32 4.93 8.59 3.12
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
Ratio Analysis
Particulars FY17A FY18A FY19E FY20E
EPS (Rs.) 5.75 17.52 22.07 26.99EBITDA Margin (%) 11.38% 13.97% 11.76% 12.03%PBT Margin (%) 8.31% 11.90% 9.71% 10.01%PAT Margin (%) 4.80% 8.83% 7.13% 7.39%P/E Ratio (x) 99.48 32.63 25.91 21.18ROE (%) 2.93% 7.98% 9.14% 10.05%ROCE (%) 5.75% 11.26% 12.86% 13.64%Debt Equity Ratio 0.00 0.03 0.10 0.13EV/EBITDA (x) 41.33 20.72 16.26 13.75Book Value (Rs.) 195.99 219.47 241.54 268.53P/BV 2.92 2.61 2.37 2.13
Charts
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
OUTLOOK AND CONCLUSION
At the current market price of Rs. 571.75, the stock P/E ratio is at 25.91 x FY19E and 21.18 x FY20E respectively.
Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 22.07 and Rs. 26.99
respectively.
Net Sales and PAT of the company are expected to grow at a CAGR of 31% and 58% over 2017 to 2020E,
respectively.
On the basis of EV/EBITDA, the stock trades at 16.26 x for FY19E and 13.75 x for FY20E.
Price to Book Value of the stock is expected to be at 2.37 x and 2.13 x for FY19E and FY20E respectively.
Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.
INDUSTRY OVERVIEWThe Indian Music Industry continues to align itself to shift towards digital consumption on the back of better digital
infrastructure, telecom penetration with low data tariff and availability of curated digital music on growing digital
platforms. As per the KPMG India - FICCI – Indian Media and Entertainment Industry Report 2017, in 2016, the Indian
music industry is estimated at INR 12.2 billion and is expected to grow to INR 25.4 billion by 2021 at a CAGR of 15.8%.
As per IFPI Global Music Report, the non- digital music still accounts for 50% of global revenues leaving major scope for
selling music through physical devices. Bolly-wood continues to be a significant contributor to music consumption;
however the growth in the regional music genres is also gaining traction. On the back of improving digital infrastructure,
cheaper data usages plans and availability of free music content, in India streaming is becoming major mode of
consumption.
The films business has witnessed growth driving developments like expansion of overseas markets, increase in depth of in
regional content and rise in acquisitions of the digital content by Over The Top (OTT) platforms. The global OTT players
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
are making huge investments to build their Indian content libraries; benefiting small to medium budget films. As per the
KPMG India - FICCI – Indian Media and Entertainment Industry Report 2017, the Indian film industry is expected to
grow to Rs. 206.6 billions by 2021 at a CAGR of 7.7%.
OPPORTUNITIES:
Music Business:
Music – Physical B2C:
The Primary target market for Company’s catalogue music is 40+ age group. The research has confirmed the need of this
group for a non-techie convenient way to consume music. Tapping this demand, Saregama is launching a range of
physical products to satisfy this unmet demand, which is expected to contribute 40% growth to Music vertical revenue in
coming year.
The first product offering of Music Cards with 24 SKUs priced at Rs 600 (India) / $15 (USA/ Canada) taps replacement
demand of CDs and in-car consumption of music. Over 2000 brick-n-mortar retailers have been networked and all leading
e-commerce partners have been brought on board as partners.
Carvaan is Company’s next big product. With 5000 embedded songs and blue tooth / USB connectivity, Carvaan becomes
the digital audio player of home. This product is also being positioned as a gifting proposition. With launch price of Rs
5990, the product is getting retailed through 5000 electronic retail outlets through distributor model; and e-commerce
outlets directly. Many other new innovative retail products are in pipeline.
The Company launched its specialized Apps offering Classical & Devotional Music with differentiated content. These
apps have been made available only to paid subscribers without any dependence on advertisements. As expected, these
apps are gradually gaining patronage of the consumers and are expected to garner revenue growth with App business
progressively going for paid model. Company’s own web store – Saregama.com remains popular destination for
discerning consumers to buy Company’s popular catalogue.
