Thank you. Good evening, ladies and gentlemen.

I welcome you to the Q2 and H1 FY '27 Earnings Conference Call for Tips Music Limited. To discuss this quarter's performance, we have from the management Mr.

Kumar Taurani, Chairman and Managing Director; Mr. Girish Taurani, Executive Director; and Mr.

Sushant Dalmia, Chief Financial Officer. Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risk and uncertainty.

For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Over to you, sir.

Good evening, everyone, and welcome to Q2 and H1 FY '27 earnings call of Tips Music Limited. Wishing all of you a very happy Navratri and a very happy Diwali in advance.

We have successfully completed the buyback of shares amounting to INR 44.44 crores through open market buyback. During this quarter, the board has declared an interim dividend of INR 6.5 per share.

With that, I would now like to hand over the call to Girish for his comments. Over to you, Girish.

Thank you, Kumar. Good evening, everyone.

During the quarter, we continued to see strong engagement across our new releases as well as our catalog content, supported by both our digital and non-digital segments. During the quarter, we released 73 songs, comprising of 40 film songs and 33 non-film songs.

Our new releases, in general, have received a strong response from the listeners. In particular, our Punjabi film music album, Ishq Naama, has crossed 100 million views on YouTube.

Our recreated song, Aankhon Se Tune 2.0, from our catalog released during the quarter and has crossed 66 million views on YouTube. We continue to witness sustained traction in our new releases with Chunari Chunari - Let's Go, released in Q1 FY '27, which has now crossed 100 million views on YouTube.

The female version of Tere Paas Mein from the film album Main Wapas Aaunga continue to perform strongly on Spotify and all music streaming platforms. Our catalog track, Tera Naam Doon, from the movie Entertainment gained significant traction on Instagram and crossed 1 billion views on Instagram.

Our YouTube subscriber base is now at 164.5 million and growing, and total views across our content library has surpassed 54.3 billion, demonstrating the growing popularity and reach of our content across platforms. With that, I would now like to hand over the call to Sushant to discuss the financial performance in greater detail.

Wish you all a very happy Navratri and happy Diwali in advance. Thank you.

Thank you, Girish. Welcome everyone to the Q2 and H1 FY '27 earnings call.

I'm pleased to present the key financial highlights of the quarter gone by. Revenue for Q2 FY '27 stood at Rs 120 crores, as compared to Rs 89.2 crores in Q2 FY '26, which almost doubled as compared to last year.

Operating EBITDA was Rs 84.64 crores, reflecting a Y-o-Y growth of 25% with an EBITDA margins of 70.5%. Profit after tax stood at Rs 55.5 crores, representing a growth of 23% over the previous year quarter, while PAT margin for the quarter was 54%.

For the first half FY '27, revenue came at Rs 227 crores, reflecting a growth of 28% over the corresponding period last year. Please note, during the six months, the content cost was at Rs 71 crores, which is front-loaded, and we expect the content cost for the full year to be in the range of 90 to 100 crores only.

Profit after tax for the period stood at Rs 109 crores, representing a Y-o-Y growth of 11%. With that, I conclude my opening remarks and open the floor for questions.

Thank you.

Hi, Kumar. Hi, Sushant.

Thank you for the opportunity, and congratulations on a very strong set of numbers. First question pertains to the growth.

We have seen periods of strong growth in the past as well. Could you explain what drove growth this quarter, 35% Y-o-Y?

Any breakup in terms of contribution from digital versus non-digital revenues? How sustainable do you think this momentum is?

A follow-up question to growth is, on our platform deals, could you update us on negotiations with YouTube for Shorts monetization and Instagram Reels? Has the Warner partnership sort of strengthened our negotiating position, particularly on the pricing front, which aided growth this quarter?

Hey Kavish, Sushant here. On the question of YouTube Shorts, the deal is still under negotiation.

It's not been concluded. We'll update once the deal is done.

On the Warner, the partnership continues as per our expectation. In terms of growth for this quarter, it was driven by both new releases and our catalog.

Let's say, both digital and non-digital platforms contributed. Digital contribution for the first half was 73%, as we have mentioned in the presentation.

Understood. Second, on the content spend, you did allude to in your opening remarks that you maintain your full-year guidance of about 90-odd crores.

First half, we've seen spends of about 70 crores. Does that imply second half will again not really see any meaningful Hindi content releases, and growth in 2H will have to depend on catalog?

Is that a fair understanding?

