India's Saregama switches tune to move lower on margins woes

Saregama India

23/01/2023 05:43

** Shares of music label  SARE.NS  reverses early gains to
drop 3.7%, steepest intraday decline in two weeks
    ** SARE reports higher Q3 net profit and revenue, but core
profit margins drop to 33.76% from 36.16
    ** Margin drop due to ad and sales promotion costs doubling
    ** JM Financial says while rev growth is likely to continue
near term, margins remain a bit strained due to higher costs
    ** Stock is down ~10% YTD, adding to a 26.5% slide in 2022
    ** Stock has been trading below its 50-, 100- and 200-day
moving avgs for 10 session in a row
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))