Good day. Welcome to the Q1 FY 2024 earnings conference call of Tips Industries Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Nikunj Jain from Orient Capital. Thank you. Over to you, sir. Thank you, Carol. Good morning, ladies and gentlemen. I welcome you for the Q1 FY 2024 earnings conference call of Tips Industries Limited. To discuss this quarter business 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 risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on company's website. Without further ado, I would like to hand over the call to the management for the opening comments, and then we will open the floor for Q&A. Thank you, and over to you, sir. Good afternoon, everyone, and welcome to the Q1 FY 2024 earnings call of Tips Industries Limited. It's my pleasure to share with you the highlights of our performance during this quarter. At Tips Industries, we have been working hard to create and deliver high-quality music that resonates with our audience. Our efforts are yielding results. The company has reported a revenue growth of 54% for Q1 FY 2024 as compared to Q1 FY 2023. We now have over 85.5 million subscribers on YouTube in Q1 FY 2024. Our YouTube views were 48.3 billion. YouTube views have grown 132% compared to the same quarter last year. The board has declared an interim dividend of INR 1 per share as part of our ongoing efforts to reward our shareholders. With this, I will hand over the call to Sushant Dalmia, our CFO, to take you through the financial performance in detail. Over to you, Sushant. Thank you, sir, and welcome everyone, to our Q1 FY 2024 earnings call. As you know, at Tips Industries, we charge off the entire content cost in the quarter of release. We have followed this policy since the inception of the company, and we will continue with this accounting policy in future as well. We find this to be the most prudent way of accounting for our business. However, we continue to receive a lot of questions about the impact of our conservative accounting policies on our numbers from both our existing and potential new shareholders. To clarify the impact of different accounting policies, we have done some calculations, and I'll share the same with you. If we were to follow the industry accounting practice of amortizing content costs over 10 years, then our EPS for FY 2023 would have been INR 7.91, compared to our reported EPS of INR 5.91, which means it would have been higher by 34%. We'll be doing these calculations on an annual basis, and we'll continue to share the outcomes with you. Let me take you through the financial highlights of the quarter gone by. The company has reported a healthy quarter. Our revenue for the quarter was INR 52.6 crores, as compared to INR 34.2 crores in Q1 FY 2023. Year-on-year revenue growth was 54%. Operating EBITDA for the quarter stood at INR 35 crores, versus INR 22.4 crores in Q1 FY 2023. That's an annual growth of 56%. The operating EBITDA margins were at 66.6% for this quarter. Our profit after tax for Q1 FY 2024 stood at INR 27.1 crores, versus INR 17.2 crores in Q1 FY 2023, a growth of 58%. PAT margin for the quarter was 52%. With this, I open the floor for discussion. Thank you very much. Ladies and gentlemen, we will now begin the question-answer session. Anyone who wishes to ask a question may press star, then one on your touchtone telephones. If you wish to remove yourself from the question queue, you may press star, then two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Swapnil Kabra from SK Enterprises. Please go ahead. Hi, sir. Am I audible? Yeah. Sir, my question was that sequentially, when we look at the YouTube views, we have shown good growth. For example, from 33.6 billion views, our views have become 48.3 billion. Sir, same, if I observe the top line, the top line is almost flat. Meaning, our top line is moving around INR 50-53 crores. Sir, is there any specific reason behind this? The combination in the YouTube views, it's normal videos and also shorts. Shorts is new. You know, shorts have a big craze, so shorts are getting a lot of views. That is an impact, so that also counts in it. सर वो तो लास्ट क्वार्टर में भी Shorts के व्यूज तो कंसीडर हुए होंगे ना सर? मतलब आपका बोलना यह है क्या कि Shorts डिसप्रपोर्शनेटली इंक्रीज हुआ है, इसलिए व्यूज ज्यादा दिख रहा है? नहीं, मेरे ख्याल से जो आप जो कंपेयर कर रहे हो, आप कौन से क्वार्टर से फर्स्ट क्वार्टर से? मैं सिक्वेंशली कंपेयर कर रहा हूं सर, मैं Q4 FY 2023 की बात कर रहा हूं और Q1 FY 2024 की बात कर रहा हूं। सिक्वेंशली अपने YouTube व्यूज बहुत व्यू जंप दिखा रहे हैं, बट topline ऑलमोस्ट फ्लैट है। मेरा सवाल यह था सर। कि शांत Q4 में और Q this year Q1 में कितना फर्क है? क्यू फोर इट वाज अराउंड थर्टी थ्री पॉइंट सिक्स बिलियन एंड इन क्यू वन इट इस अराउंड फोर्टी एट पॉइंट थ्री बिलियन व्यूज। ओके, ये एक क्वार्टर का है। मेरे ख्याल से शॉर्ट्स का बहुत बड़ा उनका जंप आया है। Shorts in big jump. नॉर्मल में भी जंप है। ऐसा नहीं नॉर्मल शॉर्ट्स में द ह्यूज जंप। शॉर्ट्स में जो। Just a request, short key views अगर आप presentation में अलग से अगर आप put करोगे तो हमें बेहतर idea आएगा sir understanding के लिए। थोड़ा competition के पॉइंट ऑफ व्यू से वी कैन डू दैट, तो ये साथ में ओके, it is better for us क्योंकि वी कैन नॉट रिवील आवर एक्चुअल नंबर्स. There is a competition also going on. आप प्लीज वो थोड़ा सा समझो आप! ओके ओके. सर अनदर क्वेश्चन अबाउट रेडियो इंडस्ट्री. आप लोग कुछ एक्सप्लेन कर रहे थे कि अपना कुछ डिसप्यूट है रेडियो इंडस्ट्री के साथ. सर आप कुछ इनसाइट शेयर कर सकते हो कि वो कहां तक डिसप्यूट आया है और किस तरीके से हमें एडवांटेज हो सकता है, फ्यूचर में पोटेंशियल उसका क्या हो सकता है? 