Thank you. Good evening, ladies and gentlemen.

I welcome you to the Q4 and FY '26 earnings conference call of 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 the today's call may be forward-looking in nature and may involve risk and uncertainties.

For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to the management for their opening remarks, and then we can open the floor for Q&A.

Thank you, and over to you, sir.

Thank you, and good evening, everyone. Welcome to the Q4 and FY '26 earning call of Tips Music Limited.

I would like to thank you all for joining us today. I am pleased to share that our strong growth was driven by both digital and non-digital segments.

In FY '26, we distributed a total dividend of ₹166 crores to our shareholders. It is a source of joy for me.

Looking ahead, we will continue to focus on building high-quality music content, strengthening our market position, and driving sustainable long-term growth. With that, I would like to hand over to Girish for his comments.

Thank you, and good evening, everyone. In Q4 FY '26, we witnessed an engagement across platforms supported by a healthy mix of new releases and continued strength in our catalog.

We released 66 new songs in the quarter, including 47 film songs and 19 non-film songs, while continuing to prioritize quality over quantity in our strategy. On YouTube, the song "Tu Jaane Na Kahan" by Lucky Ali crossed 10 million views, while the song "Tehzeeb" and "Jamuna Kinare" recorded 2.4 million views each.

Our YouTube subscriber base has grown to 153 million. On Instagram, our catalog song "Deewana Mujhe Kar Gaya" from the movie Khuda Gawah generated 3 billion views, while the song "Daiya Daiya Re" from the movie Dil Ka Rishta recorded 1.5 billion views.

I will now hand over the call to Sushant to take you through the financial performance in detail. Thank you, everybody.

Thanks, Girish. Welcome to the Q4 FY '26 earnings call.

I am pleased to present the financial highlights for the quarter, which reflect the company's strong performance. The company recorded quarterly revenue of ₹103.9 crores, delivering a YoY growth of 32%.

Operating EBITDA for the quarter stood at ₹76.9 crores, reflecting a YoY growth of 106%. Additionally, PAT for Q4 FY '26 came in at ₹59 crores, making a 93% YoY increase.

Please note that during the quarter, the employee cost increased by 78% YoY on account of provisions made for annual increments. For FY '26, the revenue came in at ₹375.5 crores, marking a 21% growth, while PAT amounted to ₹216.6 crores, showing a YoY increase of 30%.

With this, I conclude my opening remarks and open the floor for Q&A.

Hi team. Good evening, and thank you for the opportunity.

Congratulations on a great set of numbers. My first question is on your growth.

Stellar show this quarter, 32% growth. What explains this performance, and what are your thoughts going into FY '27?

What kind of growth do you envisage, and what would be the key drivers for the same?

See, I think this quarter, as usual, I always maintain ki our repertoire, '90s repertoire, is really doing exceptionally well. That is the main advantage we have, and that on continue basis is doing well.

For next year performance, we expect, it's too early, but our target is to achieve same numbers, like 20% on top-line growth and 20% bottom-line growth. That is our target, and we will try and achieve that.

Any one-off revenues or something to call out for this quarter? Because my assumption was it was going at somewhere around 16% to 18% odd percent, but 32% is far beyond that.

Any one-off that you may want to call out?

I don't think so. Sushant, kuch hai aisa?

No, nothing, Kavish. Nothing one-off over here.

Understood. Second, on your views.

While I do understand that the decline in total views was on account of YouTube Shorts, what explains this continued decline in Shorts views? While I understand that it does not contribute to revenues or profitability in a sizeable manner, the whole idea behind sustaining high views is that it provides you with some negotiating power with YouTube.

I think the deal for YouTube Shorts is slated for renewal in a quarter or so. Do you envisage any impact on the same on account of this decline in views?

Sushant?

Kavish, we don't see any material impact of this declining views, and as we have said earlier, it happens in, let's say, one quarter or a half year, one of the Shorts goes viral and the views, let's say, increase multi-fold. Underlying, let's say, whatever views currently also are there on a healthy run rate for us.

We don't see, let's say, any impact of this decline on view on our, let's say, YouTube Shorts renewal deal.

