Mumbai: TIPS Industries Ltd (Tips Music), a leading Indian music label that creates and monetises music, announced its financial results for the Quarter ending 30 June 2023.

Key Financial Performance:

Key Financial Highlights:

.   Highest-ever quarterly revenue growth. Revenue for Q1 FY24 was Rs 52.6 Cr, a growth of 54 per cent y-o-y.

.   The content cost for the quarter was Rs12.2 Cr which has risen by 61 per cent 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 per cent y-o-y

.   The Board of Directors have approved an interim dividend of Rs 1.00 per share; as part of our ongoing efforts to reward our shareholders.

Commenting on the Results, chairman & managing director Kumar Taurani 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.”