Primarily, let's say, the new releases was more front-loaded. Let's say, it would continue to let's say, support the growth in the H2.

On the content piece, yes, the H2 would be lighter.

Any names that you can share of the movies which are planned to be put out in 2H?

It would be, let's say, smaller films and non-film music, not bigger names.

Understood. Lastly, what explains the sharp pickup in advertising spends this quarter despite no major release in 2Q?

It was primarily driven by new releases. We had a very, let's say, front-loaded new releases in first half.

Let's say, the promotion cost was primarily driven by the new releases, and let's say, you have to keep promotion as part of my content cost.

No, I agree with that. I think two of the largest movies for which we ended up paying a huge sum for the content per se came in 1Q.

Main Wapas Aaunga was one of them. Are the advertising spends that we've seen in 2Q, also pertain to those movies, the ones that released in June, or is it some other content?

It would be towards that also. Yes.

Because the content was released towards the mid of the June. The promotional activities continued.

Understood. That's it from my side.

Thank you.

Thank you for the opportunity. My first question is on the digital revenue share.

For H1, the number is around 73%, and for Q1, we were at 75%. Q2 is probably lower at 71, 71%.

What I wanted to understand is why this variation Q-on-Q, and what is the impact on profitability? Also, what is your guidance for the year ahead?

Nitin, let's say the digital revenue would be in a range of 70% to 75%. Let's say difficult to, let's say, give proper reasoning into 1% to 2% variations.

Let's say it's more driven, let's say both the growth is more driven both by digital and non-digital segments.

In terms of profitability, digital would be more profitable, right? Okay.

No impact.

Because let's say our content budgets and the fixed costs are more or less in line, no impact on profitability.

Great. My next question is on the subscription-based revenue share.

Any comment for this quarter? Last quarter, I think you mentioned it was 10% to 15%.

It is in that range only,

Nitin. It continues to be in that range.

Okay. Thank you.

It

continues to be in that.

Thank you for taking my question. My first question is in today's media interview, you indicate that revenue and PAT growth guidance has been upgraded by 2% to 3% percentage point from earlier guidance of 20%.

Given that H1 FY '27, the revenue growth is already 28% year-on-year. Achieving the annual growth rate of let's say 22%, 23% will require only 19% of growth in H2 FY '27.

Historically, we see that the H2 is generally stronger than H1. Against this backdrop, do you believe that revised guidance remain conservative, or should we expect H2 growth to be moderately meaningful compared to H1?

Also, can you elaborate on a key assumption behind the revised revenue and PAT growth guidance? That's my first question.

H1 has been stronger for us. We have grown by around 28%.

We have been, let's say, we would like to be conservative in our guidance. You are right to some extent that H2 H2 could be stronger given, let's say, we're entering the season.

Let's say we would continue with a conservative guidance. It's better to underpromise and overdeliver.

The guidance will be 22% to 23%, correct? Revised.

See,

we would exceed our 20% guidance. We don't want to put a specific number to it.

For time being, you consider as 20%. Understand.

My second question is on you have indicated in Q1 FY '27 that the content investment guidance is around 90 to 100 crore for overall FY '27. Against which, the company already spent around 70 to 71 crore in H1.

There's a significant investment already made in content. Do you intend to maintain the earlier guidance or you are considering to increase the content investment target?

It will be maintained for the full year at between that range of 90 to 100 crores. The content investment in first half was front-loaded, and the second half would be much lighter in terms of the content cost.

Understand. The last question is on other than music, does the company have any plan to diversify in other segments like artist management and or live events?

Because this segment has growing significantly. Or will you continue to focus exclusively on core music business?

What are your views on this?

Our focus is absolutely on new music and that artist management is really lot of trouble, and you have to really take care of artist so much, and then there is a commitment we have to do so many songs, and we don't believe in all that. We believe ki we will have a short-term kind of a contract with artist, two songs, three songs like that, and we are really happy with that.

Understand. Thank you.

That's it from my side.

Hi, Kumar sir. Hi, Girish.

Congratulations on successfully completing the buyback and another great set this quarter. Really impressed by the number of songs that we have released this quarter, as in we didn't have any large films as such, but we had few smaller films and I think individual music releases in multiple.

That was really heartening to see. Many of them touch even 100 million views across platforms, it was really good to see that.

It shows that management is really making conscious call to invest in the future. I just want to highlight that market sometimes doesn't fully appreciate that the entire content cost that we expense in the same quarter that we release the music unlike most of the industry players who spread it over years.