Are you suggesting or implying that the periods when you were at your peak number of say somewhere around 56, 57 odd million, that was on account of a few Reels that may have gone viral, and then this current rate is more of a normalized rate for you? Is that the way to read into it?

Yes, that would be the right approach.

I think, pertaining to the deal renewal in June 2026, what kind of a jump would you anticipate in this deal value? Here, I believe Mr.

Hari Nair was instrumental in negotiating partnerships with Warner and YouTube Shorts. Now with him stepping down, what is the plan to take this forward?

Have you also managed to find a replacement for the position?

Not yet, Kavish. We are estimating ki how we handle this, and we will start negotiating with them by this month-end or next month beginning.

Sure, but understood. Okay.

Lastly, could you lay down the content release or content slate that is planned for FY '27? What are the key movies expected both in Hindi and regional, and where would content spends range as a percent of top-line for FY '27?

Sushant, humne woh presentation mein dale hai na?

Kavish, you can refer to slide 8, which we have put onto our investor presentation in terms of the key slates.

All right. I think there were a few movies, maybe three or four odd movies.

Anything more than that?

We are open to acquiring anything, but that market is very competitive. We are very cautious ki what kind of a project and how we are recovering our money in stipulated time.

That is our criteria. We will keep on acquiring.

Understood. As a percent of top-line, we could range somewhere between 20% to 25%.

Is that the right number to work with? Yes, absolutely.

All right. Sure.

Thank you so much, and all the best.

Thank you.

Yeah. Thank you for the opportunity.

Firstly, congratulations on good set of numbers. My first question is on the revenue mix.

Digital revenue for FY '26 is around 70%, whereas it was in the range of 71% to 75% in the last three quarters. There seems to be a slight dip in this quarter.

Just wanted to understand what led to this decline. Also, could you briefly explain what is included in the non-digital revenue and what drove the segment this quarter?

Sushant?

On the revenue piece, the 70% is for the whole year. We had said at the start of the year, let's say, couple of platforms had slowed down, there were couple of headwinds on the digital growth.

On the non-digital piece, let's say, particularly, let's say, brand, publishing, and public performance have done well for us for the full year.

Understood. My second question is on employee benefit expenses.

We see a noticeable increase in the cost during the quarter even though the number of employees has gone down. I understand this increase is due to the provisioning of this annual hike as you mentioned earlier.

Just wanted to understand if this is the new run rate going forward?

No, no. This won't be the new run rate.

Let's say, this is, let's say, quarter, at the every, let's say, Q4, we make a provision for increments. This quarter, let's say, based on the performance, the provisions is on the higher side.

Otherwise, let's say, if you see the overall count of employees has reduced from 105 to 98, and let's say, we would be at our, let's say, the earlier Q3 or Q2 run rates only in terms of the employee cost.

Understood. Thank you.

Thank you for the opportunity. My first question is on basically the YouTube view has been declined like 7.8% in FY '26, yet your revenue has grown by 21%.

Can you quantify the revenue per view trend has been year-on-year increasing, or is it because of the Shorts consumes screen time more, so that without proportion to monetize yet? The reason I'm asking this question is because I just wanted to understand whether YouTube is paying more per stream due to subscription shift?

Sushant, you only reply this.

On the decline on YouTube views, we have categorically mentioned that it is primarily on account of YouTube Shorts, the views of which have declined. On the long videos, the growth has been there as per our expectation, and that has been, let's say, driving our revenue.

Understood. My second question is on the content cost basically.

The content cost as a percentage of revenue is currently like 15.8% compared to 23% last year. Why there is sudden fall in a content cost?

Because you have mentioned that the 18% of revenue will be the content cost.

Can you please repeat this?

The question is basically the content cost as a percentage of revenue is currently 15.8%, when compared to last year, it is 23%. Why there is fall in a year-on-year?

The target you are mentioning is around I guess 18% of revenue in earlier call.

See, there is a one movie called Hai Jawaani Toh Ishq Hona Hai, which was actually supposed to release in February, March theatrical, and music was supposed to release in January. That got postponed to June.

