I welcome you to the Q4 and FY 2024 earnings conference call of Tips Industries Limited. To discuss this quarter's business performance, we have from the management, Mr. Kumar Taurani, Chairman and Managing Director, Mr. Girish Taurani, Executive Director, Mr. Hari Nair, Chief Executive Officer, and Mr. Sushant Dalmia, Chief Financial Officer. Before we proceed with this 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 company's website. Without further ado, I would like to hand over the call to management for their opening comments, and then we can open the floor for Q&A. Thank you, and over to you, sir. Hi, good evening, everyone, and welcome to the Q4 FY 2024 earnings call of Tips Industries. During FY 2024, we distributed a total interim dividend of INR 6 per share to 50 paisa per share in FY 2023. The board of directors have announced a buyback of shares. The promoter family has decided to abstain from participating in the buyback. Therefore, the amount, the entire amount of INR 37.19 crore, excluding taxes, will be distributed amongst minority shareholders. That we are able to reward our shareholders in this manner is a matter of pride for me. I think and appreciate our team's work, which reflects in our financial performance. We have been producing and acquiring non-film as well as film music rights. Our in-house productions will come from Tips Films, and we will selectively acquire quality music rights from the other producers as well. We were not getting good quality music last year, and even if we got it, the prices were extremely high. We will pick quality music at the right price, hence our investment in the content fell short by approximately INR 15-16 crores. Tips will always focus on buying, producing, and delivering quality music. For FY 2025, we expect investment in content to be higher than last year, but it also depends upon availability of quality music, price that is, being demanded, release calendar of films, and other factors. Now I'll ask our CEO, Mr. Hari Nair, to share his thoughts. Over to you, Hari. Thank you sir g ood evening everyone. So as you see the global IFPI report, the average growth rate of the music industry is about 10%. Similarly, there was a report from EY Media and Entertainment. I think that also projected the same numbers. We have done better than the global and local average. We look forward to taking this growth rate in FY 2025 also. Last quarter, we entered into a new global exclusive contract with Warner Music Group, and that strategy improved the scope of our digital distribution across India and globally. We have also set up new brands and partnership division to further fuel growth of our business. Audio electronics brand Bose use our song, Hey Ram, Hai Rama, to promote their new headsets, which also features Ranveer Singh. Our catalog continues to be in demand, and our recent film, Music of Crew, was trending on YouTube, Spotify, Saavn, and continues to be in charts. Radio broadcasters are also playing the song on repeat. I'll hand over the call to Mr. Girish to provide insights on our content business. Thank you. Thank you Hari. We've added 179 new songs in Q4 of FY 2024, bringing the total songs released in FY 2024 to approximately 733, as compared to 896 last year. This time, the focus has been much more on quality songs. We released the music of the film, Crew, and all three songs, Choli Ke Peeche, Naina, Ghagra, are among the top ten trending across all major platforms. Sona Kitna Sona Hai is also picking up on the streaming services. The non-film songs that we released last quarter are Sabki Baaratein Aayi 2, Jab Tum Samne The, and devotional song, Tere Bharose Guruji. All are doing decent numbers as per our expectations. Our catalog song, Dil Laga Liya, from the film Dil Hai Tumhaara, crossed 1 billion views on YouTube. This marks a very significant milestone for us. On the regional music front, Telugu music from the film HanuMan continues to trend and stream across all audio platforms. Similarly, we had a good run with Bhojpuri and Rajasthani releases. This showcases diversity of success we had with our music production and acquisition. Last quarter, we signed an independent artist, DJ Khushi, exclusively producing our remixes. He's a young and talented individual from the South. We have aggressive plans for film music content acquisition in FY 2025. We will also invest in independent music, sign up talent as well. Now I'll pass on the call to Sushant to discuss the financial performance of the company t hank you. Thanks, Girish. Welcome to the Q4 FY 2024 earnings call. I'm delighted to share the financial highlights of this quarter, reflecting the strong performance of the company. Our revenue for this quarter amounted to INR 63.26 crores, compared to INR 52.01 crores in Q4 FY 2023, resulting in year-on-year growth of 22%. ...The other income of 5.33 crores includes one-time income of INR 1.7 crores from SEIS Scheme. Secondly, the employee expense of INR 4.7 crores