Saregama India stocks: Buy Saregama India, target price Rs 450: JM Financial

JM Financial has buy call on Saregama India with a target price of Rs 450.The current market price of Saregama India is Rs 320.75.

Saregama India, incorporated in the year 1946, is a Small Cap company (having a market cap of Rs 6190.15 Crore) operating in Media & Entertainment sector.

Saregama India key Products/Revenue Segments include Licence Fees, Films/TV Serials, Media Products and Other Operating Revenue for the year ending 31-Mar-2022.

For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 200.61 Crore, up .03 % from last quarter Total Income of Rs 200.54 Crore and up 26.60 % from last year same quarter Total Income of Rs 158.46 Crore. Company has reported net profit after tax of Rs 52.28 Crore in latest quarter.

The company’s top management includes Dr.Sanjiv Goenka, Mr.Vikram Mehra, Mrs.Preeti Goenka, Mrs.Avarna Jain, Ms.Suhana Murshed, Mr.Santanu Bhattacharya, Mr.Arindam Sarkar, Mr.Noshir Naval Framjee, Mr.Umang Kanoria. Company has BSR & Co. LLP as its auditors. As on 31-12-2022, the company has a total of 19 Crore shares outstanding.

Investment Rationale
Despite challenging macros, the brokerage expects Saregama to maintain its revenue growth guidance of 23-25% CAGR in the music licensing business in FY24, due to the built-up of a very strong new content release pipeline (partly aided by spill over of few launches from FY23).

Promoter/FII Holdings
Promoters held 58.49 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.47 per cent, DIIs 2.65 per cent.

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