 "Saregama India Q1 net jumps 73% to Rs 27 cr on higher digital consumption")
Music label Saregama India on Thursday reported a 73.4 per cent jump in consolidated net profit at Rs 27.33 crore for the June quarter, helped by increased consumption of content on digital media during the coronavirus-induced lockdown period.
It had posted a net profit of Rs 15.76 crore in the April-June quarter last fiscal.
Its revenue from operations went up by 37.2 per cent to Rs 104.96 crore during the period under review as against Rs 76.49 crore in the corresponding quarter of the previous fiscal, Saregama said in a regulatory filing.
As per Saregama, the rapid digitisation of India, further buoyed by the recent stay-at-home phenomenon, is the key driver of change in content consumption habits.
This trend is expected to continue for a long time, and Saregama has aligned its content strategy to ride on this digital wave, the company said.
The company, however, added that COVID-19 (second wave) lockdowns adversely affected Carvaan sales for the quarter.