India’s oldest music label Saregama has announced a 151% year-on-year growth in its net profits at ₹37.2 crore for the quarter ended March 31. Profit after tax or PAT also rose 19% sequentially.
Its FY21 PAT stood at ₹113.5 crore, which is is 161% higher than the FY20 bottomline of ₹43.5 crore.
Digitisation and low cost of data in India remain the primary growth drivers of content consumption, the company said in a release. This is further fuelled by the increase in smartphones, the rising popularity of OTT and social media apps, it added.