this quarter includes one-time ex gratia payment to employees of around INR 1.2 crores during the quarter. Operating EBITDA for the quarter reached INR 30.2 crores, showing an annual growth of 14%. Our PAT for the quarter was INR 25.85 crores, a notable increase of 41% from INR 18.36 crores in Q4 FY 2023. Content costs for the quarter were INR 23.95 crores, up from INR 18.95 crores in Q4 FY 2023. Now moving on to the FY 2024 highlights. Revenue for FY 2024 reached INR 241.6 crores, up from INR 186.8 crores in FY 2023, demonstrating a growth of 29%. PAT for FY 2024 stood at INR 127.2 crores compared to INR 76.52 crores previously, marking a growth of 66%. During FY 2024, the company has declared a cumulative interim dividend of INR 6 per share, which brings the payout ratio for FY 2022... FY 2024 to be around 60.6%. With this, I conclude my opening remarks and open the floor for Q&A discussion. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star and one on the touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handsets while asking the question. Ladies and gentlemen, wait for the moment while the question queue assembles. First question is from the line of Garvit Goyal from Nvest Analytics Advisors. Please go ahead. Hello a m I audible? Sorry sir you are not audible. Hello, hello a m I audible? Can you speak little louder sir? Hello? Hello. Oh speak loudly please. Hello. Can you speak little louder sir? Hello. Yeah let's proceed and see how, how it comes. Hello, hello. Yeah speak a little louder sir. I, I'm audible, right? No sir y ou just disconnect and connect again please sir. Okay. Okay. The next question is from the line of Ravi Naredi from Naredi Investment. Please go ahead. Taurani sir good afternoon. Good afternoon. Sir, how many films you released in quarter one and what are content cost of song in quarter four of these films which we have released? Quarter four, we, I think, we have done around INR 20-23 crore. Sushant, please tell me what is the exact number? INR 23.95-24. INR 20? INR 23.95, yes. Yeah. How much, three? Sir, I could not listen. Around INR 24 crore. Approximately INR 24 crore. INR 24 crore. Sir, any more movies planned in quarter one of financial year 2025? Yes, yes, we have some plans. Ishq Vishk, Ishq is coming in quarter one. So that will release. Sir, very interesting point to this, our company paid streaming revenue in our top line, and what plan you give for next two years for paid streaming? How much we will receive and how it is going on, how the industries will gear up for paid streaming. Can you tell few words? Because you are leader in this industry, so you can guide in completely. I think industry, music industry worldwide doing well, and same will be in India also. Industry is doing well. Everybody has a growth, but I think we will be little different than others as our repertoire, whatever we have done so far, is really doing well. Our repertoire, whatever we acquired, started acquiring from 1988 till 2023, you can say, doing pretty well. So I... As committed earlier, this year also, I will keep 30% on top line and 30% on top, as you see, this year, bottom line is, compared to last year is 66%. So but still we feel on 66, we will do another 30% this year as well. So I'm targeting myself for that and I really, we will all do hard work, and I will, we will achieve that. Understand sir. But, paid streaming, can you tell few more words about that? Yeah, paid streaming is increasing, day by day it's showing a progress and all the focus of all the, these platform companies like Spotify or, Wynk or Gaana, all, all those, their focus is on the paid, to increase paid pie. So I think that's a good thing for the industry. But as mentioned earlier, it will still take 2-3 years more to have a very good numbers to see. ... Right, right. Sir, in quarter four, net profit margin is 41% versus 53% in quarter three. So what estimate we may take for financial year 2025? 25, see now, you can calculate whatever our entire year's bottom line, you calculate 30% on that. Our target is to achieve that, so we will try and achieve that. Net profit margin? Yeah, yeah. We are talking about that, I think. Okay. Thank you. Thank you. All the best, sir. Thank you. Thank you. Thank you. The next question is from the line of Pallavi Deshpande from Sameeksha Capital p lease go ahead. Yes. I just wanted to understand, was the cost, this acquisition cost lower also, like you said, you know... Was there any change in the in-house versus outsider movies or, and, you know, anything in that, that helped us to have lower costs? Because the number of songs released is nearly the same, yet the cost is lower, so. No, Pallavi, we are focusing to acquire a good quality content, and our budget is same. Maybe our target is key. Maybe we will reduce further, and maybe this year we will do only between 100 and 150, so approximately 150 songs. So we are not going to reduce amount, but we are improving our quality and going for bigger