Tips Music Limited has informed the Exchange about Investor Presentation
April 23, 2025
To, Listing Department BSE Limited P.J Towers, Dalal Street, Fort, Mumbai - 400 001
To, Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 050
Scrip Code: 532375
Symbol: TIPSMUSIC
Subject: Submission of Investor Presentation
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we enclose herewith a copy of Investor Presentation with respect to Audited Financial Results of the Company for the quarter and year ended March 31, 2025.
The same shall be uploaded on our website https://tips.in
We request you to kindly take the above information on record.
Thanking You,
For TIPS MUSIC LIMITED (Formerly known as Tips Industries Limited)
Bijal R. Patel Company Secretary
Encl: a/a
Investor Presentation Q4 & FY25
Safe harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Tips Music Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
Company Overview
KEY FACTS
Catalogue comprises of music in over 25 languages available across multiple platforms globally
Only listed player to expense off 100% of content cost in the quarter of release
Debt free company with ₹ 271 cr of cash & investments
Established A&R capability
101 Employees (FY2025)
75% Revenue through digital platforms
25+ Partners across media business
117.1 mn subscribers on YouTube CAGR of 22% (3 Year)
Founded Year 1988
Website www.tips.in
Industry Media & Entertainment
Target Indian Subcontinent & Diaspora
3
What Makes Us Unique
Optimising Capital Allocation
India Music Investment Opportunity
Optimising Capital Allocation
India Music Investment Opportunity
Sustainably Increasing market share
The Subscription Wave
Sustainably Increasing market share
The Subscription Wave
Global Platforms Our Content Powers
Growing listenership Increasing Content Addition
Our Content Powers Global Platforms
Growing listenership & Increasing Content Addition
Optimising Capital Allocation : Total Payout to shareholders in FY25 Rs 136.09 Cr
Consistently rewarding shareholders through Buybacks & Dividends
(Crs)
Reducing Equity Shares*
17.31
15.96
15.36
-26%
14.32
12.97 12.84 12.78 12.78
12
5
2
275
271
89
77
71
62
56
40
47
33
5
7
4
2
14
19
21
13
2
2
2 0.3
3 0.0
3 0.1
6 0.3
0.3
0.3
13
4
10
2
2
0.5
2
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23
2023-24
2024-25
2009 2010 2013 2016 2020 2023 2024 2025
Total Payout for FY25 - Rs 136.09 Cr (including buyback)
Net Cash/Debt
Content Cost
Interest Cost
Dividend
Buybacks
*Note : No. of shares after share split
5
Sustainably Increasing Market Share
Music Sector*
Revenues
(₹ Crs)
(₹ Crs)
5,834
311
13.7%
4,488
4,039
3,964
3,441
242
+36.1%
187
136
91
CY22
CY23
CY24
CY25E #
CY27E
#
FY21
FY22
FY23
FY24
FY25
*Source: EY-FICCI M&E Report 2025; # EY Estimates. Note: Music industry revenue are presented net-of-tax and live performance.
6
Our Content Powers Global Platforms
Digital Partners
Sync Deals
Broadcast Partners
7
Upcoming Music Releases
Boney Kapoor’s No Entry Mein Entry Directed by Anees Bazmee
Click here
8
India Music Investment Opportunity
Global Total Music Streaming Volume ( Audio & Video)
Global Music Label Revenues
(trillion streams)
(USD bn)
India
15%
2023 Vol Mkt share
85%
World ex. India
+34%
81%
7.1
1.0
6.1
5.3 0.6
4.7
2022
2023
India
World ex. India
India
2%
2023 Val Mkt share
98%
World ex. India
28.6 0.5
28.1
2023
India
World ex. India
India is the fastest growing market by volume and provides significant opportunity for monetization of demand
*Source: IFPI Global Music Report 2024; Luminate Year- End Music Report 2023; EY-FICCI M&E Report 2025 *Note: Exchange rate used is Average USD/INR of CY2023
9
Subscription Revenue is 3x the Revenue of Ad-supported Streaming
Global Music Revenue Sources
2.2%
3.2%
9.5%
2.2%
2.8%
9.7%
48.9%
CY2023
17.8%
51.2%
CY2024
16.4%
18.5%
17.7%
Subscription audio streams
Ad-supported streams
Synchronisation
Performance rights
Physical
Download & Other digital
In 2024, streaming comprised 69% of total revenues and 51% of all streams were subscription based
STREAMING Streaming grew by US$1.4 billion to reach US$20.4 billion, representing 69% of total recorded music revenue. Subscription streaming rose 9.5%, while ad- supported grew 1.2%.
SYNCHRONISATION Synchronisation revenues rose for the fourth successive year, reaching US$650 million in 2024, Revenues from synchronization accounted for 2.2% of the global recorded music market.