10 साल से dispute है and एक Copyright Board ने एक ऑर्डर पास किया था, आज से 10 साल पहले and that order was valid till 2020. 10 साल का हमको परमिशन दे दिया था, लेकिन हमने ऑर्डर के अगेंस्ट भी बहुत बड़ी फाइट की थी और वो फाइट हमने, हम सभी हम PPL के थ्रू Government करते थे और उसके बाद 2020 में जब वो ऑर्डर खत्म हुआ तो Government ने Copyright Board बनाया और बोर्ड ने हमारे फेवर में ऑर्डर किया हुआ है. वो जो केस चला था, जो 2010 में जो हमने Copyright Board ने ऑर्डर किया था, उसका हमने Bombay High Court से केस भी जीत चुके हैं Now radio industry is gone in higher bench or court. वहां पर अगेन झगड़ा चल रहा है. मुझे लगता है कि अल्टीमेटली एक दिन ऐसा आएगा कि वी विल सी अ बिग मनी coming from radio not very big. एक सबस्टेंशियल अमाउंट आएगा इंडस्ट्री को, जो कि हम सब में डिवाइड होगा and एक इम्पैक्ट उसका इम्पैक्ट आएगा जरूर. ओके, ओके थैंक यू सर! थैंक यू सो मच। थैंक यू, बिफोर वी टेक द नेक्स्ट क्वेश्चन। आई लाइक टू रिमाइंड पार्टिसिपेंट्स इफ यू विश टू आस्क क्वेश्चन, प्लीज प्रेस स्टार देन वन ऑन योर टच फोन। द नेक्स्ट क्वेश्चन इज फ्रॉम द लाइन सीए कार्तिक गोयल फ्रॉम इन्वेस्ट एनालिटिक्स प्लीज गो अहेड। हेलो गुड आफटरनून, एम आई ऑडिबल। यस यू आर, यू मे प्लीज कंटिन्यू। कॉंग्रेचुलेशन फॉर द गुड सेट ऑफ नंबर्स सर। माय फर्स्ट क्वेश्चन इज इन योर प्रेजेंटेशन नेम्स लाइक इंस्टाग्राम एंड फेसबुक आर नॉट गेटिंग अपीयर, वाइल दी नेम्स वर देअर एज आर डिजिटल पार्टनर्स इन लास्ट प्रेजेंटेशन। सो व्हाट इज द रीजन फॉर इट सर? Instagram, Facebook we have not renewar our deal. हमारी इनसे जब लास्ट टाइम डील हुई थी तो उनके जो numbers थे, बहुत बड़े थे। तो We thought ki आप यू will give my content for 2 billion people. अगर आप 200 crore लोगों को मेरा content दिखा रहे हो या वो entertain हो रहे हैं तो we needed a correct price. That time they say ki इसका initial हम अभी launch कर रहे हैं। हमें नहीं पता है कि हम क्या होगा आगे चलके we will work out, make a model like a YouTube ki. Where जो भी customer या जो भी fan follow उधर देखेगा, आपका content तो उससे आपको कुछ sharing होगा रेवेन्यू सबके बढ़ेंगे। We will also make money Instagram से। After two years they have not done anything in that, प्रोग्रेस कुछ नहीं था they again say ki आप हमें और two years के लिए license without anything एक marginally आपको हम lump sum पैसे देंगे, पर आप हमें दे दो। Where we said ki no, हमें बहुत ज्यादा पैसे मिलने चाहिए, जो हमारा consumption है। बहुत ही huge था तो उसके लिए हमने फिर उनके साथ काफी negotiation किए थे। two-three months से negotiation चल रहे थे, लेकिन ultimately February में we say ki आप पहले please हमारा content use करना बंद कर दीजिए आप नहीं कर सकते। जो आप हमको offer कर रहे हो, it is too less money. We can do that तो इसके लिए हम Instagram से अभी नहीं हैं। सर, इफ दिस डील इज नॉट renew, So in FY 2024, हाउ आवर रेवेन्यू आर गोइंग टू बी impacted? Revenue देखिए, जो content होता है ना, अभी आप देखो, हम Instagram पर नहीं है तो हमारे Shorts में कितना आप देख रहे हो? YouTube के जो Shorts हैं, सिमिलर का app है तो यानी तो app आ जाएगा। आज अगर आपको आज कोई गाना सुनना है या आपको कुछ भी गाना की गाने के साथ कुछ फन करना है, एंटरटेन करना है तो आप करोगे ना? आप तो कोई और ढूंढ लोगे। आप छोड़ोगे थोड़ी। आपको अगर कुछ गाना सुनना है तो आप सुनना बंद कर दोगे तो ऐसे तो शायद नहीं होता ना। अगर आप देखो, हम last year भी हम Wynk पे नहीं थे, JioSaavn पे नहीं थे। अभी हम JioSaavn पे आ गए हैं वापस तो हम तो वैच यू आर ग्रोइंग तो उसका मुझे लगता नहीं कि म्यूजिक में इसका कोई फर्क पड़ता है तो आई एम ओके विद दैट। हम अगर अपना कंडीशन नहीं डालेंगे, जो जो सर्विस अगले 5 साल में INR 500 करोड़ की हो सकती है, वो सिर्फ INR 25-30 करोड़ की या INR 50 करोड़ की रह जाए तो वो नहीं कर सकते ना। We have to aim for bigger bigger, तो एक बड़ी मंजिल के लिए छोटी छोटी चीजें कभी लॉस करनी पड़ती है। That's why! अंडरस्टुड, सर सेकंड इज वी give 56% काइंड ऑफ OPM मार्जिन इन FY 2023 एंड इन दिस क्वार्टर इट इज अराउंड 66%. How डू वी सी दिस metric ऑन फुल ईयर बेसिस फॉर FY 2024 गोइंग फॉरवर्ड? I think जो हमारा टारगेट है इस साल का, हमारा टारगेट है and I strongly believe it is achievable, 30% topline will grow and 30% bottom line also will grow. सर, आई वाज आस्किंग फ्रॉम द OPM मार्जिन पर्सपेक्टिव सर। लास्ट ईयर इन FY 2023 यू did अराउंड 56% मार्जिन OPM, EBITDA margin एंड इन दिस क्वarter, first quarter इट इज 57%. That's why आई एम आस्किंग ऑन फुल ईयर बेसिस, what इज योर टारगेट फॉर द EBITDA margin? सुशांत, सुशांत, यू हैव अ नंबर? अ श्री गोयल, इन टर्म्स ऑफ एबिटा मार्जिन, दिस विल बी सिमिलर टू लास्ट ईयर और एंड लेट्स से इस ईयर, लेट्स से दिस क्वार्टर टाइम फिफ्टी सिक्स पॉइंट फाइव, लेट्स डोंट कंपेयर इट ऑन अ क्वार्टर ऑन क्वार्टर बेसिस एंड कंपेयर अस ऑन अ फुल ईयर बेसिस, दैट वुड बी द रिक्वेस्ट एंड द टॉपलाइन एंड लेट्स द बॉटमलाइन विल ग्रो बाय थर्टी परसेंट। अंडरस्टुड, अंडरस्टुड। ओके सर, दैट्स इट फ्रॉम माय साइड सर। ऑल द बेस्ट फॉर द फ्यूचर। थैंक यू। बिफोर वी टेक द नेक्स्ट क्वेश्चन, अ रिमाइंडर टू द पार्टिसिपेंट्स अगेन, इफ यू हैव अ क्वेश्चन, प्लीज प्रेस स्टार देन वन। द नेक्स्ट क्वेश्चन इज फ्रॉम द लाइन ऑफ रवि नरेदी, फ्रॉम नरेदी इन्वेस्टमेंट। प्लीज गो अहेड। तो रानी सर, थैंक यू अगेन फॉर पोस्टिंग नाइस रिजल्ट। यू आर मैजिशियन इन दिस इंडस्ट्री एंड डूइंग गुड थिंग्स फॉर द कंपनी। सर, यूट्यूब यूजर राइजेस फोर्टी वन परसेंट इन क्वार्टर वन एंड अगेंस्ट द क्वार्टर फोर। सो वेयर यू सी ऑप्टिमम लेवल ऑफ दिस यूजर बेस? थैंक यू Ravi ji. Ravi ji, I feel