Mumbai-based entertainment powerhouse, Tips Industries Limited, has unveiled a robust financial performance with a 27% Year-on-Year revenue spike in the third quarter of its fiscal 2024.
The quarter, concluding on December 31, 2023, showcased revenues from operations amounting to INR ₹648 million (approx. USD $7.78 million), marking a substantial rise from INR ₹510 million ($6.2 million) in the corresponding quarter of the previous year.
The cumulative revenue for the initial nine months of fiscal 2024 stood at INR ₹1.783 billion ($21.41 million), demonstrating an impressive 32% YoY surge. Operational EBITDA for the quarter reached INR ₹434 million (USD $5.21 million), indicating a remarkable 67% margin, compared to INR ₹259 million ($3.15 million) with a 50.9% margin in the same period the previous year.
Tips Industries reported a noteworthy decline in content costs, recording INR ₹147 million, a substantial 21.4% reduction YoY. The company declared a dividend of INR ₹3 per share for the quarter, contributing to a total of INR ₹6 per share for the first nine months of the fiscal year, as part of its commitment to rewarding shareholders.
Tips Industries’ robust financials align with the flourishing growth in the Indian music market, reflecting the country’s record business’s 48% YoY increase, reaching $319 million in 2022. The company’s YouTube viewership surged by 52% YoY in calendar Q4 2023, achieving 47 billion views and 93 million subscribers.
Known for its extensive catalog of Bollywood hits from the 1990s and 2000s, Tips Industries has continued to thrive, releasing 165 new songs in the quarter, spanning film and non-film categories. With a music catalog boasting 30,000 songs across genres and languages, Tips Industries remains a dominant force in the Indian music landscape.
Tips Chairman, Managing Director, and co-founder Kumar Taurani expressed pride in the company’s achievements, stating, “Our commitment to excellence and strategic initiatives has resulted in yet another quarter of notable achievements. Going ahead, we remain focused on our strategic goals and continue to drive innovation and excellence in all our endeavors.”
Founded in 1988, Tips Industries has expanded its reach across multiple languages and genres, solidifying its presence as a key player in the Indian entertainment industry. The company’s partnerships with Warner Music and Sony Music Publishing underscore its commitment to global collaboration and growth.