numbers, bigger artists and bigger those things. So I feel keeping that budget in mind, we will produce better songs. So I think, from this year onwards, our focus is on quality rather than quantity. Right s o even last year was something like that, but yet we did 740 songs. So just understanding, from 740, we'll go to 150. Is that the right number? Yeah, I feel it's the right number. I'm not focusing on really hardcore number. Maybe it will be more 140 or 170. That depends upon how, whatever we are acquiring. We are acquiring some films, and some film has four songs, some film has eight songs. So we can't say the exact number, but approximately I told you that. Okay a nd in terms of the number of movies per songs acquisition, that would also be 3-4 Hindi and total 10-15 songs? I think our- 10-15 movie target. Target is to at least acquire Hindi, Tamil, all, all, all languages put together around 8-10 films, yes, and average 5 songs per movie. So 50 songs we should get from film, film side. That's the idea. Right, sir. There was this news about this Varun Dhawan and David Dhawan release on October 2. Have we already paid for that? Have we got purchased the music right for that one? That is our other company, Tips Films, has signed them. We have not done any deal about that with the company. That will happen in due course. Sir, will that film be on profit sharing? Because then I wanted to understand how does the music rights acquisition work if it's on a profit sharing. What we have done is, we have appointed a valuer, a government-approved valuer, and he has given us a formula. On this basis, you can acquire, you can do transaction with Tips Films. And our both auditors and plus board has also approved that entire policy what we have made, and accordingly, we buy music from them. Right s ir lastly on this Warner Music Group deal for the global, you know, music, I just wanted to understand that a little better. Now, right now, how is it being then, you know, accounted for? Because now you have Warner Music Group for global, but until now, how was it being done? See, Warner, we had a smaller deal in 3.5 years back, and now we have done a next deal with them. And so we have given them all existing audio streaming services platforms and one or two other things. And we have done a deal with them on a MG basis, minimum guarantee we will get, and we will get every year's monies upfront, and then they will keep sending us, every quarter, they will send us reports. Every month, they will give us a report and finalization of all three months' report will be combined, and we will show those figures in the books. And whatever monies we got, that will be as a non-refundable advance will be with us. So that is the arrangement we have done with them. And so till now, they were only doing domestic, and now you are doing with them international as well. Is that right? They were earlier also doing domestic and international, and now we have given them few more platforms where they can do international and India, both. Okay, got it. Thank you, sir. Come back later. Thank you. Thank you. The next question is from the line of Aashish Upganlawar from InvesQ. Please go ahead. Yeah, hi, thank you. Sir, regarding this deal with Warner, taking it further, so I believe the payouts are a bit amplified versus what it was earlier. So does that in any way change the trajectory of top line and earnings for you? Or that 30% CAGR, which you have been guiding, that was keeping in mind the amplified payouts that will happen with this deal? The 30% including this deal, yes, because it's the same thing. If we do directly or do through Warner, it's the same thing. So it's including whatever we are guiding 30% year-on-year, is the same thing, including Warner as well. Okay. Okay. And on the content side, I think this quarter, I understand that you have been saying that one should look at it annually, but was there one-off increase in the content cost this quarter? Because it's, I think, almost 45% of the annual spend that is written off in this quarter. So is there anything which is one-off or higher side? I think it can happen in future also. Please understand, content is in, not in my hand. When producer decides- Understand. Yeah. I want this crew on twenty-ninth March, so I have to release that in February. If they say, "Okay, I'm going to release in June," so it could have gone in the next quarter. It could have been further inflated the profit. But I think, it's, it's applicable for entire industry, not only with Tips. Right, right. Whenever producer types his film, sometimes it's come early, preponed by one or two weeks, and sometimes it goes to maybe they can delay by one quarter or two quarters also. These are the regular happenings in the industry, so we follow that. Okay. And so, in the past few years, you have been exceeding the delivery on revenues and profits versus what you have been guiding, though you have been guiding that 25-30% kind of growth. Yeah. So, I