Tips Industries posted revenue from operations for Q3, FY24, stood at Rs 64.8 crore from Rs 51 crore in Q3, FY23, while the net profit for Q3, FY24 grew by 71.78% to Rs 34.7 crore from Rs 20.2 crore in Q3, FY23. The company stated that it had released 165 new songs in Q3, FY24, of which 82 were new film songs and 83 were non-film songs.
“We achieved a substantial 27% YoY quarterly revenue growth, with revenues reaching Rs 64.8 crore Our content costs stood at Rs 14.7 crore for the quarter, compared to Rs 18.7 crore in Q3FY23, with a total of Rs 31.6 crore for nine months in 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,” Kumar Taurani, chairman and managing director, Tips Industries, said in a statement.
The company’s YouTube subscribers stand at 93 million. For Q3FY24, YouTube views were 47 billion up by 52% y-o-y. Additionally, the content cost for the Q3,FY24 stood at Rs 14.7 crore compared to Rs 18.7 crore in Q3,FY23. The content cost for nine months of FY24 stood at Rs 31.6 crore.
“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,” Taurani added.