That was a hit we have, otherwise we could have reached our target. This happens in our business.

Sometimes content goes here and there.

Okay. One more last question.

Could you just give the bifurcation of revenue, like how much is from YouTube and how much is from Warner, non-digital revenue?

Because to

quantify how much revenue comes from Warner basically.

We can't give you that. It's a competition world.

We can't reveal that. Sorry about that.

Sure. No worries.

That's it from myself. Thank you.

Hello, am I audible?

Yeah.

Good evening, sir, and congrats on the good set of numbers. I have one question regarding the outlook for the FY '27.

Last concall, you upgraded the PAT guidance to 25% and delivered 30%. Due to strong momentum, can we expect to achieve 30% top-line and 30% bottom-line growth for FY '27?

See, our target actually mentally you ask me, yes, I want to achieve that. For comfort of the people like you, our investors, I don't want to overpromise.

Let's keep at present 20-20%. Let one, two quarters pass, and then we will again tell you ki where we are moving this year.

Thank you, sir. That's it from my side.

Thank you, Taurani ji. I just want to ask content cost lowest in March quarter since last few years.

We are preparing for new release movies in Hai Jawaani Toh Ishq Hona Hi Hai ya Main Wapas Aaunga releasing in quarter one financial year '27?

Music is released, and I think both movies are releasing also in first quarter, 22nd May and 12th June, and both movies will be account for this quarter, first quarter.

Okay. How much music cost of all about two movies?

Can you tell the amount?

We can't give you exact number,

but

total number you will see in the first quarter.

Yes, sir. How much paid subscription revenue percentage in our overall top-line?

Yeah. Sushant, please clarify.

Batao. Ravindra ji, paid subscription would be in the range of, let's say, 10% to 15% of the digital revenue.

15% of digital revenue. From Shorts, how much revenue we earned in financial year '26?

From YouTube Shorts, it won't be material, Ravi ji. Not so material.

What is the distribution of digital revenue and other revenue in our total figures? Ravi ji, we have given in the presentation, around, let's say, 70% now comes from digital and 30% is from non-digital.

We have diversified our revenue base. Now, let's say, publishing, public performance, brand are all contributing to the revenue.

Taurani ji, Ramesh ji, can you tell in next five years how much this revenue will be there that will be paid subscription revenue?

Subscription industry estimates ki minimum, I think, 7 crore, 8 crore people will be doing subscription.

In five years?

Yes.

Okay. Thank you very much, and nice result definitely you had given.

Thank you. Thank you.

Hello?

Hello.

Sir, just wanted to clarify. In case of Hai Jawaani Toh Ishq Hona Hai, if the music release happens in quarter one, then the content cost for that is also accounted for in Q1 itself, right?

Yeah.

Okay. Sir, one more thing.

Would it be possible to share what is the percentage contribution of paid subscribers to our overall revenues?

Sushant, do we have that?

Vishal, on an overall basis, let's say, 10% to 15% of the digital business.

10% to 15% of the digital business. What would this number be for last year, approximately?

Last year, let's say, it would be, let's say, around that 10% to 12%. It has inched higher for us.

Subscription business is growing at around, let's say, 30% to 40% CAGR. It has inched higher for us this year.

Okay. Got it.

Also, just one question. There was this news article today about Warner Chappell Music setting up a publishing arm in India.

How does something like that impact us? Would it be a benefit for us?

Would it be a competitor for us? Could you just explain to us what is the impact of this?

Sushant?

It would be positive, Vishal. They setting up a business in India, it's a huge positive for us.

Won't able to divulge more details, but let's say it's a good positive.

Got it. Great.

Thanks so much, and wish you all the best for the next year. Thank you.

Hi, sir. Am I audible?

Yeah. Great set, and secondly, I would really like to say to the management that I think you should clarify on the content cost part that, okay, we had some lags or shift in the movies release, and therefore, Q1 is where we'll see most of the content cost being eventually expensed.

There might be some confusion with the market participants that, okay, Q1 if we show higher content cost in terms of percentages, we should always look yearly content cost rather than just looking quarter-on-quarter. That should be the message.