mean, are there possibilities there that something might expedite versus what we think right now? I mean, maybe the pay model clicks earlier than what we are thinking right now. Is there anything on the ground to suggest that the delivery on growth for you would be higher than what you're anticipating right now? Ashish, it can happen, really. I'm very positive about our business for, really it can happen, and we are really pushing from all the sides. Recently, we have, Mr. Hari has joined us, last 6 months, and he's, he has also brought in many good people, and, we are also concentrating on other business, rather than regular businesses. We are talking to brands, we are talking to sync. There is a lot many other options as well. So we are doing that, and, this is 30-30%, I think it's, it's, it's safer. But whatever happens, you see, this year we have a bottom line of 66%. Right. Now, our next year will be. I'm trying and I am very confident it can happen. On 66, we want 30. So our target is like that. So I think it's already showing our reports. If you see from INR 90 crore in 2021 to INR 41 crore this year, in three years' time. So I think, whatever comes, it comes, yeah, and we are pushing it. When we are targeting ourself for 30%, but if it happens more, we are absolutely ready and aiming for that. Yeah o kay l astly sir on you said that the industry is trying to get into the pay model, but if we understand correctly, the bigger platforms still are not pushing it as much. I mean, I understand Spotify and others are doing that, but the bigger platforms are still not doing that. So, is there anything to suggest on the ground that they would also fall in line with the effort that others are putting in? See, there is recently an event happened of Spotify. Spotify is number one today. Yeah. I think in streaming service, Spotify must be 45-50% of entire five. Right. So they have, they said they have celebrated 5 years in India. They'd, and they have announced publicly, our next focus for next five years will be, we want to convert at least 60%-70%, this market as a paid market, and they have done that successfully in, overseas. So I feel like, if platform is saying in their focus and, they also know they also need growth, and they also know that they also have to provide us growth, so they will focus on that. And if you see, recently, if you go on YouTube or if you go on Spotify, they trouble you a lot, and they push you to, be a paid subscriber. Paid subscriber. I think, I think that's happening well. It's converting. It will take a little time, but I think, we will see good numbers in future. Okay. Thank you so much. Thank you. The next question is from the line of Ankush Agrawal from Surge Capital. Please go ahead. Hi, sir. Thank you for taking my question. Taurani ji, couple of questions on this Warner deal. So I think, in one of the recent interview, you have said that, the new deal, MG is 10x more than the earlier deal. So I wanted to understand, we were looking just MG. Actually, we thought MG recover, but maybe they won't, maybe profit loss, but touch wood, they have recovered their money. They have done entire profit, and we are getting overflow. Yes, we are getting overflow on that deal as well. Okay. And for the new deals, like last, I think, was three, 3.5 years. This new deal is about? New deal is approximately around four years. Four years o kay, a nd, MG is constant, or increase, year after year, AP? MG constant, MG constant, so and, if we surpass that MG, immediately, overflow kick in, overflow. Thank you, right? Yes, yes. Okay. Another question, Tuarani ji, like now, since all the platform deals, like excluding YouTube, I'm assuming YouTube is not into this, right? [Foreign language]... youtube के हमने उनको जो दो-तीन जो, जो South के हमारे channels हैं, which we really still grow करने हैं and एक-दो channel और हैं, जैसे Punjabi है, वो हमने उनको दिए हैं, five channels. We wanted to see कि YouTube में international player अगर business करता है तो what is, क्या आता है revenue और हम करते हैं तो क्या आता है revenue? So we have given them 5 small channels. Okay, so thoda bahut regional content we have given to Warner on YouTube, yes. Yes, yes, yes, yes. So sir, in this, the fundamental question would be that, client concentration type ka scene would happen, because Warner would be dealing on our behalf with everyone, right from Spotify to all the same platforms. [Foreign language]या। [Foreign language] तो वो आपको रिस्क नहीं लगता कहीं ना कहीं? [Foreign language] because ultimately jo bhi hamari jo music business hai na, agar aap deeply dekho ki content ki game hai, main is a content game. Distribution is a secondary thing. To content jiske paas hai, he is the king. To distribution theek hai, unki bhi zarurat hai humein, aisa nahi ki unki zarurat nahi hai. But jaise main aapko bataun ki aaj bhi humein jab hamara yeh deal khatam ho raha tha, to Spotify and all those players jinke saath hum direct deal nahi the, they also approached