I think sometimes market get even jittery. I would like to understand how management thinks about that thing, and also should we really think that you are investing for future because that's what really drives the valuations as such if I were to say for the market.

Like we are seeing today Indian IT companies were having hard time because of AI and stuff because they didn't invest in the previous times for tipping the next wave, you can say. How is Tips building the same approach?

How are we focusing on longevity rather than optimizing margins for quarter-on-quarter basis? I think, Kumar sir, we should really acknowledge that today the company is enjoying the fruits that you acquired the music really cheap in '90s and early 2000s, and that catalog has done wonderfully well for the company.

I think Girish would also acknowledge that if we don't invest into songs today that are relatively for the newer generation per se, with the newer generation connects more today, and maybe they would eventually end up listening those songs for next 20, 30 years, maybe even more. The company wouldn't be because of course, the songs that we already have in the library are doing good, but there is obviously a life cycle for the entire content that we already have.

How are we really focusing on not looking in near term, but rather on longevity of the company? That would be my first question.

Sanidhya, see, we are very much focused on music business, and whenever we acquire any new content, we are very, very careful, and we only deal with the people who are like-minded and maybe they can take our advice on music, how to create, which kind of a song we should give them. Even now, as ki our catalog is performing very, very well.

Every producer, they are really like to tie up with us, and we give them one or two songs in their film to recreate those songs, and they are doing well. I think we ever in a very good place at present.

Also we are talking to few more producers ki we can do business with them. We can sign their audio rights and we'll announce very soon.

I think everything is fine. Our catalog is doing well.

I think next 15, 20 years, at least I feel ki we are very, very safe. We don't have to think twice ki what will be happen.

I think many new things will happen to our industry like AI and many other platforms will come, business will change, people will do subscription, short-length content will also get proper monetization, that public performance that shows artist are singing, performing. All business, I think why Prime Minister said ki we want to see 50,000 crore business for events.

You imagine agar 50,000 crore ka agar business hoga, agar 5% bhi 10% bhi agar music ka paisa usme aayega, music ke bagair show kya hoga, toh 5,000 crore toh hame aayega na? Jo aaj hum 4,000-5,000 crore ki baat karte hain total toh industry Spotify ne kuch guidelines issue kiye hain ki they see in 10 years time, they have world knowledge.

World market mein unhone kaise kaise progress kiya hai. They see India will be 15 crore people will be subscribers, toh ye 100 rupees kitne paise hote hain?

I think we have bahut hi solid future hai music business ka. I think we are just waiting to explode.

Ye mujhe lagta hai ki abhi bhi utna explode nahi hua hai, hoga woh. Thank you.

Okay. Second question, let me put it this way.

If I see four quarters from today, I'm not going quarter-on-quarter. I'm just saying four quarters from today, that is H2 of this year and H1 of next year.

If I do a rough estimate on this quarter's annual run rate, we'll do somewhere between 500, 550 crores of revenue next four quarters. If you say 20% to 25% or 22%, whatever number you want to put it, I think 100 and 130 crores, something like that, would be the number that will have for us to invest in the content cost, basically.

That's a very meaningful pool. That's what I understand from this.

And 100, 130 crores is a good amount that we can actually buy some good music rights, something fresh that's coming to the industry, rather than just focusing on remake of the older songs or the catalog. Of course, that's important because that gives a push to our catalog as well, [laughs] currently driving the growth very fast, and I think it's done wonders to the company.

How would you like to give some vision, some bifurcation, how do you see the split of the content cost that we'll have in next this pool of more than 100 crores that we'll have for ourselves in next four quarters in terms of what would be the amount that you'll be spending on the fresh music that's coming to the industry for relatively newer generation, you can say, versus what is already there? Yeah.

Go ahead.

Sanidhya, we are investing in new content. There's a film called Main Wapas Aaunga, all new songs by Rahman.

We have not given them, and wherever we are giving our songs, it's only one song or maximum two songs. We are not giving all the songs.

If film has five songs, maybe one song will become from pick up from old catalog. Rest four songs, five songs, six songs are all new.

Plus, we had this one Punjabi film, Ishq Naama. Music is doing so well, B Praak, Jaani.

In that, all seven new songs are there. We know that we have to focus on new songs.

We want to secure our future too. Also, I have always guided ki see, my budget is around topline ka 20% to 22% humein content mein investment karna hai.