कि ये जो YouTube है ना, YouTube is like a ocean और मुझे लगता है कि हमने अभी तो शुरुआत की है. It's a, माने ये कुछ भी हो सकता है. ये आप suddenly you will see तो ये बहुत बड़ा है. इसका estimate करना वैसे तो unlimited है, We एक हमारा जो basis होता है कि हमको एक conservatively या midway हम कुछ अपने आप को estimate करें, तो हम overall estimate करते हैं, जो हम 30% का इस साल का भी topline में और on the contrary जो bottomline में I always say कि 50 20% will do growth. मुझे लगता है कि इस साल हम लोग bottomline में भी 30% grow करेंगे. ये आप benchmark लेकर चलिए. अगर कुछ, अगर जैसे अगर आप देखो कि 2021 में we had a INR 90 का topline, उसके next year में 2022 में we had a INR 135, 50% growth हुआ था topline में. उसके next year, We last year did INR 187, जो कि 38% का growth था. अगर आप देखो 2021 में INR 90 से INR 180, INR 186, INR 187 in 2022 year में we are little more than double. I think आप वो 30% topline. This year bottom line भी 30% ग्रो होगा, जो हमारा बजट या हमारा जो sorry, हमारा जो target है, तो आप वो एक लेकर चलिए. अगर वो, अगर YouTube और मेरे को लगता है कि और बढ़ सकता है तो बढ़ सकता है. मैं उसमें deny नहीं करता हूं. It's really a big thing. सर, ये तो अभी quarter, June वाले quarter में 58% से Net Profit बढ़ के आया है। ये तो अभी आप 30% ही बोल रहे हो। ये 50% से ऊपर की ग्रोथ अभी June quarter में ही आई है। नहीं, आपको क्या है ना प्लीज आप हमारी इंडस्ट्री मैंने पहले भी आप लोगों को बताया है कि प्लीज don't वैल्यू अस ऑन क्वार्टर टू क्वार्टर बेसिस। कभी कंटेंट ज्यादा रिलीज होता है, कभी- अभी बिल्कुल नहीं कर रहे हैं quarter-to-quarter. Whatever is the things are going on. ऐसा लगता है कि इस इंडस्ट्री में अभी जो आप कह रहे हो, ओशन है और यहां पर कहीं एंड नहीं नजर आ रहा है तो वैसा ही लग रहा है. सर, content cost is INR 12.2 crore and rising continuously, that is good also. Have you make up your mind, how much it will be in percentage of revenue terms? It is 22%-23% in now. हमें turnover का इतना% content cost लेना ही है, गाने लेने ही है, ऐसा कुछ आपके दिमाग में इमेज है ऐसा कुछ? मुझे लगता है कि content cost हमारी 28%-30% होनी चाहिए, जो कि हमारी topline होती है। 30% के अराउंड हमारी अगर कभी कोई अच्छा कोई content मिलता है तो वी शुड गो अप टू 32%, 33%, 35% also। उस रेंज में ही होना चाहिए, आई फील। ओके। सर, अभी जो फिल्मों के म्यूजिक का बहुत महंगा हो गया है, आप इस सिचुएशन को कैसे डील कर रहे हैं? देखिए, हम ऐसे जो सब करते हैं, जो बिडिंग करते हैं, हम उसमें नहीं जाते। हमारे अपने कुछ रिलेशंस हैं, कुछ कंपनियों के साथ हम उनके साथ बैठ के उनकी जो रियल वैल्यू होती है, थोड़ा नीचे ऊपर करके वी क्लोज द डील इन फर्स्ट मीटिंग इटसेल्फ। तभी धंधा हो पाता है और हमें ज्यादा चाहिए भी नहीं। हमें 4-6 पिक्चरें चाहिए साल के लिए वी आर वेरी हैप्पी। बिकॉज़ एक अच्छी बात है, अगर आप देखो लास्ट 2-3 साल से जो हमारा रिकॉर्ड कह रहा है, विदाउट हैविंग 2-3 big services ऑन विद अस, जहां पर हमारा म्यूजिक अवेलेबल नहीं था हमारे पास ज्यादा न्यू रिलीज भी नहीं थे। हम 50%, 38% ग्रो कर रहे हैं। two साल में हम डबल हो गए। तो हमारा जो पुराना repertoire है, old catalog, कुछ हम उसके लिए कुछ गाने हम recreation भी कर देते हैं, तो वह बहुत ही अच्छा चल रहा है और अभी भी मुझे लगता है कि वो डे बाय डे ग्रो होगा। तो अगर न्यू रिलीज आते हैं तो इसके लिए हमें बहुत लिमिटेड न्यू रिलीज चाहिए। four पिक्चरें भी मिल गई तो, five पिक्चरें मिल गई तो बहुत हो गया हमारे लिए। तो वी विल मेंटेन दैट और हमारा ग्रोथ होगा। हमें उसकी मेरे ख्याल से अगले 20-25 साल तो चिंता करने की जरूरत ही नहीं है। येस। वो जो भी मूवी अपन बनाएंगे, Tips Films में, उसका म्यूजिक अपने पास ही रहेगा या अपने को ज्यादा कॉस्ट मिले तो अपन सेल भी कर सकते हैं। वो भी हमने. Already we have last year, one valuer appointed, he gave us his report and which we shared with our auditors and plus our board of directors, we shared with them too. We got clearance from both of them. We will accordingly, we do arm's length, we will buy films of our films for music. Okay. Thank you, sir. All the best. Thank you. Great buying. Yes, sir. Yes, sir. Thank you. The next question is from the line of Priyankar Sarkar, from Famyananta Capital. Please go ahead. Yeah. Hi, sir. Good afternoon. I just wanted to touch based on the IPRS part, sir. What was the growth of IPRS in FY 2023? I'm not looking quarterly, deliberately. Sir, how is the outlook going to be from this revenue coming from the IPRS segment? Yeah, IPRS is a publishing body. IPRS, in 2018, we settled with it. In 2018, when it was settled, their collection was INR 50 crores at that time. I think this year, in 2023, as far as my knowledge, they have collected INR 500 crores+. Their last year, your question was 2022, 2023. I think last year it was INR 400 crores or INR 425 crores. This year it is INR 500 crores. There is a very good growth there as well, because one good thing is that the growth is also happening, plus the old settlements are also happening, that they did not give the money to anyone, so we are getting that money as well. I feel that and my estimate is, my thinking is that in the next five years, that society can earn up to INR 1,500 crores. That's a big business going to happen, I feel. One second, sir. In FY 2023, it was INR 400 crores. In FY 2024, your expectation is INR 500 crores for the industry. Yes, yes. You are saying in three, four years, it can go up to INR 1,500 crores. Yes, it can be INR 1,200 crore, INR 1,500 crore. It should be, I feel. Sir, such a jump, how does it come from IPRS? Sir, that is my main question, actually. All the people have