Tips Industries’ posted an increase of 22% in its revenue from operations for Q4, FY24, to Rs 63.3 crore from Rs 52 crore in Q4, FY23, while the net profit for Q4, FY24 stood at Rs 25.8 crore. Moreover, the company recorded a net profit of Rs 18.3 crore in Q4, FY23.
Moreover, the company posted an increase of 29% in its revenue from operations to Rs 241.6 crore in FY24 from Rs 186.8 crore in FY23. The net profit rose by 66% to Rs 127.2 crore in FY24 from Rs 76.52 crore in FY23. The company stated that it had released 179 new songs in Q4, FY24, of which 123 were new film songs and 56 were non-film songs.
“Profits witnessed a remarkable surge, jumping by 66% year-on-year to Rs 127 crore, a testament to our strategic initiatives and operational efficiency,” Kumar Taurani, chairman and managing director, Tips Industries, said in a statement.
YouTube subscribers for Tips Industries stood at 97 million subscribers while YouTube views for Q4, FY24 were 47.8 billion, an increase of 42% year-on-year.
The content cost for the quarter stood at Rs 23.9 crore compared to Rs 19 crore in Q4, FY23. The content cost for FY24 stood at Rs 55.6 crore.
“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,” Taurani, added.
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