Lekin agar kabhi humein agar opportunity milegi ki humare ko bahut accha content mil raha hai aur budget say 25 ya 28% ho gaya, toh we can explain people like you baba content cost yahan par zyada ho gaya and profitability mein thoda hit hai. Because also you have to consider Tips is the only company which writes off their entire content cost in the same year.

That was a big thing with us. Still, I feel ki jo content jitna humein chahiye aur hum kabhi bhi content chhodte nahi hain.

Even Ishq Naama when we heard ki inka ye content available hai and thoda expensive bhi mil raha hai humein, lekin humne acquire kiya kyunki mujhe malum tha ki that team is so good, and they were keen to do business with me ki bhai Tips ki jo commitment hoti hai, they pay on time, whatever we commit we deliver 100%, promotion-wise, availability-wise, toh so we have a priority. We have our own things.

I think don't worry about the content. We know what we are doing.

At present, our jo we have already told all of you, 20% topline, 20% bottom line, 22 to 20% 22% we'll invest in content. We are going with that.

Let's see, let's let one more quarter go, what happens, we'll brief you then in the next call.

Yeah. I would really like to close up by saying, I think there are enough and more investors in the company and in the market who would like to see you grow rather than focusing on operational numbers quarter-on-quarter.

I understand there's volatility in terms of stock price. I think we can all look over it and rather focus more on what the company is actually doing.

I think the songs were really good this quarter, and I hope we continue to do that rather than just thinking that, okay, 20 to 20 20% to 22% of content cost only. I think we are fine even if you invest more if the topline grows, the profit grows, and the future is more better.

I think anyway we are doing good. Sanidhya,

I myself, my family has 64% of this company, we hold. Don't worry, we are on the job, very focused, and we want you should come back to 30% of growth.

The earlier our projections was. That the amount is getting increased.

Toh 30% ka jo amount hai, pehle agar 200 crore pe 30 karna hai toh 60 crores karna hai. Aaj 375 pe 20 karna hai toh 75 karna hai.

That's why we are very cautious and hum chahte hain ki hum kam aapko bolke zyada karein. That was, and uska matlab ye nahi hai ki humne 20 bola hai toh hum 20 pe focus.

Agar 30 hoga toh 30 karenge. Wo and poora focus hai us baat pe.

Entire team is

working

hard. Subah subah ko 10:00 baje se leke raat ko 7:00 8:00 baje tak poora hum kaam kar rahe hain.

Don't worry about that.

Exactly, deeply appreciated. Thank you.

Thank you.

Thank you.

Yes, thanks. Thank you.

Shri Taurani, sir, you are running this company on best professional ethics. We may say we are fortunate.

We become shareholder of our company since 7 years back and make our wealth. Buyback and good dividend pay, only any good reputed company can do.

You are doing best for us. Sir, how much revenue we earned usually from old song before 2000 or after 2000?

Can you give some bifurcation?

Haan ji. Thank you, Ravi.

Abhi Sushant aapse baat karenge, aapko denge, batayenge.

Okay.

Hello, Ravi. Let's say around 85% of our revenue comes from releases which are let's say 3 years and before, and 15% comes from releases what we have acquired content over the last 3 years.

Last 3 years. 3 85% within 3 years and 15% last more than 3 years, right?

85% from the content which we acquired 3 years back to let's say after 3 years back, and 15% from the content which we acquired within that 3 years.

Okay. Reverse.

Sir, Taurani, I would like to ask if you want to give reply. How our two film songs which we have bought in June first quarter, Yeh Jawaani Toh Ishq Hona Hai and Main Wapas Aaunga, how these songs perform?

Where can you tell some commentary?

Ravi, acche chale hain. Acche gaane chale hain.

Lekin humne aapko pehle bhi kayi baar bataya hai ki abhi jo pehle ki tarah time nahi hai. Abhi competition ke wajah se prices bahut expensive hain.

Toh humein wo content ka jo hum estimate karte hain ki 4 se 5 saal mein humare paise wapas aa jayenge toh hum bahut khush rahenge. Hum usi calculation ke hisab se apne content pe investment karte hain.

Toh ye aur ek acchi baat Tips ki sabse hai ki agar samajhiye humne kisi saal mein koi samajho 50, 100, 200 crore ka koi content liya toh hum usi quarter mein humara write-off kar dete hain. Agar samjho in case agar mere sab title nahi bhi chale, gaane nahi bhi chale, toh bhi hume long-term koi bhi botheration nahi hai.

We don't have any headache on our head. Aisa to hoga nahi ki nahi chalenge sab gaane, kuch to gaane acche chalenge.

