TIPS Industries posted an increase of 38% in revenue from operations to Rs 186.8 crore in FY23 from Rs 135.6 crore in FY22. PAT (Profit-after-Tax) grew 19% to Rs 76.5 crore in FY23 from Rs 64.6 crore in FY22. Meanwhile, PAT margin dropped about 5.5 percentage points to 41% in FY23.
The company posted one percentage point increase in revenue from operations to Rs 52 crore in Q4,FY23 from Rs Q3,FY23. The company posted a decline of nine percentage points to Rs 18.3 crore in Q4,FY23 from Rs 20.2 crore in Q3,FY23. The company also recorded a drop in PAT margin during the same period.
The content cost for the year was Rs 62.4 crore, which rose 95% when compared to the previous year and for Q4,FY23 the content cost was Rs 19 crore, up 120% y-o-y.
The company also revealed that its YouTube views had increased by 89% to 112.7 billion for the period ended March 2023.
Moreover, in FY23 the company released 896 new songs from which 240 new songs were released during Q4,FY23. Of 240 new songs, 141 were new film songs and 99 non-film songs.
“We have reported our highest-ever quarterly sales growth. On the business front, we have released 240 new songs during the quarter, including 141 new film songs and 99 Non-Film songs. We have also successfully completed a buyback of the maximum permissible amount in this quarter and recommended a dividend of Rs 0.5/share (post-split), which is the highest ever in our company’s history. The buyback and the dividend cumulatively bring our payout ratio to 60.8% for FY23, which is a testament to our commitment to creating value for our shareholders,” Kumar Taurani, chairman and MD, TIPS, said.