to give them money. They did not give it before. Publishing rights, also, you have to give publishing rights, so they will get the money. Okay, okay. Fair enough, sir. Thank you very much. Wish you all the best. Thank you. The next question is from the line of Mayur Parkeria from Wealth Managers. Please go ahead. Good morning, sir. Am I audible? Yeah. Yeah, yeah. Sir, congratulations on good second number, and again, congratulations for continuing with the policy. Every quarter we keep on, just reiterating this and congratulations, so that I know you don't intend to change it, but it's a amazing policy. I think, sir, in the start of the call, you mentioned that we have done some working with respect to if the content cost was to be charged over 10 years, how the profit would have been looked. Sir, I think we should be the benchmark and let others do the recalculation of what if their profits would have been impacted had they followed you. I don't think we need to follow the others' policy. We should. This is a more rational and conservative, and let others follow you rather than, you know, we following the others' practices. That was just a small observation. Sir, on the content part, sir, press release we mention INR 12 crores. Sir, my request is if you can add that in the presentation table also, you know, same information we can get in the presentation also. Along with the results table, because otherwise, the presentation which is the results table, that is actually replicate of your the press of your statutory release. If we add the content in that, the presentation also gets value add, and the information is similar on both the presentation and the press release. Just a small request. Yeah. Sir, this time, the industry revenues, you talked about INR 22, INR 20, INR 2,200, INR 2,500 crores, and we are closer to, you know, on INR 187 March 2023. That is approximately 9% market share. Over long periods of time, over four, five years, do we have any targets that we want to reach there in terms of market share? Do you think that the normal industry growth will play? I know we have outperformed the industry significantly, do you think that do we have any market share in our mind with respect to which we want to reach? The suggestion you gave earlier, of 10 years, which we compare, this is just a comparison. I reassure all of you that we will never, ever change this policy. We are very stick on that. This is good for our benefit long term, that we should keep writing off, same quarter, same. Like PS2, we released in 15 March. Only one song was released, but we written off in that quarter itself. It was out last year. You rest assured, we will never do this. I just made it a little easy for your reference, I want to communicate this to you. Plus, the other suggestion you have about the content, that it should be in presentation. Okay, I agree with that point also. We will put it there. Not a problem. Third, you said that our market share, what we estimate. I think that in the next three-four years, our target is to reach 11%-12% market share also. We should look for that. I think the way our content, our catalog, our repertoire is performing, and our target is how we have to play in new releases, which is our thinking, according to that, achieving 11%-12% for us possible है और हम achieve करेंगे। Okay, okay. sir, yeah. Sir, the may just to add the content cost is there in the presentation. We have highlighted separately in our PNL. yeah, there are part of. Slide number 14. Slide number 14. 14, yes. You can see the line item content cost. Slide number 14 is industry leading financial performance. Page 14. Page number 14. There is PNL statement and you will see the content cost is clearly highlighted. I'm so sorry. My apologies. My apologies. I missed this. I'm so sorry. Okay. I'm so sorry. Okay. Thank you. Thank you. Thank you so much for highlighting this. sir, दूसरी ये जो industry की around revenues की हम बात कर रहे हैं, तो उसमें, based on your understanding of how the industry is shaping up, sir, उसमें subscription revenue, I am sure would be very small and marginal. sir, how do you see that shaping up or do you think के अगले 4-5 साल में भी, the what we need to focus on is the same advertising, share of advertising revenue, and other revenues which will come through. subscription revenues, how, you know, based on your understanding with the how the platforms and other things, consumer behavior, what is what would be the current scenario and how do you see that in the next three, four, five years? मेरे ख्याल से दोनों survive करेंगे। Subscription बहुत बड़ा होगा। I strongly believe 4-5 साल में काफी बड़ा हो जाएगा, दोनों survive करेंगे। Ad model भी survive करेगा। India है ना, India actually दो part में divided है। एक India शहरों में बसता है, एक India rural है। मेरे ख्याल से rural में advertising model चलेगा and शहरों में लोग will subscribe, कि वो उनको ad नहीं चाहिए। They want a clean music or a clean video. मुझे लगता है दोनों model survive करेंगे और दोनों पैसे देंगे। आज जो subscription में growth होगा शहरों से आएगा and rural से advertising वाले model में बहुत growth आएगा। मेरे को लगता है दोनों survive करेंगे, दोनों में growth आएगा। अच्छा. Sir, that means, four, अपने पास four levers तो सामने growth के बहुत दिख रहे हैं, sir. एक तो है subscription revenue