Toh wo hum bahut cautious hain uske liye. Toh wo humein kabhi bhi 5 saal ke baad, 7 saal ke baad suddenly koi aisi amount aake khadi ho jayegi ki humein suddenly 200 crore, 500 crore pe write-off karna hai ki ekdum se losses aa gaye, toh wo humare paas aisa kuch bhi nahi hai.

We are absolutely clean. Sab write-off kar dete hain.

Touch wood, on the contrary, jo humara write-off kar bhi diya, toh uski bhi jo revenue aati hai, wo revenue humare profits mein aati hai. Yes.

Yes. You are doing a wonderful job.

I again salute on your working. Thank you very much, sir.

Thank you. Thank you.

Thank you.

Hi. Congratulations on the strong set of results.

Am I audible?

Yeah. Yeah.

On this strong revenue growth that we've delivered this year, are there any one-offs, or is this just part of the trend that we are seeing? Hey,

hi Rohan. There is no one-off in this revenue.

Let's say the growth is coming both from digital and non-digital segments.

Okay. Across digital and non-digital if you can segment, how much of the growth would you say is coming from increasing consumption, and how much of the growth would you say is coming from increasing realization that we are seeing per stream or however you would like to look at it?

It would be primarily let's say volume-driven growth. Marginally it could be let's say related to subscription, but let's say the subscription piece is also growing at a healthy stage, but it would be primarily let's say volume-driven growth.

Understood. Okay.

Fair enough. How would you in terms of in terms of listening share within In terms of listening share within the industry, do you have any estimates of what is your share of total streams, and how is that trending?

We generally provide that in terms of overall let's say revenue market share, we would be around that 8% to 10% of the industry.

Okay.

Won't be able to provide any bifurcations, but let's say overall revenue market share, we would be around that 8% to 10%.

Understood. Okay.

Thank you. The conclusion is that the streaming volume has increased 35% year-over-year for Tips.

That is the conclusion, right? Like 30%, 35% growth in the number of streams this quarter?

Yes.

Understood. Okay.

Thank you.

Thank you. Am I audible?

Sir, congratulations to the team and everyone for this fantastic numbers. I had a couple of questions.

I'm sorry if it has been addressed before. What do we attribute this growth to?

Is paid subscriptions now a significant part of our revenue pool or is it still early to comment on that?

Saket, in terms of paid subscription, it would be around let's say 10% to 15% of the digital pie.

Okay. In terms of our content cost outlook for this year, we still are at 20% to 22%?

Yes, around that 90 to 100 crores for the full year.

Okay. Thank you.

Thank you so much, and wishing all the best for the future.

Thank you for the opportunity, sir. Sir, what is the reason for the delay in YT Shorts deal?

It's been, I think, delayed by around three to four months. When do we expect it happening in Q3?

Aaya.

That is my first question.

Yeah. Ho jayega, is quarter mein mushkil ho jayega, lekin aisi ye negotiations mein thoda

time lagta hai. It is primarily because of the negotiations, you are saying.

Yes.

Yes. Once it goes through, will it be a significant contributor?

Wait karo na thoda

aap. Sure, sure, sure.

We'll get back on this in next quarter. Any other key deals or renewal deals with the OTT players that are up for renewals in H2?

No. Okay.

Any key films in pipeline in H2 and beyond, and maybe you can tell us that how many films are under the discussion stage, the number of films I'm talking about, any key films that you would like to point out? See,

we want to release at least five, six films a year, and four, five will be in Hindi and two, three in other regional languages. We'll achieve that.

Okay. Is there any plan to increase the price of per paisa streaming with YouTube?

When was it last revised and what can be the driver of it?

Sir, it's let's say the revenue share is there, and that is currently, let's say, stable. We don't see any, let's say anything that it will increase further.

I think it should be at this current level in terms of the revenue share percentage.

Generally, what is the driver of it? Suppose say, for example, let's say it could be around Rs 0.05 per streaming, for example, and

No, it won't go to Rs 0.08, it will remain Rs 0.05. Only we have to see ki we should release a good new releases and we should support our catalog, and we should promote our repertoire such a way so they can perform better.

If we are doing say around 3 say 400 million streams, how we can achieve 8 6 billion 6 million 600 million, 800 million like that? We have to increase our numbers.

We constantly do that.

Once this volumes goes up, the listenership volumes goes up, can it drive per paisa streaming as well?