us directly. Not, we are not going to them, they approached directly, why don't you come directly with us? But we feel very comfortable and we are getting upfront MG for four years. So we feel ki going this time with Warner is very good and we will see that in future. What if we want to change that. Second question sir, like till now some of the platforms like Gaana, Jio, Saavn, we were not there, because we were trying to negotiate hard to get the right price for ourselves, right? But now, since Warner would be doing that and they would be looking at it a more larger deal, like [Foreign language] ek consolidated deal ke hisab se dekhenge. So maybe wo log utna hard negotiate nahi karenge deal by deal. So wahan pe aapko lagta hai na thoda revenue loss ho sakta hai? [Foreign language] nahi, revenue loss nahi hoga. Mere khayal se Warner being international big player, to unke thode negotiation power humse better hi hai, humse kam nahi hai. To aap rest assured raho ki humein koi bhi, ye sab jo cheezein hain, ye humne bahut hi dhyan se soch samajh ke humne ye decision liya. Okay, and in Q4, this deal [Foreign language] koi benefit nahi aaya hoga, right? [Foreign language] main aaj bhi aapko assure kar sakta hoon ki jo bhi hamara business jo 40-50% jo hamara YouTube hai, uska ek shayad ye jo humne inko YouTube diya hai, 1%, 2% shayad diya hoga. Baaki poora majority is with us other all revenue that jo 25% ka pie hai, wo hamare paas hai. To we are really still, I feel ki we are holding 65% of our business ourselves. [Foreign language] okay. and Q4 mein iska koi benefit nahi aaya hua, I think last year March tak ka tha, right? Q1 mein benefit dikhega. [Foreign language] ji, ji, ji. Right. Lastly, sir, just an accounting clarification. So our non-current liability has jumped about INR 97 crore. So this I am assuming MG hoga, [Foreign language] jo unko mila hoga. Yes, [Foreign language] mere khayal se aur bhi zyada hoga. 70 se zyada hona chahiye shayad. Non-current [Foreign language] se 70 dikha raha hai, but mota moti samajh liya. Theek hai na sir, thank you very much! Thank you. The next question is from the line of Shreya Jain from PMS Wealth. Please go ahead. Hey sir, this is Richa, thanks for giving this opportunity. Sir, am I audible? [Foreign Language] यस। Okay, hi sir! So my first question is in terms of the content cost for next year. So what I understand is, what you said is, we will be releasing 150 songs, right? And the content cost would be similar to this year's level, like INR 70 crore-INR 75 crore kind of what we planning to invest in content next year, sir. Yes, we have a budget of INR 70-75 crores,[Foreign language] humne socha hai, mind mein hamare yeh hai. Yes. [Foreign Language] हांजी। [Foreign Language] या। Okay. And sir, in terms of our employee cost, you know, even if exclude the one off a... that we have, there is a slight jump in the employee cost. So can we assume that as the new range for the employee cost going forward, sir? A little bit will be here and there, very nominal. It won't affect much, but it will go up. Because we need a few expensive people and with this new business, we are getting more aggressive in that. So we need few people, so we are hiring those. And already I think hiring is already almost complete. Maybe one or two person will come, come in more. Right, right, right, okay. And sir, another question is that we have a short-term investment of INR 91 crore. [Foreign Language] या। So if you could just help us understand, you know, what kind of instruments we are holding in the short term investment? [Foreign language] सुशांत बताइए। Can you repeat your question, sorry. I just wanted to understand the details of our short term, like current investment of INR 91 crore that we have on the balance sheet. Yes, so primarily it is into mutual funds, debt mutual funds and towards the short term, let's say liquid and short term funds. Okay, okay, okay. And could you also share the details of the investment property that we have? That exactly is this property and evaluation or some numbers, some-something around that. [Foreign language] व्हिच प्रॉपर्टी? We have an investment property of INR 1.1 crore. Is it- Investment property, old one, valued around that INR 11 lakh. That is primary. Let's see the industrial gala, old gala which we have. [Foreign Language] ओके। And the current market value would be around that, around that 40 year of that. Okay, okay. So Mr. Nair, just two more questions to you. So paid streaming you said, you know, it is going to become very big going forward in next five years. What I understand, currently for us, the paid streaming revenue has not started coming in, right? No, paid streaming is coming, but not, not coming, normally, but it is coming. ... Okay. So I assume it will be less than 5% of our overall revenue, or is it like you could give some percentage in terms of percentage? Pretty much, yeah. Okay, okay. And, sir, the Warner deal, what I understand is, the MG we are