External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Revenues were up ~37% YoY to Rs 105 crore, on a benign base (~39% decline in Q1FY21) with growth led by the music segment, which was up 32% YoY. Carvaan sales volumes were up ~200% YoY (down 59% QoQ) to...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Revenues were up ~37% YoY to Rs 105 crore, on a benign base (~39% decline in Q1FY21) with growth led by the music segment, which was up 32% YoY. Carvaan sales volumes were up ~200% YoY (down 59% QoQ) to...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Saregama India: Robust Performance; Valuations Full After Run-Up

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/facebook-inc-a" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Facebook Inc A (FB US)</a>  announced last week that it had entered into a global licensing deal with India’s <a href="https://www.smartkarma.com/entities/saregama-india-ltd" target="_blank" data-smartkarma-citation="entities:14797:1" rel="noopener">Saregama India (SARE IN)</a> , one of the oldest and largest music labels in the country. The two companies have not disclosed any details regarding the deal such as the pricing or terms of the deal.</li>
<li>In mid-March, <a href="https://www.smartkarma.com/entities/spotify-technology-sa" target="_blank" data-smartkarma-citation="entities:26772:1" rel="noopener">Spotify Technology SA (SPOT US)</a>  entered into a licensing deal with Saregama where about 100k songs from Saregama’s catalog will be added to Spotify’s streaming platform.</li>
<li>Saregama has been struggling with its revenue growth with the spread of COVID-19 and we believe the deals offer the company a means to counter the decline. India is one of the largest music streaming markets in the world with large growth potential which is why many companies seek to enter the country’s music streaming market.</li>
</ul>



Facebook Inc A (FB US)  announced last week that it had entered into a global licensing deal with India’s Saregama India (SARE IN) , one of the oldest and largest music labels in the country. The two companies have not disclosed any details regarding the deal such as the pricing or terms of the deal.
In mid-March, Spotify Technology SA (SPOT US)  entered into a licensing deal with Saregama where about 100k songs from Saregama’s catalog will be added to Spotify’s streaming platform.
Saregama has been struggling with its revenue growth with the spread of COVID-19 and we believe the deals offer the company a means to counter the decline. India is one of the largest music streaming markets in the world with large growth potential which is why many companies seek to enter the country’s music streaming market.


Facebook Enters into a Licensing Deal with Saregama to Further Expand Its Foothold in India

India

Saregama India Limited manufactures, sells and deals in Audio Cassettes, CD's and DVDs, which they market in India, Europe, the USA, Canada, the Caribbean Islands and South Africa. The Group's range of music encompasses both new and old Hindi films, regional films, ghazals, classical, Indipop and International. Saregama also has a film business, which produces films and TV serials.

Saregama India (SARE IN)

Saregama India: Robust Performance; Valuations Full After Run-Up

Revenues were up ~37% YoY to Rs 105 crore, on a benign base (~39% decline in Q1FY21) with growth led by the music segment, which was up 32% YoY....

ICICI Securities Limited

Facebook Enters into a Licensing Deal with Saregama to Further Expand Its Foothold in India

Facebook Inc A (FB US) announced last week that it had entered into a global licensing deal with India’s Saregama India (SARE IN) , one of the...

Shifara Samsudeen, ACMA, CGMA