TIPS Industries reports revenue growth of 29 percent y-o-y
For Q4FY24 the company released 179 new songs. Out of 179 new songs, 123 were new film songs and 56 Non-Film songs. Key releases during the last quarter “Choli ke Peeche”, “Naina” and “Ghagra” from Crew were amongst Top 10 Trending songs across major platforms.
TIPS Industries Limited (Tips Music), a leading Indian music label which creates and monetizes music, announced its Financial Results for the Quarter & Year Ending March 31, 2024.
Key highlights:
1. Reports stellar quarterly revenue growth with revenues of ₹ 63.3 Cr, reflecting a y-o-y growth of 22 percent. Revenue for FY24 stood at ₹ 241.6 cr up 29 percent y-o-y
2. The content cost for the quarter stood at ₹ 23.9 Cr compared to ₹ 19.0 Cr in Q4FY23. The Content cost for FY24 stood at ₹ 55.6 Cr.
3. For Q4FY24 the company released 179 new songs. Out of 179 new songs, 123 were new film songs and 56 Non-Film songs. Key releases during the last quarter “Choli ke Peeche”, “Naina” and “Ghagra” from Crew were amongst Top 10 Trending songs across major platforms. Our song Dil Laga Liya from the film Dil Hai Tumhara crossed 1bn views on YouTube.
4. YouTube subscribers now stand at 97 Mn. For Q4FY24 YouTube views were 47.8 Bn up 42 percent y-o-y
5. The dividend for FY24 stood at ₹ 6 per share taking the dividend payout ratio to 60.6 percent. As a part of our ongoing efforts to reward our shareholders the Board of Directors has announced buyback at Rs. 625 per share, in which the promoters will not be participating.
Commenting on the results, Kumar Taurani – chairman & managing director said: I am pleased to announce that the year 2023-24 marked substantial growth for us, with revenues soaring by 29 percent YoY to Rs. 242 cr. Profits witnessed a remarkable surge, jumping by 66% YoY to Rs. 127 cr, a testament to our strategic initiatives and operational efficiency.
In Q4FY24, we released 179 new songs, comprising 123 Film and 56 Non-Film songs, underscoring our commitment to diverse and engaging content. Notably, "Choli ke Peeche", "Naina", and "Ghagra" from Crew emerged as Top 10 Trending songs across major platforms, reflecting our ability to resonate with audiences. Our song "Dil Laga Liya" from the film "Dil Hai Tumhara" surpassed 1 billion views on YouTube, a significant achievement that underscores the enduring popularity of our catalog music.
Our focus remains steadfast on selectively acquiring quality music rights, reflecting our commitment to delivering exceptional content experiences. Looking ahead to FY25, we anticipate a potential increase in content investment, contingent upon factors such as the availability of quality music and the release calendar of films.
In our commitment to enhance shareholder value, during the year we distributed a total dividend of ₹6 per share and the Board of Directors also announced a buyback of shares at Rs. 625 per share, in which the promoters have decided to abstain from participating.
