Heard Saregama’s concall in the afternoon, broad takeaways:-
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Reiterated Growth guidance of 23-25% in Music licensing business.
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Major Hindi Launches coming up, if you check the main channel. Then views have barely grown due to no launches. Its the regional channels like Bhojpuri and Punjabi which led to growth.
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Music Licensing Business grew at more than 20%+ again this Quarter. Carvan realisations have fallen
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They have announced Rs3 dividend per share.
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Will only invest QIP money when a suitable opportunity comes up and won’t do acquisitions just for the sake of it.
Near term risk:-
Margins might come down a bit due to lower margin business like events, movies etc increasing. I think events here are joined at the hip with licensing business to drive growth over there.
These were the short notes in a nutshell. Might have missed a few points, will keep updating.
Disc: no reco to buy or sell. Added in last 30 days. Not an Advisor.
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