Secondly, could you give some sense around we are seeing very good buzz around the recent music that we published, and I think the revenues will compensate for all the content cost and much more than that. How much should we expect not specifically two movies, but as a whole, we shall remain within the target for the year, right?

That should be the expectation.

Yes, that is true. The current, let's say, what songs we have released for the upcoming two movies, they are doing great for us.

Fingers crossed. I think this should do well, and it would help us to achieve our targets.

Yeah. Great.

Just lastly, anything that we have already expensed advance paid to Tips Films? This is just a question for compliance because, of course, it's a related party kind of a thing.

We don't want any compliances issues, of course. We trust managements.

Have we expensed any advance in the balance sheet in some sort or created any liabilities for ourselves this quarter or this year? Or everything will be paid next year to Tips Films by the Tips Music?

I won't able to share the exact details, but let's say it would be driven by the contractual terms between Tips Films and Tips Music, and it would be at arm's length and as per the industry practices.

That's just for the... For just the balance sheet purpose...

Balance sheet purpose, because, of course, FY '26 doesn't show any revenue from the upcoming movies, and therefore, if balance sheet has any stuff, we can look forward and, okay, we can understand that, okay, there must be some exceptional item that would be followed by the next year's expenses. Let's say

whenever, let's say, the songs get released, we'll expense it off, primarily in first quarter.

Have we made any provisions in the balance sheet already?

No. Not now.

In terms of the cost, no.

Nothing in

advance. We follow a very clear policy.

Once the song is released of any movie album, we would expense it on that day, the entire album cost.

In the P&L, right?

In the P&L.

Nothing goes through the balance sheet even if it is with the Tips Films, even if it is a partner firm?

No.

Great. That really helps.

Thank you.

Congrats on a good set of numbers. My question was for music streaming companies, can a telecom building, a company like Spotify, with their packages, the Jio packages or Vi packages, like Netflix is bundled, does that change or bring proportional growth for us?

Is there a change in realization when we get it bundled through a reach pack, recharge pack, or versus buying directly? Thank you.

Primarily, let's say, in terms of bundled, we don't prefer any bundled services honestly, in that the payouts would be lesser. Primarily, a pure-play music platforms like Spotify is much more appreciated rather than, let's say, any bundling services with the telecom players.

Got it. Thank you.

Thank you for the opportunity. Sir, you explained earlier in the call that your library worked and as a result, the growth was higher.

Sir, over the last few quarter quarters, the growth rates have been much different from this quarter, right? While I understand the business is not linear, given that this is a consumer-led business, there is YoY numbers tend to not be dramatically off.

Would you, is this growth partly because year-end adjustments with Warner or something like that? What changed this dramatic shift on growth rate, and what part of it was adjustment-led versus just linear behavior?

I know CFO sir did say that there was nothing one-off, but I'm not able to get hold of why the number was significantly higher versus compared to the last few quarters that have been around the 20s and 19s and all.

Akshay, there was no one-off. I again reiterate, there was no one-off, there was no adjustments.

These are all recurring revenue which has flown to us.

Sure. Sir, if I may just to better understand this, our Warner arrangements would be in some form usage-based, right?

If for a given period, you have expected certain number of streams, at what point, at every month-end or every quarter-end, you do some maths on so many number of streams consumed into so much revenue, or is it on an annual basis?

We get, let's say, detailed, let's say, operational data in terms of number of streams from Warner. Let's say, our revenue recognitions are based on that.

Sure. Sorry, you were saying something?

No, no. Please continue, Akshay.

This really looks like a step change in the consumer behavior. Is that something essentially are you seeing some sudden change?

Because you must have also when in the last call, you obviously didn't expect this, or even if you all did, you all didn't call it out, right? Which means that something came out of which was not expected.

If you could point us out to that, that would be very helpful. No,

no. Last quarter, we told you that, yes, we are achieving 20% top-line, and on the contrary, I told you that I'm doing bottom-line will be 25% plus.

I told this to you.

Yes, sir, but

aapne usse zyada diya na.