at an industry level grow होगा, तो उसका भी share हमको मिलेगा, वो growth होगा. दूसरा, ये IPRS का growth आप बोल रहे हो, वो होगा. फिर radio के through होगा, वो meaningful नहीं होगा, but वो भी होगा. Fourth, अपने own films का जो, launches होगा और उसके वजह से better अगर अपनी visibility बढ़ती है, तो sir, all this should play out, over the next three, four years, right? Yes, absolutely. Absolutely. Okay. Thank you, sir, and wish all the best. Thank you. Thank you. The next question is from the line of Mythili Balakrishnan from Alchemy Capital. Please go ahead. Thank you for the opportunity. Couple of questions. Ma'am, I'm so sorry to interrupt. This is a conference update. I request you to please speak a bit louder, ma'am, so that your audio is audible. Sure. wanted to check whether JioSaavn and Warner, the revenues have started for us, or is that something that's still not there in the current top line? Warner is already last three years, we are come money we are coming. We are showing in our every quarter-on-quarter basis. JioSaavn also, we started in March, so every quarter JioSaavn also it will come. Only left out is Instagram and this one, Wynk, Airtel. That's it. All we are available on all other platforms. Wynk and दूसरा कौन सा sir, आपने कहा? Instagram, Facebook. Okay, got it. This agreement happened in March. अच्छा, March से ही मतलब आपका. Okay, दूसरा आपके, मतलब your, didn't mention the fact that there were some INR 3.75 crores, which you had build some person which went into bankruptcy. Could you just explain कि वहां पे क्या हुआ था? एक party है, जिसने हमारे से last year license लिया था, two, three years back. उन्होंने उनसे negotiate कर रहे थे, बातें कर रहे थे, but they were not closing the deal. हम कोशिश करते हैं कि partner से मिलकर खत्म करें बातें, कोई serious matter नहीं हो। Again, we see कि they are not only talking. We put a NCLT case on them, and तो अभी वो now they have send us a request कि चलो, "Let's talk. Let's talk" तो वो एक हमने डाल दिया है। तो उसके लिए हमने बोला कि उसका क्या होगा? Ultimately settlement करेंगे, नहीं करेंगे, या वो court ही settle करेगी, NCLT court settle करेगी। That's why we have kept it aside. ठीक है। In terms of the upcoming content, could you just comment on some of the key movies that आपको लगता है कि वहां पे मतलब you will be able to do it over the next couple of quarters? We have two movies. Our this one of Tips Films की दो movies हैं, Merry Christmas, which is in Hindi, Tamil and Telugu. We have one more movie, Ishq Vishk Rebound. पहले Ishq Vishk आई थी, जहां पर Shahid Kapoor and Amrita Rao को हमने launch किया था. उसके अलावा, we have a South में एक बड़ी film है, Telugu में, Hari Hara Veera Mallu, Pawan Kalyan is a star. We have two movies from Balaji Telefilms, Ekta Kapoor का जो production house है, उनके दो movies हैं. एक है Crew, वो बड़ी movie है. उनका music बहुत अच्छा होगा. जो music अच्छी बनाते हैं, वो जो producer director या setup है- वो एक आएगी एंड एक है बकिंगम मर्डर। करीना कपूर एंड हंसल मेहता जी बना रहे हैं। वो मूवी, वो भी बालाजी की है। तो ये हमारे पास चार पांच बड़े मूवी इस साल के लिए है। ओके एंड ऑल ऑफ द विल प्रॉब्लेम गेट रिलीज दिस ईयर। Yes, this year. इस साल में ये सब आ जाएंगे, जो मैंने नाम बताया है। ठीक है, मुझे एक सवाल यह पूछा था कि आपको इज दयर एनी pressure from YouTube or other people to accept lower you know share on the ad revenue per se? Because you know, जिस तरीके से आपके views बढ़ रहे हैं, उस तरीके से आपके revenue linearly नहीं बढ़ रहे हैं. Just curious on that front. वो तो सवाल ही नहीं है. आपको मालूम है कि हम तो काफी झगड़ा करते हैं. झगड़ा करने में फेमस है कि हम मानते नहीं है इतना जल्दी, क्योंकि हमारे कंटेंट की वैल्यू है एंड आवर एक्सक्लूसिव कंटेंट है. कंटेंट क्रिएट करने में बहुत मेहनत लगती है तो वो तो कभी किसी ने बोला नहीं. हमेशा ऊपर ही जाने की बात होती है. खाली यह होता है कि आप हमारे व्यूवर्स बढ़ रहे हैं, क्या हमें भी ऑडियंस को इंगेज रखना है तो आपसे ऑडियंस को लगता है कि आज मुझे फ्री मिल रहा है, लेकिन अल्timately everybody will pay. आप देखोगे TV इंडस्ट्री में भी हम केबल पहले बहुत cheap लेते थे, उसके बाद अल्timately we all shifted to digital. उसमें हम Zee का डिश एंटेना लिया, Dish TV लिया या Tata Sky लिया या Airtel लिया. कहीं ना कहीं बहुत सारे लोगों ने मेजॉरिटी of people have taken those lines. मुझे लगता है कि हमें कस्टमर को इंवॉल्व रखना है. भले उसकी एक आदत तो पड़ रही है ना कि कंटेंट कंज्यूम कर रहा है, भले वो ऐड से ही देखे, भले थोड़े कम पैसे भी आए तो एटलीस्ट हम उनको इंगेज कर रहे हैं, वो आगे आएंगे. अल्timately everybody will pay. हां, मैंने जैसे पहले बताया जो थोड़ी देर पहले कि 2 मॉडल हो जाएंगे. 1 होगा सब्सक्रिप्शन. भाई आप ऐड फ्री देखो और दूसरा होगा ऐड. वो आपको ऐड भी दबा के दिखाएंगे. अगर आप पैसे नहीं देंगे. अगर आप खुद भी रियलाइज करते होंगे कि YouTube अगर आप कांस्टेंटली देखते हो तो आपके ऐड का जो होगा ना उनका वो मीटर बढ़ाते जाएंगे. अगर आप पहले अगर 15 मिनट का कंटेंट देखते हो तो इनिशियली 15-20 डेज यू will be see without ऐड. उसके बाद आपको आस्ते आस्ते करके वो 4-5 ऐड तक लेकर जाएगा. 