TIPS Industries Records 29% Revenue Growth And 66% PAT Surge

TIPS Industries Limited (Tips Music), one of India's prominent music labels renowned for its creation and monetization of music, has unveiled its Financial Results for the Quarter and Year Ending March 31, 2024. The report showcases significant growth across various financial metrics, underlining the company's robust performance amidst a dynamic market landscape.

Financial Performance Overview:

• Revenue from Operations: Tips Music reported a substantial growth in revenue, with ?241.6 Cr, marking a remarkable 29% increase year-on-year (YoY). The quarterly revenue stood at ?63.3 Cr, reflecting a 22% YoY growth.

• Operational EBITDA: Operational EBITDA surged to ?158.5 Cr, witnessing an impressive 55% YoY growth.

• Profit After Tax (PAT): The company's Profit After Tax soared to ?127.2 Cr, showing a remarkable 66% YoY increase.

Key Highlights:

• Content Expansion: During Q4FY24, Tips Music released a total of 179 new songs, comprising 123 Film songs and 56 Non-Film songs. Notably, releases such as "Choli ke Peeche," "Naina," and "Ghagra" from Crew emerged as Top 10 Trending songs across major platforms.

• Digital Milestones: Tips Music's YouTube channel witnessed substantial growth, with subscribers reaching 97 Mn. Views on YouTube surged to 47.8 Bn, marking a notable 42% YoY increase.

• Strategic Initiatives: The company's commitment to enhancing shareholder value was evident through its distribution of a dividend of ?6 per share for FY24. Additionally, the Board of Directors announced a buyback of shares at ?625 per share, excluding participation from promoters.

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% 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."

Tips Music's stellar financial performance for FY24 underscores its position as a leading player in the Indian music industry. With a focus on content expansion, digital growth, and strategic initiatives to enhance shareholder value, the company is poised for continued success in the coming years.