PERFORMANCE RIGHTS Performance rights revenues grew by 5.9% in 2024, reaching US$2.9 billion, and accounting for 9.7% of global recorded music revenue
India recorded the highest digital engagement globally, with users spending more than 1.1 trillion hours on digital platforms
*Source: IFPI GMR (2025); EY-FICCI M&E Report 2025
10
Subscriptions are becoming more acceptable in India
Spotify India Subscription Revenue up by 90% and Ad revenue rose by 114% for FY24
According to Spotify India's 2024 advertising deck, the platform now boasts 70 million monthly active users who spend an average of 1.44 hours daily streaming music
59% of Spotify's total reach comes from the top eight metro cities, while the remaining 41% is spread across 7,000 towns
63% of Spotify India’s users fall within the 25 to 44-plus age group, while the 16-24 age group makes up the remaining 37%
Subscription Realization per stream is higher, which will help drive top-line growth and improve margins over time
* Source: Economic Times.
11
Growing listenership & Increasing Content Addition
Evergreen & Rich content of over 32,000 songs across genres, languages & decades giving us high visibility of music revenue
New Songs Added
105 New releases in Q4FY25
896
733
276
443
105
116
125
97
Q4FY25
Q3FY25
Q2FY25
Q1FY25
FY22
FY23
FY24
FY25
Annual YouTube Views (in. Bn)
38.5
FY21
59.6
FY22
+56%
112.7
193.9
228.3
FY23
FY24
FY25
Quarterly YouTube Views (in. Bn)
47.8
62.2
+19%
56.6
52.8
56.7
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
The slower growth in total views is primarily on account of YT shorts, which is not a significant contributor to revenue/profit yet.
12
Financial Performance
Summary of Last 10 Quarters
(Crs)
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
60.9
64.8
63.3
51.0
52.0
52.6
39.5
34.7
26.8
25.8
23.9
20.2
18.7
18.4
19.0
80.6
77.7
78.5
73.9
48.2
43.6
44.2
30.6
29.9
14.7
13.8
14.6
12.2
4.7
12.7
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Revenue
PAT
Content Cost
Cumulative (10 quarters)
Revenue 655.3
Content Cost 164.2
Profit after Tax 332.0
14
Summary of Last 5 Years
135.6
64.6
32.7
186.8
76.5
62.4
241.6
127.2
55.6
(Crs)
310.7
+31.0%
166.6
71.0
FY22
FY23
FY24
FY25
Content Cost
Revenue
PAT
15
90.5
43.5
13.2
FY21
Business Performance
(₹ Crs)
Revenue
Op. EBITDA
Op. EBITDA Margins (%)
+24%
78.5
63.3
+24%
37.3
30.2
-22 bps
47.7
47.5
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Revenue
Op. EBITDA
Op. EBITDA Margins (%)
+29%
310.7
+30%
206.7
+94 bps
65.6
66.5
241.6
158.5
FY24
FY25
FY24
FY25
FY24
FY25
16
Industry Leading Financial Performance
(₹ Crs)
Revenue
EBIT & EBIT Margin
63.9%
55.1%
66.8%
67.8%
+32%
242
187
136
+36%
171
89
106
311
224
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
ROE
63%
64%
81%
86%
EPS
+38%
9.9
13.0
5.0
5.9
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
17
Profit & Loss Statement
Particulars (Rs. in Crs)
Q4FY25
Q4FY24
Y-o-Y
Q3FY25
Q-o-Q
Revenue From Operations
Content Cost
Employee Benefits Expenses
Other Expenses
Op. EBITDA
Op. EBITDA %
Other Income
Depreciation and Amortisation Expense
Op. EBIT
Finance Costs
PBT
Tax
PAT
PAT %
EPS*
24%
25%
78.5
29.9
4.6
6.7
63.3
23.9
4.3
4.9
77.7
14.6
3.0
4.5
1.1%
105.7%
Y-o-Y
29%
28%
FY25
310.7
71.0
13.2
19.8
FY24
241.6
55.6
10.9
16.6
37.3
30.2
24%
55.6
-33.2%
206.7
158.5
30%
47.5%
47.7%
71.6%
66.5%
65.6%
4.7
0.6
41.4
0.1
41.3
10.7
30.6
5.3
0.5
35.0
0.1
34.9
9.2
25.8
39.0%
40.7%
2.4
2.0
18%
18%
19%
4.2
0.5
59.2
0.1
59.1
14.9
44.2
56.9%
3.5
19.0
2.2
14.4
2.0
-30.1%
223.5
170.9
31%
0.3
-30.1%
223.2
56.6
-30.8%
166.6
0.3
170.5
43.4
127.2
31%
31%
53.6%
52.6%
13.0
9.9
Note Other comprehensive income/(loss) during the quarter was Rs. 2.33 lakhs (Q4FY24 – Rs.8.77 lakhs; Q3FY25 – Rs. 2.06 lakhs)..