15 मिनट की कंटेंट में वो तो उनके लिए भी अच्छा है, क्योंकि अल्timately they are also making a huge money. मतलब without paying us anything और उनका कोई एंजिंग नहीं है. अर्निंग मॉडल वो तो उनके लिए भी तो ग्रोथ करनी है ना हर साल. वो तो मेरे को लगता है कि ऐसा कुछ होने वाला नहीं है. Not worry at all. गॉट इट एंड नॉन डिजिटल रेवेन्यू, उसमें मतलब Could यू जस्ट हेल्प अस अंडरस्टैंड कि व्हाट आर द पार्ट्स ऑफ इट एंड वहां पर मतलब आपको कैसा ग्रोथ दिख रहा है? Non-digital revenue में 3-4 things हैं. एक TV है, एक radio है और एक वो public performance है, जहां पर हमारी music चलती है. Shows में events में आप hotel में जाते हो, mall में जाते हो, मेरे ख्याल से वहां पर बहुत अच्छी growth होगी. वो very good growth होगी, TV में भी. TV में भी सबका ऐसा मानना है कि growth नहीं है, वी आर doing well. हमारा content चल रहा है वहां पर. वहां पर क्या होता है कि हर TV station की अपनी priority है. अगर उसको INR 200 crore रुपया खर्च करना है, ही has INR 200 crore. आज से 5-6 साल पहले वो हमें 5-6 priority पर रखते थे कि जिसका content लेना है कि नहीं लेना है. कई station हमारा content नहीं भी लेते थे, आज हम उनके priority में number 2 या number 3 पे हैं और हमारे को और पैसे मिलते हैं. उन्होंने budget नहीं बनाया, दे select कि कौन से partner को ज्यादा पैसे देने हैं, किसको और कम करना है. अगर किसी को पहले INR 10 crore मिलते थे, शायद उसको अभी INR 5 crore मिलेंगे. हमें अगर INR 4 crore मिलते थे, हमें INR 6 crore मिलेंगे. वो वो permutation combination वो TV वाले भी करते हैं. हम भी अपने content की value, की overall हमारा कैसे market share बढ़ रहा है, कि अगर हमारा मान digital पे अच्छा sale हो रहा है, YouTube पे अच्छा हो रहा है, Why not TV will pay more. वो हम अपनी calculation के हिसाब से उनसे पैसे ज्यादा demand करते हैं. अभी तक successful हो रहे हैं. गॉट इट, माय लास्ट क्वेश्चन इज रीजनल कंटेंट। कुड यू जस्ट हेल्प अस अंडरस्टैंड कि अभी आपका कितना रीजनल कंटेंट है? एंड इंक्रीमेंटली इज दैट समथिंग जहां पर हम फोकस करेंगे या मतलब इट्स बेटर टू बी फोकस ऑन द मेनस्ट्रीम हिंदी। रीजनल में हम जो old days थे, say 2005-2006 के पहले हम regional में available थे सब जगह। हमने थोड़ा सा step back किया था and we focused on Hindi, वो Hindi करेंगे, छोटा content बनाएंगे, but Hindi में focus रहेंगे and Hindi में focus रहे थे हम। उसके बाद हमने जब COVID आया, 2020 में हमने फिर से regional में start किया। हमने 10-15 channel start किए। जो भी language है, mostly we are there। मुझे लगता है कि। तभी हमारा focus यह था कि 70% focus करो on mainline and 30% focus करो on regional. अभी at present I believe कि हमारा जो focus अभी है, अभी हम slowly focus shift कर रहे हैं। 80%-90% will be on main thing and 10%-50% will be on regional. हम going forward. यह हमारी सोच है। गॉट इट, थैंक्स अ लॉट, दैट्स ऑल फ्रॉम माय साइड। ऑल द बेस्ट! Thank you. द नेक्स्ट क्वेश्चन इज फ्रॉम द लाइन ऑफ Sagar Jethwani from PhillipCapital. Please go ahead. या सर, थैंक्स फॉर द अपॉर्चुनिटी। We have taken five-six names, you know, film names, where we wish to acquire the content. Out of this INR 85-90 crore full year guidance that we have given. ये 5-6 film जो है, उसमें content cost कितना लगेगा, including promotion and all. मेरे ख्याल से मेजर तो उसमें चला जाएगा। तो बॉल पार्क एनी नंबर, इफ यू कैन प्रोवाइड। INR 50 crore करके चलाओ, 50%, 55%, 58% के बीच में। Okay, okay including marketing, promotions, etc. Yeah, yeah. Okay, okay. This is first. Second is that, you know, Saregama uses artificial intelligence in song selection. Are we also using any kind of technology for same, or is it purely judgmental? See, the technology, that always enhances, how to enhance your business. Everyone will use it. If today I say that I will not use technology, then I think that point will not remain. You will have to use technology. We also have experts, and very soon you will hear some more news from us, what we are doing. We will tell you in the next quarter, Inshallah. That too, a lot is happening. That's great to hear, sir. Next is that, you know, in the last phone call, I had asked you, sir, that, you know, YouTube's ads, basically, how many such ads are there, how many songs are there in which ads are playing? Have we gone through that? Any comeback on that, sir? Ads, I think even if there are fewer ads, but ads will definitely be there. YouTube's own criteria is that age group, market, what type of song it is. The customer who places the ad gets a lot of things. I think ads will be there on all the songs. You can say that the maximum revenue will be on the 1,000, 2,000 songs that are at the top, the maximum revenue will be on them. You can say that. Okay, okay. We are not in a position to monitor that ad, where is it playing? Because we get a sharing pool from the ads as well. That's why this question I thought to ask you. No, it will be there. I actually don't know the exact details. I will tell you this later. Dinesh, can you find out and tell him what is it? Yes, yes, we can surely do that. Yeah. In fact, last time we had actually done some analysis, and we found. O n every second video of ours, we are getting an ad placed. We were very. We saw that number. We've done that deep analysis. This particular aspect, we will come back to you for sure. Sure. Okay. These were my questions. Thank you. All the best, sir. Thank you. Thank you. Thank you. The next question is from the line of Saket Mehrotra from Tusk Investments. Please go ahead. Thank you. sir, any visibility on how do you see the paid subscriptions shaping up, you know, like in the last two, three years and across these quarters, would be helpful to, like, know what your views are. So far, Saket, it has not happened as much as it should have. It will happen, because a lot of companies are pushing themselves to increase paid subscriptions. For example, YouTube's music model is a paid subscription. Spotify is also pushing customers, that for their free users, the bottom