Arey, toh zyada, toh aapko khush hona chahiye na, fir toh problem hi nahi hai. Sir, hum bahut khush hain.

Hum samajhna chahte hain ki kyonki, sir, this quarter is very good. Now, while I, sir, I completely understand that your aspirations are very high, but I'm trying to understand the underlying better.

Nahi, nahi. Please understand ki our repertoire is doing really good.

If you go Instagram, our many, many songs are trending. Kabhi-kabhi yeh ho sakta hai ki hamara third quarter mein paanch gaane trend huye, is quarter mein 15 gaane trend huye honge.

Toh woh hota rehta hai, and that trending if it comes to YouTube and Spotify, even events, sab jagah uska impact aayega.

Yes, yes. Absolutely.

Absolutely. No, sir, that is great.

I am glad to hear that repertoire is working really well. Best of luck for the next year.

Our one old song, Noor Jehan ka "Saada Naal Rahoge", ya abhi ek song from Jeet, matlab hum toh bhool chuke the ki yeh gaane hamare paas hain bhi, suddenly it got trending. It's doing very, very good on other platforms as well.

These things keep happening with the repertoire companies. Aur hamara repertoire, as I have mentioned always, ki my repertoire is very fresh, still fresh,

and

it has a potential ki 20, 25 saal humein koi takleef nahi hai. Toh and we are also recreate many of our songs.

Majorly it's from our catalog.

Absolutely, sir. Sir, best of luck, wishing you the best for the next year as well.

Thank you.

Thank you.

Hi, can you hear me?

You're audible, Nikhil.

Hi. Great.

Congratulations for a great set of numbers, Mr. Taurani and the team.

I have one question on the industry. The industry, as per recent reports, is grown at 10% in 2025, but if you break down that growth, the digital licensing growth is only 2%, and as per that report, the YouTube growth is actually negative 8%, as even though the subscription has been picking up, while the growth is coming up more from the other licensing and other income.

If you can, sir, explain us how the industry growth is shaping up in YouTube particularly, and other parts, it would be very helpful. Thanks.

Sushant, batao.

Nikhil, we, let's say, in terms of that industry report, we can't comment much, but for us, let's say, YouTube has grown as per our expectation, and we continue to see that growth going ahead. Let's say, primarily in terms of the digital ad spends also growing, and the subscription also picking up.

Okay. Have you seen a slower growth in YouTube particularly compared to Spotify or others?

No. No.

Okay.

Okay. Thanks.

Hello. Good evening, sir.

Question on the strategy going forward. One is you have your own repertoire.

Have you ever considered acquiring another label, some local regional label to increase your song data?

We have acquired one Gujarati Kutchi channel, Kutchi Music, Gujarati Music, and where we got 4,000 songs. We occur that.

We are open to that, and whenever we feel ki price is right and we can do that, we will do that. When

this acquisition was done, sir?

Sorry?

When was this acquisition done of the Gujarati label or Gujarati channel?

Last quarter we did ya nahi? When did this, Sushant?

Second quarter, let's say somewhere in July, August.

Okay. Okay.

Is there any other transaction which you would be considering, actively considering now? Hello?

Let's say, there is,

let's say, a lot of opportunities come on the table, but let's say, we are skeptical in terms of the valuations and what is there to offer. Anything which fits in our budget, we would definitely go for.

Okay. Okay.

One quick clarification on the two movies that are coming up, they are going to be released soon. The movie Main Wapas Aaunga has just one song, right?

Or did I get that wrong?

The songs will get released. Let's say now only one song has released.

Let's say as we come closer to the movie release date, there are a couple of songs more which will get released.

Okay. Their cost will appear in Q1 then?

Yes. Yes.

Okay. Thank you.

That's helpful, sir. Thanks for it.

Can you hear me?

Thank you for the fantastic results. I've been a shareholder for you for last several years, almost more than three years.

Thank you.

I'm seeing a very clear consistency around your content cost. It has remained around ₹60, ₹70 crores for last three, four years.

Now, this year in FY '27, you will have this David Dhawan's films and also the Imtiaz Ali's, A.R. Rahman project.

