"The company posted the highest ever operating revenue for the quarter to reach Rs 189.2 crore in Q2FY23, up 30% YoY," Saregama said in its earning statement.

The company's Operating Income before Content Charge, Interest and Depreciation (OIBCID) rose 31% to Rs 69.90 crore in Q2 FY23 from Rs 53.50 crore in corresponding quarter last year. OIBCID margin (%) stood at 37% in Q2 FY23 as against 38% in Q1 FY23 and 37% in Q2 FY22.

The Q2 FY23 profit before tax (PBT) stood at Rs 62.10 crore, 37% growth YoY and 11% growth QoQ.

During the period under review, the company's revenues from music business jumped 24.12% to Rs 150.90 crore. Its revenues from TV & films division climbed 52.48% to Rs 34.08 crore. The firm's revenues from publication division surged 260.34% to Rs 4.18 crore.

Net cash generated from operating activities stood at Rs 110.64 crore in the six months ended 30 September 2022, higher than Rs 27.76 crore in the six months ended 30 September 2021.

Carvaan (portable music player) continued to regain its momentum. The unit sales grew by 51% YoY, with the help of newly launched variant, Carvaan Mobile. Overall, the company sold 156,000 units in Q2 compared to 103,000 last year.

Avarna Jain, vice chairperson Saregama India, said: "Saregama's strategy of investing in high quality new IP across audio and video has started paying rich dividends. And this is expected to accelerate with the growing digitisation across social strata in India."

Vikram Mehra, MD Saregama India, said: "Saregama has started achieving no.1 or 2 position in New Music across multiple Indian languages. Very soon we will not just be the biggest catalogue company but become leader in New Indian music also."

Saregama India is a RPSG group company owning the largest music archives in India and one of the biggest in the world. It has also expanded into other branches of entertainment - film & series production, live events, and music-based consumer products.