line is keeping on getting tight. I think this will happen. I think, last year subscription revenue grew by 27%. That's good, but the number is so small, so 27% maybe seems very low. In the next one or two years, it should increase by 200%, maybe. Let's see, how it goes. Okay. Sir, just this quarter, we've mentioned that we've released almost 260+, 259 new songs. Does this, like, is this across all channels, and does it, like, so a lot of times I see we upload our old songs. Is this like, does that account for that as well? These are brand new songs. What happens is, like I told you a little while ago, that in 2020 we made our entry that we are entering into all languages. In all these languages we have to test what is there, what are the opportunities there, what not. What we have to do is, we suddenly had to build a catalog also, that if a customer comes, it's not like there are only 5 songs on the channel. At least 100 songs, 50 songs, something should be there. We went for quantity, and we achieved that target now, that we have a good, decent number of our music on every channel. Now we are focused, that okay, quantity is done once. Now we will focus more on the quality, better quality. Maybe our number, instead of 259, this year we will maintain 700, 800 songs we will do. Next year onwards, we will maybe do 200, 250 songs a year. That is our thinking. We'll see. We'll take a call in third or fourth quarter, that is, which way we have to go now. Okay. These 800 songs you are saying for the year, right? You are saying you will taper it to 200. Yeah, this year we will do 800 songs. Okay, okay. Thank you. Thank you, sir. Thank you. Thank you. Thank you. The next question is from the line of Akshay Sam from Sam Capital. Please go ahead. Hello, Hi, Taurani. First of all, congrats to you and your team. I mean, you've been delivering for the last three years consistently. It's great for us to share a little as well. A question I had, sir, is that, I mean, our target is to become the top three music label in the country. The thing is, our content costs are not as much as the top three competitors. I know quantity is always not equal to quality wise. The top three competitors of all, top four are heavily outspending us in terms of content costs. At least, jitna public view mein dikh raha hai, at least from the big budget films and all that. I mean, what is your view on that? Yeah, that's true. mereko lagta hai ki content cost suddenly 1-2 saal mana pichhle 6-8 mahine ya 1 saal se aise ho gaya hai ki suddenly double, pehle double toh tha hi already, abhi shayad 3 times ho gaya hai, jo actual uski price honi chahiye. On the contrary, we should be more cautious. ye bhi, ye bhi hai, parallel jo aap draw kar rahe hai ki hume, number three label bana hai. I still feel it's achievable. mujhe lagta hai ki jo bhi hum content lete hai, we really focus on a good content. Agar humare pass agar achha content aa jata hai, mujhe lagta hai abhi bhi hum woh target achieve kar sakte hai. hum apna uss taraf se kaam kar rahe hai. Let's see now, ultimately kya hota hai. I think, ek target bana ke chalna toh padega. Ultimate kya hoga, kya nahi hoga, woh toh future years batayenge. Actually, aaj tak toh sab theek chal raha hai, jo hum predict karte hai, ho raha hai. Hope ki aage bhi hoga. Ultimately, jitna market share hum gain kar rahe hai in the future, I mean, that will also strengthen our hand in negotiating with the likes of DSPs and Spotify aur ye sab. Ultimately woh bhi apne liye beneficial hoga future mein. At least our company will become future-proof as well. Achcha ji, main aapko ek baat batau aapko? Aaj ke zamane mein woh zamana gaya ki negotiation hota tha, MGA milti thi. Everybody, 90% of the companies now saying ki aapka business kya hai, uske according karenge. Abhi aap, aapne shayad thoda sa agar aap deep study karoge, toh abhi jo pehle priority mein 2 level hote the ya 3 level hote the, unko kai apps ne refuse kiya ki we don't want your content. Aap jo paise maang rahe ho, aap bolte ho ki aapke pass ye new releases hai, ye hai, woh hai, but aapke, aapka performance nahi hai utna. Woh, they feel ki we are better than all those players. Ye, the way we are happening on Spotify and all mana mein, toh aap thoda sa study karenge toh aapko pata chal jayega ki ek content acquire karna aur content ka performance is a two different things. Woh bahut issues hai market mein, actually hamare liye issues kam ho rahe hai, auron ke liye issue badh rahe hai. That's, I feel ki that's a very positive for us, we hope. Thank you, sir, and best of luck for your day. Thank you. Thank you. Thank you. The next question is from the line of Surbhi from PwC. Please go ahead. Hi, am I audible? Yes, ma'am, you are. Yeah, sure. Sir, congratulations on great set of numbers. I have two questions. Firstly, on margins, we've seen a significant improvement in margins in this quarter. Can you throw some light on how this margin improvement has happened and what has worked in our favor in this quarter? I understand we should not look at it from a quarter perspective, but still, if you can share some insights on that. Yeah. Sushant, take this one. Sushant, I'll tell. Hi, primarily it's on account of the content cost. If you see this quarter, prime focus on this quarter only is primarily on