getting, they are giving it in the form of upfront advance, is that correct? Yes. Jobi, MG divided into first part was little bigger and then other three parts. Every year, we will get that. Okay, okay. Plus the overflow. Plus overflow. Yeah, yeah. Okay. Okay, okay. Thank you, sir, and congratulations on a good set of numbers. Thank you. The next question is from the line of Abhishek Nagaraj from Alts Wealth Private Limited. Please go ahead. Hi, thank you for the opportunity. This is regarding the deal with Warner. There is a minimum guarantee, but is there any protective clauses around increasing the minimum guarantee once the entire industry also goes behind the payment? This is one of my first questions, and then I'll follow up with the rest. No. I think whatever we have done is a fixed deal, and we have properly projected our four-year revenue. We have kept all those things in mind, and we have selected a number, we negotiated, and we closed one number. If we enter more than that, if number goes more than that, so immediately overflow will start. Okay, understood. The second question was on, say, for example, if we estimate that we'd be earning INR 100 on a particular piece of music that we own, how much of that comes in the first year, second year, and the third year? If you can give some guidance on that. Please repeat that. So basically, on the lifetime value of the music that we own, say, let's say we are earning INR 100 crore on a particular song that we own- Yeah. How much of that actually translates into revenue in the first year and the second year and the third year? Like, I'm assuming there will be a rundown, right? Like, after a couple of years, the revenue from that particular piece of music comes down over time. Yeah. I just want to know what is the, you know, what's the guidance on that? See, what I feel, earlier, we used to decide if this new song is after six months, it's a catalog song, because we used to recover investment in 3-4 months' time. And, now what I see, whatever we invest, we will recover our money in four, five years' time, but still, we, we write off our entire content cost acquisition same quarter. You know that, I mean. Yes. Yeah. Yeah. We don't carry forward anything. We just write off everything the quarter we release our content. So we don't have any liability. So that way we say safer kind of a business. But I've, I assume that in case if I'm recovering my money in today's time, the competition is too much in four to five years. Actually, mentally, I want to come back my money in two to three years, but for investors' sake, I feel four to five years is safer, is a good investment, and we do deals that way. Okay, got it. Also, you were mentioning about the new businesses that you're looking to set up. If you can give some color on that. What are the new businesses like? How are we looking at the revenues and the costs that will get impacted once things are stable? Actually, it's not a new business. It's a... We do business that brands and they synchronize- Yeah. to any movie or any brand to take our song. So we are. Earlier we used to fulfill whatever query we get, but now we have appointed a team. They will go to each company, and they will talk to them, and maybe they can bring some business. So, that's what we are trying to do more. Last question is, you know, from a perspective that, you know, the company has been paying out, significant dividends and, buyback. One, from a perspective of tax efficiency, you know, dividends and buybacks are not typically considered very tax efficient. Is there any thought process of the management to probably recapitalize or probably, distribute bonds to shareholders, which would then become tax-deductible expense in the hands of the company, which again goes on to increase shareholder returns? Or is this, the policy that we would want to continue with dividends and, buybacks itself? Maybe we can consider this. Sushant, can you say something about this? Yeah, we will, let's say, look into it, but let's say currently we will continue with dividends and buyback. But, since you brought to our notice, on this, we will check with the consultants and circle back. Sure. I've done some analysis on this, and I'm happy to share it across offline. Yes. If it's of interest, that is something that we could look at for the benefit of everyone. Sure, we'll definitely do that. Thank you. Thank you. The next question is from the line of Mythili Balakrishnan from Alchemy Capital Management. Please go ahead. Hello, am I audible? Yeah. Hi. Sir, I had a couple of questions. One is, what would be the mix between your digital, streaming kind of revenues versus your non-streaming? That's same, 75-25%. So 70... Got it. So both the businesses are sort of growing at a similar pace? Yeah, yeah. Got it. And, share of YouTube, if you could sort of indicate in the overall streaming part of the pie? Sushant, how much is YouTube? I think 50% over. Yeah, between that 45-50. 