Do you think this content cost may climb up back to the ₹70, ₹71 crores that we had in FY '25? Can we see that as an expected number, or do you think it will be still in the ₹60 crore range that we had this year?

I feel our budget is more than that. I think we want to spend around ₹80, ₹90 crores this year.

We are trying for that, and hopefully, we'll achieve that.

Okay. With that ₹80, ₹90 crores, you expect the profit growth to be over the 20% level that you're mentioning?

Yes, we maintain that. Absolutely, yeah.

All right. Thank you.

Hi, sir. Congratulations for a good set of numbers.

Actually, sir, I watched one of your interviews where you mentioned about the public performance segment that can grow tremendously in next five or 10 years, and you mentioned a figure of ₹10,000, ₹20,000 crores. Can you please shed some light on that, what's your view on that, do you think that growth is coming on that part?

Hello? Sushant.

On the public performance, Yash, let's say, what we believe there is an exponential growth which can come in this segment. Currently, let's say, the industry size is roughly around ₹500 crores.

We expect at least to grow in next three years at least to ₹3,000 crores just purely based on compliance. Also, let's say, public performance licenses are now available online.

Let's say there is a website where you can go and take the public performance license. That way ease has been created by the players in the market.

Let's say, we are very excited about the public performance market growing at more than 50% CAGR.

Okay. You believe that in next five or 10 years, this could reach to ₹10,000, maybe ₹20,000 crores as mentioned by Taurani sir in one of the interviews, actually?

No, no. Actually, I told you that it can happen.

That then depend upon the government support, people are taking our contract. In India, we have 100,000 restaurants.

Only 1,000 restaurants take our license. We have to really reach that figure, and it is possible.

It's possible. In 10 years' time, we can achieve that much.

In UK, UK do billion billion pound business every year. You can imagine.

Sir, do you believe the government is pushing on that part and is supporting on that part also, currently, talking about that?

Yes, we are talking to government, and on the instance of government told us keep do that online, all those system, we are putting on that all in the place. We expect very positive about this business.

You must have seen the artist performing ₹8,000, ₹10,000 per show ticket, maybe going up to even ₹1 lakh. It's a really a great business, and it's now people are ready to pay money and go for such a big big, huge shows.

Sure. Also, sir, in past few concalls, you mentioned that there would be a year where sudden jump would be there of around 40% or maybe 50%.

Do you think we are heading that phase right now?

50%, what? As

in few of your previous calls, you mentioned there might come a year where you might grow at 40% or 50% suddenly. Do you believe that...

Yes, sir. Yes, yes.

I am waiting for that year. I think it will come.

Let the subscription grow, it will come.

Okay. Okay.

Okay. Last question, sir.

I was reading in your annual reports where the revenue segment in their notes to accounts, you were having 75% of revenue from international markets and 25% of domestic. Could you please explain that part also?

I don't think it's a reverse, I think. Batao, Sushant.

Yes, Yash, that is primarily, let's say, the receipts that is, let's say, in foreign currency denominated. Annual report, let's say, the break-up is primarily, let's say, in terms of the receipt of foreign currency which we receive.

Primarily it is due to, let's say, YouTube, Warner, we receive it in international currency.

Our

consumption is, let's say, 70%, 75% happens in India.

Got it. Basically that the revenue is only domestic only, it's just that currency is in USD, right?

Yes. The billing happens over there.

Okay. Okay.

Okay. That was it.

Thank you so much, sir. Congratulations, and hoping for a very good future for the company.

Thank you.

Thank you.

Thanks for the opportunity, sir. My first question is you've indicated 20% growth target for FY '27.

Should this be interpreted as a conservative target? For

at present, you take this as conservative or modest, whatever you want to do, you do that. We will tell you exactly in next one, two quarters.

Sir. Sir, my second question is now given that the strong cash generation and shareholder returns in terms of dividends and buybacks, what constraints or consideration are limiting incremental investment in content acquisitions or growth opportunities at this stage?

We are really looking for more content we should acquire, and we can convince people like you ki we can have a maybe less PAT. Actually, we are not getting content.