account of content cost. It is around INR 12 crores. What we say is, do measure us on a year-on-year basis for the full 12 months, and don't look specifically on the quarter and that quarter's margins. Sir, we followed this policy of booking the content cost in the same quarter of the release. Now we said that we've added, like, around 259 songs, which is higher than the run rate of the songs that we've been releasing in the last two, three quarters. Like, do you see content cost softening, or is there any other reason behind this cost going down? Sorry, can you repeat your question? Yes. The number of songs that we've released is higher on a sequential basis. Ideally, in the case when the content cost is going up or your content costs would have gone up or stayed in the same range where it was in the past two, three quarters. We've seen significant savings on the content cost despite high number of songs that we've released. What explains, I'm trying to understand how the content costs has, you know, come down so significantly for you in this quarter. Look, primarily, if you look, there were no big movie or songs released this quarter. These were primarily, let's say, regional songs and Hindi songs both, but there was no big movie. Let's say last year we had PS-1, PS-2, and Shaadi. This quarter, let's say, we didn't have a big movie release. Let's say for next nine months, as we have communicated in this call, the pipeline is good for us. Understood. Could you share some insights of what is the cost which has gone behind the new content and what is the revenue potential? With new content, you can say, content which has got released in the last six months. What we share typically is, let's say, for every content, let's say, the payback period would be around four to five years. It would be difficult to, let's say, break down and give you the six months numbers, but let's say any content we acquire on a basket basis, the payback period would be around, typically four to five years. Has this payback period, like, stretched for you a little bit, because of increase in content costs, versus what it was, say, two years back? It has. Marginally, it has. As you know that we are not aggressively bidding for the content, we need quality content, and that's why we are sticking to our payback period of four to five years. Understood. Thank you so much. That was helpful. Thank you. The next question is from the line of Garvit Goyal from Nvest Analytics. Please go ahead. Hi. Thanks for the opportunity again. Just a clarification on in slide number, page number six, in your slide. You have mentioned the movie sector is INR 2,500 CR kind of in FY 2023, right? What is the expected growth for that number or overall industry for next three-five years? You are saying after three-four years, you will be targeting somewhere 11%-12% share in that. That's why I'm asking. I think industry growth, jo industry ke numbers hai, I think it's in 15% and 20% ke beech mein hai, industry numbers. That means, it will remain for next three to four years as well? Yes, yes. Okay, sir. Thank you. Thank you. Before we take the next question, I'd like to remind participants, if you have a question, please press star then one. The next question is from the line of Mayur Parkeria from Wealth Managers. Please go ahead. Sir, thank you to the opportunity again. Actually, I forgot to ask last time. Sir, 2-3 quarter pehle, ek baar aap se baat ki thi, ek request thi ki sir, if we can, on an annual basis or on any periodicity, sir, if you can, give the understanding that how much of our revenues come through, you know, movie releases, which have been before 2000, then before 2010, then before usko thoda stacking karke one broad color, if you can, give a suggestion so that, you know, one andaaz aayega sir, ke where we are more spend and how we are progressing, sir. Aapne bola tha dekhenge, dekh sakte hai toh. Sir, just one more request again, sir, if possible, sir. Yeah. isliye soch rahe hai, actually soch chalu hai among hamari internal team hai ki hum kya karein. ispe aapko ek do quarter mein batayenge. We'll come back sir with an answer. Right, sir. Thank you so much. Sir, just to have you mentioned that in this year we are going to spend INR 85-90 crores? I missed that, I think, in the f or content, is that the target? INR 65-70 crores, I remember. Aap 30% pakad ke chalna, jo bhi revenue hoga, 30% ke aas pass hamara spend hoga, content cost. Achha. As a percentage of revenue, aapne. Last year we had spent INR 60 crore, toh ye saal ka, content cost broadly, usi line mein rahega ke it will significantly increase? Thoda sa increase hoga, significantly nahi hoga, but thoda sa hoga increase. Okay. Right, sir. Okay, sir. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference back to Mr. Nikunj Jain from Orient Capital for closing comments. Thank you. I would like to thank the management for taking the time out for this conference call today. Also thanks to all the participants. If you have any queries, please feel free to contact us. We are Orient Capital, Investor Relation Advisors to Tips Industries Limited. Thank you so much. Thank you. Thank you. Thank you. On behalf of Tips Industries Limited, that concludes this conference. Thank you all for joining. You may now disconnect your lines.