45-50. Overall revenues? Yeah, yeah. Got it. I just wanted to get a sense of this content cost, because, you know, earlier we were indicating that 30% of our top line we would do, but in the year coming ahead, it looks like we are aiming a lower number, right? Around 25% odd. Actually, still we are, if we get a good content, so then we will do 30% also. We will go for 30. 25 and 30 is our target. We will invest that much money. In content. Okay. And just to get a sense of the schedule, right, we talked about Ishq Vishk, which is there in, Q1, but there was also other movies, right? The Buckingham Murders and stuff. Has that gotten delayed? Which one? Which one? There was some, Ekta Kapoor- That is coming in second quarter. Yeah, yeah, yeah. Okay, so that has got a little delayed and pushed out. Yes. In terms of any other key names that we need to keep in mind in terms of the timing, et cetera? We are discussing with few producers, so it will come. We'll tell you in next quarter. We'll keep on telling you. Got it. In Warner deal, I just wanted to get one clarification. This number that we have sort of recorded in current liabilities, this is just for the first year, right? Sushant. For all the four years. No, no, it's the first year, but Sushant, please. Mythili, first, let me... You have to look at the both number, non-current and current. Okay. Let's say there's INR 71 crore in the non-current, that is also pertaining to an advance, and let's say there is INR 64 crore lying in the current bucket, other current liability. So you have to look in, from an advance perspective, you have to look both the numbers. Okay. So, INR 71 in the non-current and INR 64 in the other current. Yes, yes. So this is the total which is there for this particular year, right? FY 2025. Or does this also pertain to the years ahead? It would pertain, non-current would pertain to the years ahead also. Yes. Got it. And how will you recognize it, sir? How does the recognition happen? Every quarter as the- Quarter-over-quarter, they will give us reports. Accordingly, we'll do that. Got it. And the overflow, it is, 85, 25, 15 in our favor, right? 85 for us and 15 for them. Absolutely. Yes, yes, yes. Okay. Thanks, sir. That's all from my side. Thank you. The next question is from the line of Garvit Goyal from Nvest Analytics Advisors. Please go ahead. Sorry, sir, you are not audible properly. The next question is from the line of Lokesh Sabharwal, an individual investor. Please go ahead. Hello, sir. Congratulations for the wonderful result. I have a query. You said that you will be coming up with 150 new songs. So in those particular songs, how many of regional songs are you targeting apart from Hindi, particularly like Telugu? Telugu, particularly Telugu. Telugu, we are trying, but see, South market suddenly has become really very aggressive. So we don't know how many songs. Okay. I think at least we will acquire 3-4 films. Around, say, 25-30 songs will come. Okay, okay. And one more query, in terms of inorganic growth, do you have any prime, kind of plan in terms of acquisition of any Hindi or regional small music label which can increase your inventory? We are always open to that. Whenever opportunity comes, we'll definitely look at that. Okay, okay. Okay. Thank you, sir. Thanks so much. Thank you. The next question is from the line of Ankush Agarwal from Surge Capital p lease go ahead. Yeah. Hi, sir, thank you for the follow-up. So just a clarification, I think, you mentioned somewhere that the first year MG is higher than the rest three years MG, right, on an annual basis. Three years MG, what, what was that? The first year MG is little higher compared to next three years. No, no, no, no, no, it's not like that. Total MG is a one package. On the contrary, MG is little lesser of first year, second year, MG for four years. But, advance, we have taken more advance from first year. Advance is coming up. Yeah, advance first year. Okay, okay, got it. Thank you. Thank you. The next question is from the line of Vinay Agarwal from Sri Venkatesh. Please go ahead. Congratulations, sir, for good set of numbers. Just wanted to inquire that our group company name Tips Music is now going to expand its portfolio substantially over a period. So can you give an idea that going forward, what portion of the total content cost will be earmarked for acquiring content from our group companies as system? I think, maximum it can be 30%-35% from our own company, we acquire content. And that is a target we have kept, for this year. And, so let's see. Okay, thank you, sir. Thank you. Thank you. As I got the last question for today's conference, I would now like to hand the conference over to Mr. Nikunj Jain from Orient Capital. Please go ahead. Yeah. 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 Orient Capital, Investor Relations Advisors to Tips Industries Limited t hank you so much. Thank you. Thank you. Thank you. Thank you. On behalf of Tips Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.