I have to match the quality and the price of the content. If I pay straight tomorrow ₹40 crore to a some producer and acquire six, seven songs of his film, and suddenly it is doing business of only ₹2, ₹3 crores and there is no future in that content, ₹38, ₹37 crores going directly in the drain.

With our experience in that business, we don't want to do that. It's better ki we should all take dividend and we should have money to place somewhere else.

That is our main worry, and we are very cautious and careful about that.

Okay. Got it, sir.

Thanks.

Thanks to you.

Hi, am I audible?

Yeah. Hi.

Congratulations on a great set of numbers. My only concern was similar to what you said earlier, Taurani sir, where ideally you would also like to spend more on content, but the market is currently overvalued.

I wanted to understand how do you strategize what content to buy, how do you know when something is overvalued or undervalued? Because from the way I saw it, if we're not spending more on content today, in a way we're also sacrificing on future growth, right?

Because like you said earlier, one of your old songs suddenly went viral, and because of that you got a great growth quarter. I wanted to understand your thinking around this a bit better.

Okay. Okay.

Let me take here only question as an answer. You said ki other companies are buying.

Is they are growing with that content? Just see that.

They are not growing. It's a myth.

I think we have to be very, very cautious, and Now, if you see, everybody is actually following that. They are acquiring film companies and they want ki constantly quality content to come to them.

It's very tough, I think. More or less and plus, we want only one or two outside producers' film.

We don't want more content. Actually we are the best placed in the music business today.

Trust me, what we are doing is actually others are following us. Our policy is the best policy we are having.

Understood. Understood.

Just one last follow-up to that. An earlier participant mentioned that Warner is also going to be setting up a publishing practice in India,

and

the CFO sir mentioned that we will somehow be benefiting from that. If possible, could you maybe provide some colour around that?

Second order to that, are we expecting the market to cool down for content?

Not immediately, but ultimately it will. 100% it will cool down.

Number one. Number two, as far as publishing, Warner publishing is concerned, we are doing business with Sony Publishing, and they are really, really doing great job for us.

We are really very happy with them. Got it.

Got it. Okay.

Thank you so much for your responses, and once again, congratulations on a great set of numbers this quarter.

Thank you.

Thank you for the opportunity. Sir, I wanted to know in our Q4 quarterly revenue of ₹104 crores, what was the digital contribution and the non-digital contribution?

Because in the PPT, you've given only for the full FY, I wanted to know for Q4.

That same is applicable. 70-30, aap do that.

Okay. Sir, par main agar pichhle quarters ka dekhta hoon, toh aise lagta hai is quarter mein aapka digital revenue ghatta hai relative to the earlier quarters.

Mera understanding galat hai

ya aise hua hai? Dekho, kya hai na, kabhi koi digital mein kuch upar jayega, koi niche aa jayega.

2-3% yahan badh gaya, 2-3% wahan ghat gaya. Woh hota rehta hai business mein.

That's a running business. Toh uske liye aap woh zyada uske liye nahi sochna chahiye.

Kyunki ultimately, if you see as a consumer aap sab log, toh aaj aapka music consumption kahan ho raha hai? Aapke hath mein ho raha hai, telephone pe ho raha hai.

Toh I think that's not a really worry. Sometimes aise bhi hoga shayad ki sab agar subscription aur badh gaya toh aapka digital revenue 80% bhi ho sakta hai.

That is nothing matlab hum uske liye really we are not worried or we are not even think of that.

Sir, aur conversely, aapka non-digital revenue Q4 mein bahut zyada

bada hai, toh usme kuch aise koi ek do cheezein hui hai jinhone zyada contribute kiya? Maine bataya na ki we are doing well on publishing, public performance, brand side.

Yahan par jo bhi hum kar rahe hain bahut mehnat kar rahe hain, and wahan se we are getting good revenues.

Okay. This is sustainable?

Matlab Q4 mein jo non-digital piece ka aapka base hai, woh base mein kuch one-off ya koi unsustainable piece nahi hai, woh quarter per

quarter waise hi chalte rahega? Dekho, woh main aapko fir se ek baar overall business samjhata hoon ki you have to analyze us throughout the year-wise.

