TIPS Industries Continues Stellar Performance
Mumbai, July 2023: TIPS Industries Limited (Tips Music), a leading Indian music label which creates and monetizes music, announced its Financial Results for the Quarter ending June 30,2023
Key Financial Performance:
Key Financial Highlights:
- Highest ever quarterly revenue growth. Revenue for Q1 FY24 was ₹ 52.6 Cr, a growth of 54% y-o-y
- The content cost for the quarter was ₹12.2 Cr which has risen by 61% over the corresponding quarter of the previous year
- For Q1FY24 the company released 259 new songs. Out of 259 new songs, 56 were new film songs and 203 Non-Film songs.
- YouTube subscribers now stand at 85.5 Mn. For Q1FY24 YouTube views were 48.3 Bn up 132% y-o-y
- The Board of Directors have approved an interim dividend of ₹ 1.00 per share; as part of our ongoing efforts to reward our shareholders.
Commenting on the Results, Mr. Kumar Taurani – Chairman & Managing Director said, “I am delighted to announce that we have achieved our best-ever quarter performance, with remarkable revenue growth of 54% year-on-year. These outstanding results reflect the efficacy of our strategic initiatives and the dedication of our team. During this quarter, we remained focused on our core objective of delivering captivating music to our diverse audience base. I am elated to announce that we released a total of 259 new songs during this period. Our consistent gains in market share and the continuous improvement in our rankings signify the effectiveness of our business approach, our ability to adapt to changing market dynamics, and most importantly, the loyalty and support of our valued customers. Looking ahead, we are committed to sustaining this momentum and pursuing avenues for further expansion. Our focus remains on nurturing talent, creating compelling music content, and enhancing our market presence through strategic collaborations and partnerships. I want to extend my gratitude to our Investors who supported and believed in our vision. We are committed to creating sustainable growth and value for all our stakeholders.”