Music - Digital B2B:
With the increase in the number of smart phones and data consumption, more and more International OTT players
entering into India and the Domestic players like Telecom service providers launching their own OTT services, there
offers a strong growth opportunity for the Company’s catalogue business. As per the KPMG India - FICCI – Indian Media
and Entertainment Industry Report 2017, the year 2016 witnessed increase in volume of music streaming worth around
50-60 million active monthly users using the applications. Riding on the patronage for Company’s popular catalogue, the
OTT streams for Company’s content grew by 37% last year and is expected grow further with ease of consumption. While
music products like CRBT, WAP, IVR etc offered through Telecom sector dropping primarily on account of industry de
growth in WAP vertical of business, the Company has kept its share steady with proactive marketing activities.
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
Music Publishing Business:
The Expansion of Smart cities and growth of Tier 2 and Tier 3 cities add to the growing avenues of Publishing Music
Business. The new copyright law has broad-based the possibility of drawing higher publishing revenue from newer
avenues and will generate yields from the areas not monetized hitherto. The Company has also increased its broadcasting
TV licenses to more number of networks including the Regional markets. More Brands have started to use evergreen
catalogue for TV sync commercials to promote and position their Brands in the market. The year 2016-17 has been
second year in row where the music publishing business of the Company grew smartly and is expected to keep momentum
in coming year.
TV Software Business:
National TV:
After turning profitable last year, the National TV is exploring new programmes with the top GEC channels based on its
successful past programmes. More TV channels and emergence of Video platforms like Amazon and Netflix are
providing opportunities for growth. These platforms are looking for differentiated content and willing to experiment with
new genres and style of shows.
South TV:
The Business continues its leadership in Tamil Sun Network channels in terms of its number of hours of weekly
production. The growing reach of the Sun Network and bigger advertisement budgets for the Tamil markets are providing
opportunity for growth of the business.
Publication Business:
The focus of “Open” magazine continues to target the top strata of the society as the market is evolving with top notch
Brands wanting to reach out to such high intellectual readers; providing strong opportunity for the business.
OUTLOOK:
The Company strategically will remain a pure play content player capitalizing on the data boom globally, with focus on
higher monetization of existing IPs - 1.2L owned audio songs and over 3000 hours of Tamil serials - through greater
presence on all 3rd party digital and TV platforms. The thrust will be on launch of Saregama branded physical products
with embedded music. Being pure play content player, the investments will be towards building of new IPs through new
film music acquisition across Hindi, Tamil & Marathi languages, TV programs in Tamil language where IP stays with the
Company and production of controlled cost thematic films targeted at youth with primary exploitation on digital
platforms.
Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
Disclosure Section
The information and opinions in Firstcall Research was prepared by our analysts and it does not constitute an offer orsolicitation for the purchase or sale of any financial instrument including any companies scrips or this is not an officialconfirmation of any transaction. The information contained herein is from publicly available secondary sources and dataor other secondary sources believed to be reliable but we do not represent that it is accurate or complete and it should notbe relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damagethat may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/or its affiliates and/or employees will not be liable for the recipients’ investment decision based on this document.
Analyst Certification
The following analysts hereby state that their views about the companies and sectors are on best effort basis to the best oftheir knowledge. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. Theanalyst qualifications, sectors covered and their exposure if any are tabulated hereunder:
Name of the Analyst Qualifications SectorsCovered
Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport
Dr.C.V.S.L. Kameswari M.Sc, PGDCA,M.B.A,Ph.D (Finance)
Pharma &Diversified
No Interest/ Exposure
U. Janaki Rao M.B.A CapitalGoods
No Interest/ Exposure
B. Anil Kumar M.B.A Auto, IT &FMCG
No Interest/ Exposure
V. Harini Priya M.B.A Diversified No Interest/ ExposureB. Srikanth M.B.A Diversified No Interest/ Exposure
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Document code: FOTL_011220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
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