Year year ke hisaab se aap humein kariye ki first quarter mein niche hoga, fir aap agar aap last year ka bhi shayad karenge, toh mere khayal se last year ka bhi fourth quarter strong hota hai. Third, fourth quarter achhe hote hain compared to the first two quarters.

Again, depending upon abhi jaise hamare first quarter mein do do picturein aa rahi hain, do music aa rahi hain, toh I feel ki yeh quarter bhi achha ho sakta hai. Lekin abhi unki performance kaisi hoti hai, we don't know, how customers behave.

Plus, agar hum music agar May, June mein release kar rahe hain, aur uska uska impact pehle ek do mahine mein utna toh nahi milega na. It will take a lot of time, but hum hum uska write-off kar denge same quarter mein.

Lekin uska revenue toh agle paanch saal mein aayega na, major revenue. Toh yeh sab cheezein hoti rehti hain business mein.

Khali aap ek on a ballpark yeh socho ki hamara business kahan ja raha hai. What is our business?

Our business is music, aur music consumption hai aaj. Agar aap apne family mein kahin bhi aap agar poochhenge ki kaun sa music aaj aapke jo youngsters hain up to age of 40, 45 tak woh from 15 to 40, usme hamara music consumption I think repertoire-wise, catalog-wise, we will be the number one company.

Hmm. Toh aapko waise sochna padega.

Ho sakta hai abhi kisi mahine mein koi koi badi picture aa gayi hamare saamne aur uski zyada consumption ho gayi. Last year do teen badi picturein, bade bade pictures aaye the, toh us mahine mein thoda catalog ko thoda hit ho sakta hai.

Theek hai, do char crore, ek do percent idhar udhar ho jayega. Lekin jaise hi woh fir filmein agar thodi kam ho gayi, new releases mein impact nahi hai, toh again catalog will bounce back.

That's what agar aap compare to other labels, our catalog is the best performing now.

Understood. Thank you, sir, and all the best.

Thank you. Thank you.

Thank you.

Hello, sir. Thank you for the opportunity.

My questions have been answered, sir, previously. Thank you.

Thank you.

sir, just I think since last few months to ask you, can we think like Binaca Geetmala, one-hour music shop song of Tips Industries, which one is at one to 15 number in this week and if it gives a good advertisement to our songs and library? Actually,

Naredi sahab, aap agar check karenge na toh Instagram pe yeh sab hota rehta hai. Aur aaj kal ke jo youngsters hain na unko itna patience hi nahi hai ki aapka ek-dedh ghante ka apna program sunein.

Toh woh thoda sa aap dekho Instagram ki world hai, duniya hai. 30 second mein aapko fast food chahiye, toh thoda woh issue hai.

Fir bhi ispe we will consider. Hum sochenge ispe kya kar sakte hain.

Okay. Thank you.

Thank you.

Hi team. Good evening.

Am I audible?

Thank you. Hi, everyone.

Congratulations on a good set of numbers. A few questions from my side.

Sir, for this quarter, would it be possible to give us a volume growth and value growth in terms of how much growth would have come from increasing streams versus the premiumization piece?

Yash, we don't share that data in terms of break-up of volume and value growth.

Okay. Sir, the reason why I was asking was, in our presentation, it is mentioned that the industry is expected to grow at 8%, whereas we have been doing far better growing at 20%, 25%.

Historically

as

well, whenever we discuss our growth lever, majority of them are linked to the industry as well, whether monetization for the industry is getting better. I was just surprised that why is industry growing at 8%?

Of course our repertoire is better, that is leading to stream growth as well. Just your thoughts on it that why such a huge difference between industry growth and our growth?

Yash, let's say at the end of the day, it all depends on the catalog, and what we have said earlier also, let's say we have one of the best catalogs in the industry.

Okay. Still any kind of number that you would like to give on the volume growth?

That the majority of the growth is coming, is it from the streaming growth? Would that be a fair assumption?

Primarily it would be more towards the streaming growth, that is right. I won't able to divulge more details on that.

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

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

Thank you.

Thank you.