Tips Music's Q3 FY24 Financial Report: Noteworthy 27% Revenue and 72% PAT Growth

by  EVENTFAQS Bureau Industry Watch | January 24, 2024 | News

TIPS Industries Tips Music

Tips Industries, operating under Tips Music, has released its financial results for the quarter ending 31 December 2023, indicating consistent growth. The Q3FY24 revenue stands at ₹64.8 Cr, representing a reasonable 27% year-on-year increase. The cumulative revenue for the first three quarters of FY24 is ₹178.3 Cr, reflecting a 32% year-on-year growth.

In terms of cost management, the content cost for Q3FY24 decreased to ₹14.7 Cr compared to ₹18.7 Cr in Q3FY23. The total content cost for 9M FY24 is reported at ₹31.6 Cr, emphasizing a pragmatic approach to expenses.

Song releases during Q3FY24 totaled 165, including 82 film songs and 83 non-film songs. Notable releases include "High Hukku" by King and the film track "Merry Christmas." The label's YouTube channel boasts 93 million subscribers, with a 52% year-on-year increase in views during Q3FY24, totaling 47 billion.

As part of shareholder returns, the Board of Directors approved an interim dividend of ₹3 per share for Q3 FY24, bringing the total interim dividend for 9M FY24 to ₹6 per share. These measured financial results and shareholder rewards indicate a stable performance for Tips Music in Q3 FY24.

Kumar Taurani, Chairman and Managing Director said, “I am pleased to announce another quarter of stellar growth at Tips Industries Limited. Our commitment to excellence and strategic initiatives has resulted in yet another quarter of notable achievements. We achieved a substantial 27% YoY quarterly revenue growth, with revenues reaching ₹64.8 Cr. Our content costs stood at ₹14.7 Cr for the quarter, compared to ₹18.7 Cr in Q3FY23, with a total of ₹31.6 Cr for 9M FY24. 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% YoY growth. In a move to reward our shareholders, the Board of Directors has approved an interim dividend of ₹ 3 per share for Q3 FY24, bringing the total interim dividend for 9M FY24 to ₹ 6 per share. In conclusion, these achievements reflect the dedication and hard work of every member at Tips. Going ahead, we remain focused on our strategic goals and continue to drive innovation and excellence in all our endeavours.”