New Delhi, May 12 (PTI) Music label Saregama India Ltd on Wednesday reported over two-fold increase in consolidated net profit to Rs 37.18 crore for the quarter ended on March 31, 2021, helped by increased consumption of digital media during stay-at-home after the pandemic.
The company had posted a net profit of Rs 14.84 crore in the corresponding period of the previous fiscal.
Revenue from operations increased by 13.6 per cent to Rs 123.45 crore during the period under review as against Rs 108.66 crore in the same period a year ago, Saregama said in a regulatory filing.
Saregama said it has consistently increased the monetisation of its IP (music, films, TV serials) over the last 13 quarters.
'Digitisation and low cost of data in India remain the primary growth drivers of content consumption. This is further fuelled by the increase in smartphones, the rising popularity of OTT and social media apps,' the company said.
Saregama said the fast-growing digitisation of India, buoyed by the present Covid situation, 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 added.
Shares of Saregama India settled 4.92 per cent lower at Rs 1,890.45 apiece on BSE. PTI SVK MR MR