18
Balance Sheet
Equity & Liabilities (₹ in Cr)
Mar’25
Mar’24
Assets (₹ in Cr)
Mar’25
Mar’24
Equity Share Capital
Other Equity
Total Equity
Financial Liabilities
(i) Lease Liabilities
Deferred Tax Liability
Provisions
Other Non-Current Liabilities
Total Non-Current Liabilities
Financial Liabilities
(i) Lease Liabilities
(ii) Trade Payables
Non- Current Liabilities
Current Liabilities
(a) total outstanding dues of micro enterprises and small enterprises (b) total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other Financial Liabilities
Employee Benefit Obligations Other Current Liabilities Current tax liability (Net) Total Current Liabilities
Total Equity & Liabilities
12.8
196.8
209.5
2.0
0.0
0.6
17.9
20.5
12.8
166.7
179.5
3.6
0
0.7
71.7
76.0
1.4
1.4
0.3
19.1
3.9
0.0
84.3
0.3
109.3
339.4
0.0
14.7
2.9
0.0
64.2
0.3
83.4
338.9
Non-Current Assets
Property, plant and equipment
Other intangibles Investment Property Capital Work in Progress Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets
Income Tax Assets (Net) Deferred Tax Assets Other Non‐Current Assets Total Non-Current Assets
Current Assets
Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (ii) above (v) Loans (vi) Other Financial Assets
Other Current Assets Current Tax Assets (Net) Total Current Assets Total Assets
6.2
0.2
0.1
0.7
0.0
0.0
21.1
4.2
0.5
5.7
38.8
95.5
27.5
40.8
0.4
0.1
116.9
19.5
0.0
300.6
339.4
7.8
0.0
0.1
0.0
0.0
0.1
47.8
0.0
0.6
6.8
63.2
91.3
26.3
48.5
82.7
2.7
5.8
16.8
1.6
275.6
338.9
19
Cash Flow Statement
Cash Flow Statement (Rs. Crs.)
Cash Flow from Operating Activities
Profit before Tax
Adjustment for Non-Operating Items
Operating Profit before Working Capital Changes
Changes in Working Capital
Cash Generated from Operations
Less: Direct Taxes paid
Net Cash from Operating Activities
Cash Flow from Investing Activities
Cash Flow from Financing Activities
Net increase/ (decrease) in Cash & Cash equivalent
Add : Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Mar’25
Mar’24
223.2
-13.2
210.0
-30.6
179.4
-59.2
120.2
10.6
-138.5
-7.7
48.5
40.8
170.5
-6.3
164.2
112.6
276.9
-43.9
233.0
-111.0
-84.8
37.1
11.4
48.5
20
Music – A Digital Journey
Digital Advertising – Key Driver of Indian Music Industry
Indian Digital Ad Industry
(₹ Crs)
+26%
49,251
40,685
29,784
21,353
15,782
13,683
India's digital advertising industry reached Rs 49,251 crore in 2024, up from Rs 40,685 crore in 2023, and is projected to grow at a CAGR of 19%. By then, digital media is expected to account for 61% of total ad spend in India.
is rapidly evolving, driven by digital The Digital advertising transformation, shifting consumer behavior, and personalization are reshaping brand-audience connections.
industry
69,856
59,200
The highest proportion of spends on digital media is claimed by social media (29%, Rs 14,480 crore), closely followed by online Video (28%, Rs 13,756 crore). Paid search contributes 23% (Rs 11,402 crore), while display banners claim 16% (Rs 7,964 crore).
Online video is the fastest-growing digital media channel, projected to grow at a CAGR of 23% through 2026, while social media is expected to grow at a CAGR of 20% over the same period.
On average, Indians spend 3-4 hours on Social Media daily, which is at par with the global average.
73% of the audience belonging to the age group of 45 years to 54 years use YouTube to watch online content.
CY2019
CY2020
CY2021
CY2022
CY2023
CY2024 CY2025E CY2026E
*Source: Dentsu Digital Advertising Report 2025
22
Digital Advertising will Dominate Media Spending in India for the Next Few Years
Advertising spends on different media
Advertising spends across various media (%) - Forecast
Radio
Cinema
OOH
4.0%
2.0% 0.3%
17.0%
Television
28.0%
49.0%
Digital
65
60
55
50
45
40
35
30
25
20
15
10
5
42
26 26
3 3 1
0 2020
61
Digital
20
13
4 1 0
Television
OOH
Radio
Cinema
55
24
15
4 1 0
49
28
17
4 2 0
43
31
20
4 2 0
2023
2024
2025E
2026E
42
29
23
39
35
22
2 2 0
2021
2 2 0
2022
The current pie of digital ad spends constitutes 49% of the advertising spends in 2024, and moving forward in 2025 and 2026, the percentage is expected to increase to 55% and 61% respectively.
*Source: Dentsu Digital Advertising Report 2025
23
Few Industry Reports
Digital Advertising in India dentsu
IFPIGlobal Music Report
EY Media Entertainment Report 2025 FICCI
EMREricsson Mobility Report
dentsu Digital Advertising in India
IFPI Global Music Report
FICCI
EY Media & Entertainment
Report 2025
EMR Ericsson Mobility Report
24
Thank You
Company Details:
Tips Music Limited
CIN: L92120MH1996PLC099359
investorrelations@tips.in
Email id: investorrelations@tips.in
Investor Relations Advisors:
MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services
Mr. Nikunj Jain | Ms. Mamta Nehra +91 9769060608 | +91 9987903500 Nikunj.jain@in.mpms.mufg.com | mamta.nehra@in.mpms.mufg.com
mamta.nehra@in.mpms.mufg.com
Nikunj.jain@in.mpms.mufg.com