Music label Tips Industries, which creates and monetises music has announced results for the third quarter ended 31 December 2024 and the nine month period of the fiscal.
Key Highlights:
– For the quarter revenue grew by 27 per cent to Rs. 64.8 crores. Revenue for the nine month period stood at ₹ 178.3 crores a growth of 32 per cent.
– The content cost for the quarter stood at Rs. 14.7 crores compared to Rs. 18.7 crores in the same quarter of the previous fiscal. The content cost for the nine month period stood at Rs. 31.6 crores.
– For the quarter the company released 165 new songs. Out of 165 new songs, 82 were new film songs and 83 non-film songs. Key releases during the last quarter were High Hukku song by King and Merry Christmas title film track. Multilingual songs from HanuMan movie were also released and the company said that they are picking up.
– Youtube subscribers now stand at 93 million. For the quarter Youtube views were 47 billion marking an increase of 52 per cent.
– The board of directors have approved an interim dividend of Rs. 3 per share for Q3 FY24 taking the total interim dividend for the nine month period of FY24 to Rs. 6 per share; as part of its ongoing efforts to reward the shareholders.
Tips Industries chairman, MD Kumar Taurani said, “I am pleased to announce another quarter of stellar growth at Tips Industries. Our commitment to excellence and strategic initiatives has resulted in yet another quarter of notable achievements. We achieved a substantial 27 per cent YoY quarterly revenue growth, with revenues reaching Rs. 64.8 crores. Our content costs stood at Rs. 14.7 crores for the quarter, compared to Rs. 18.7 crores in Q3FY23, with a total of Rs. 31.6 crores for the nine month period of FY24.”
Taurani added, “In terms of content releases, we successfully launched 165 new songs in Q3FY24, including 82 new film songs and 83 non-film songs, featuring key releases like the impactful ‘High Hukku’ by King and ‘Merry Christmas’ title track. On the digital front, our Youtube presence continues to thrive, boasting 93 million subscribers, and in Q3FY24 alone, we recorded 47 billion views, reflecting an impressive 52 per cent YoY growth. In a move to reward our shareholders, the board of directors has approved an interim dividend of Rs. 3 per share for Q3 FY24, bringing the total interim dividend for the nine month period of FY24 to Rs. 6 per share. In conclusion, these achievements reflect the dedication and hard work of every member at Tips. Going ahead, we remain focussed on our strategic goals and continue to drive innovation and excellence in all our endeavours.”
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