Saregama Shares Continue To Tank As Q1-Print Fails To Cheer Investors

Shares of Saregama India continued to remain volatile as the company posted its June quarter earnings on Thursday afternoon.

What Happened: The company’s profit for the April-June period stood at ₹43.48 crore, slightly above the ₹41.87 crore profit it booked in the year-ago period. The company’s revenue from operations ₹163.34 crore went down 2% from the ₹166.04 crore revenue it booked in the same quarter last year.

A major chunk of the company’s revenue came from its music business, which accounted for ₹149.07 crore. Films and TV shows contributed around ₹12.20 crore to the company’s revenue. Earnings per share for the quarter stood at ₹2.26.

Shares of the music major are dampened today as it trades ex-spin off today. The company has demerged its e-commerce business. The price band for the stock was also revised down to 10% from 20%.

Price Action: Saregama’s share price was down 4.32% to trade at ₹405.40 in the late hours of trading on Thursday.

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Posted In: EarningsNewsSaregama