No, amount won't change. Agar say if we are doing 1 lakh stream and we are making say Rs 0.05, what amount will be?

If we are doing a 2 lakh stream, amount is same, Rs 0.05, but gross amount will be double.

Understood. Any update on yeah.

Sagar, let's say the see the driver would be to your question in terms of the first thing, the driver would be the paid subscription picking up.

Yes.

Paid subscription.

Over there the per stream rates are higher.

Paid subscription understanding it must be urban centric. Any data that suggest that rural is

These OTT companies, their focus is on the city-based, but we are encouraging them, there was a service called ringback tone, caller ringback tone. There I think around 20 years back, where the telephone mobile companies used to make around 5,000 crores from subscription of that service to enjoy that service.

That time all India and that was only 8% of mobile subscribers. I think it's a big, big opportunity.

We are constantly pushing these companies, OTT companies, to go on a rural places also, tier 2 cities, tier 3 cities, tier 4 cities. We are pushing them.

It will happen.

Because that's a mass market as well anyways. Lastly, any thoughts on the new CEO hiring?

Are we going aggressive, or is it still working out well?

Yes, we are very aggressive on that, but in our industry, I am not finding a suitable person. Still search is on.

As we get, we will immediately appoint.

Good to know that. I just want to squeeze one last question.

Sir, basically, the taste of the songs have been eventually changing. How are we relating to the listenership of current Gen Z population?

How are we meeting the evolving needs of the music?

Sagar, I'm listening this question for last 35, 40 years ki music change ho raha hai, change ho raha hai, but it's same romantic songs, sad songs, party songs. They do sabse pehle wahi chalte hain.

Toh I don't think ki if song is good, toh Gen Z will also like, millennial will also like, senior citizen also like. We have to just create focus on a good quality song.

Understood. All the best, sir.

Thank you for answering all the questions.

Hi, thanks for the follow-up. My understanding is that we negotiate directly with YouTube for Shorts.

How does this work for Instagram Reels? Is Warner solely responsible for negotiations, or do we also have a say, especially on the pricing front?

No, with Warner, we are under Warner umbrella. They negotiate entire world deal.

Whatever per view or per creation, whatever money they get, they pass on to us.

Are the contracts between Warner and the end entities also renegotiated annually?

Kavish, it could be let's say on a two-year or a annual basis. It depends on platform to platform.

Understood. Could you just remind me, when does our renewal for renegotiation start with Warner?

Warner deal will come up for renewal next year, FY '28.

Okay. Thank you so much.

It's ongoing.

Yeah. Thanks for the opportunity.

Couple of questions from my side. Firstly, Sushant, could you help me out with a data point as to what was the contribution from Warner in H1 of F'27 and what was it in H1 F'26?

Harshh, we don't, let's say, share that data, but in that range of, let's

say, 25%,

30%.

Yeah. Has there been any increase there if you have to compare H1 to H1?

Is that a case?

There would be. There is an increase.

Okay. Sure.

As

you have seen our revenue growth for the first half. It has been driven across all the platforms.

Sure. Secondly, it's an accounting question.

If I look at the balance sheet of last financial year, there was this item within non-current liabilities which kind of has a subsection known as other non-current liabilities which had an amount of 18-odd crores. If I look at the current balance sheet, that amount is kind of not there, which I acknowledge that even in March 2020 this balance sheet it was not there.

My understanding was that some part of the Warner revenue wherein they give the advance is kind of bifurcated between current liabilities and non-current liabilities. Has there been any change in that or any reclassification that has happened?

Because there's nothing in the other non-current liability part.

Your understanding is right. Let's say there is a bifurcation in non-current and current.

Let's say, as and when the revenue is booked, let's say, the amount moves from this bucket. As and when we receive the advance, it would be classified, let's say, if it is more than 12 months, it would be classified under non-current.

If it is less than 12 months, it will be classified under current. It would consist of advances from Warner and other, let's say, an S&P or other players wherever we have a partnership.

Then does that mean in the first half of this financial year, we have not yet received any advance from Warner? It is just the revenue recognition that has happened of the advance received previously.

It also could be that we have received the advance and, let's say, that has moved to current and the earlier advances have been booked in revenue.

I see. Sure.

That is it from my side. Thank you.

I would like to thank the management for taking the time out for this conference call today, and also thanks to all the participants. If you have any queries, please feel free to contact us.

We are MUFG InTime Private Limited, investor relations advisors for Tips Music Limited. Thank you so much.

Thank you, everyone.

Thank you.