Ladies and gentlemen, good day and welcome to the Tips Music Limited Q2 FY 2027 earnings conference call hosted by MUFG Int ime. As a reminder, all participants 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 this conference call, please signal an operator by pressing star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Devanshi Dadhich from MUFG Intime . Thank you, and over to you, ma'am.
Thank you. Good evening, ladies and gentlemen. I welcome you to the Q2 and H1 FY 2027 earnings conference call for Tips Music Limited. To discuss this quarter's performance, we have from the management Mr. Kumar Taurani, Chairman and Managing Director; Mr. Girish Taurani, Executive Director; and Mr. Sushant Dalmia, Chief Financial Officer.
Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risk and uncertainty. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Over to you, sir.
Good evening, everyone, and welcome to Q2 and H1 FY 2027 earnings call of Tips Music Limited. Wishing all of you a very happy Navratri and a very happy Diwali in advance. We have successfully completed the buyback of shares amounting to INR 44.44 crores through open market buyback. During this quarter, the board has declared an interim dividend of INR 6.5 per share. With that, I would now like to hand over the call to Girish for his comments. Over to you, Girish.
Thank you, Kumar . Good evening, everyone. During the quarter, we continued to see strong engagement across our new releases, as well as our catalog content, supported by both our digital and non-digital segments. During the quarter, we released 73 songs comprising of 40 film songs and 33 non-film songs. Our new releases in general have received a strong response from the listeners. In particular, our Punjabi film music album, Ishqnama, has crossed 100 million views on YouTube.
Our recreated song, "Aankhon Se Tune 2.0" from our catalog released during the quarter and has crossed 66 million views on YouTube. We continue to witness sustained traction in our new releases with "Chunnari Chunnari" released in Q1 FY 2027, which has now crossed 100 million views on YouTube.
The female version of "Tere Paas Main" from the film album "Main Vaapas Aaunga" continued to perform strongly on Spotify and all music streaming platforms. Our catalog track, "Tera Naam Doon" from the movie "Entertainment" gained significant traction on Instagram and crossed 1 billion views on Instagram.
Our YouTube subscriber base is now at 164.5 million and total views across our content library has surpassed 54.3 billion, demonstrating the growing popularity and reach of our content across platforms. With that, I would now like to hand over the call to Sushant to discuss the financial performance in greater detail. Wish you all a very happy Navratri and Happy Diwali in advance. Thank you.
Thank you, Girish, and welcome everyone to the Q2 and H1 FY 2027 earnings call. I am pleased to present the key financial highlights of the quarter gone by. Revenue for Q2 FY 2027 stood at INR 120 crores as compared to INR 89.2 crores in Q2 FY 2026, representing which almost doubled as compared to last year.
Operating EBITDA was INR 84.64 crores, reflecting a YoY growth of 25%, with an EBITDA margins of 70.5%. Profit after tax stood at INR 55.5 crores, representing a growth of 23% over the previous year quarter. While PAT margin for the quarter was 54%. For the first half FY 2027, revenue came at INR 227 crores, reflecting a growth of 28% over the corresponding period last year.
Please note during the six months, the content cost was at INR 71 crores, which is front-loaded, and we expect the content cost for the full year to be in the range of INR 90 crores to INR 100 crores only. Profit after tax for the period stood at INR 109 crores, representing a YoY growth of 11%. With that, I conclude my opening remarks and open the floor for questions. Thank you.
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 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 Kavish Parekh from 360 ONE Capital. Please go ahead.
Hi, Kumar . Hi, Sushant. Thank you for the opportunity and congratulations on a very strong set of numbers. So first question pertains to the growth. We have seen periods of strong growth in the past as well. Could you explain what drove growth this quarter, 35% YoY? Any breakup in terms of contribution from digital versus non-digital revenues?
How sustainable do you think this momentum is? A follow-up question to growth is on our platform deals. Could you update us on negotiations with YouTube for Shorts monetization and Instagram Reels? Has the Warner partnership strengthened our negotiating position, particularly on the pricing front, which aided growth this quarter?
Hey, Kavish, this is Sushant here. On the question of YouTube Shorts, the deal is still under negotiation. It's not been concluded. We'll update once the deal is done. On the Warner, the partnership continues as per our expectation. In terms of growth for this quarter, it was driven by both new releases and our catalog. Both digital and non-digital platforms contributed. Digital contribution for the first half was 73%, as we have mentioned in the presentation.
Understood. Second, on the content spend, you did allude in your opening remarks that you maintain your full year guidance of about INR 90 crores. First half we've seen spends of about INR 70 crores. Does that imply second half will again not really see any meaningful Hindi content releases and growth into which will have to depend on catalog? Is that a fair understanding?
No, primarily, the new releases was more front-loaded. So it would continue to support the growth in the H2. On the content piece, yes the H2 would be lighter.
And any names that you can share of the movies which are planned to be put out in H2?
It would be let's say smaller films and non-film music, not bigger names.
Understood. Lastly, what explains the sharp pickup in advertising spends this quarter despite no major release in 2Q?
It was primarily driven by new releases. We had a very front-loaded new releases in first half. Let's say the promotion cost was primarily driven by the new releases, and you have to see promotion as part of my content cost.
No, I agree with that, but I think two of the largest movies for which we ended up paying a huge sum for the content per se came in 1Q. Main Vaapas Aaunga was one of them. Are the costs, the advertising spends that we've seen in 2Q also pertain to those movies, the ones that released in June, or is this some other content?
It would be towards that also. Yes. Because it was towards the mid of the June, the content was released toward the mid of the June, so the promotional activities continued.
Understood. That's it from my side. Thank you.
Thank you. Our next participant is Nitin Jain from Fair Value Equity Advisors. Please go ahead.
Yeah, thank you for the opportunity. My first question is on the digital revenue share. For H1, the number is around 73%, and for Q1 we were at 75%. Q2 is probably lower at 71%. What I wanted to understand is why this variation Q- on- Q, and what is the impact on profitability. Also what is your guidance for the year?
Nitin, the digital revenue would be in a range of 70%-75%. It is difficult to give a proper reasoning into 1%-2% variation. But the growth is more driven both by digital and non-digital segments.
In terms of profitability, digital would-
No impact.
be more profitable.
Because let's say our content budgets and the fixed costs are more or less in line, so no impact on profitability.
Great. My next question is on the subscription-based revenue share. Any comment for this quarter? Last quarter, I think you mentioned it was 10%-15%.
It is in that range only.
Okay. It continues to be in that range. Okay. Thank you.
Continues to be in that.
Thank you. The next question is from the line of Akshay Kolekar from Dalal & Broacha. Please go ahead.
Thank you for taking my question. My first question is on, in today's media interview, you indicate that revenue and PAT growth guidance has been upgraded by 2%-3% H1 from a year guidance of 20%. Given that H1 FY 2027, the revenue growth is already 28% YoY. Achieving the annual growth rate of, let's say, 22%-23% will require only 19% of growth in H2 FY 2027.
Historically, we see that the H2 is generally stronger than H1. Against this backdrop, do you believe that revised guidance remain conservative, or should we expect H2 growth to be moderately meaningful compared to H1? Also, can you elaborate on the assumption behind the revised revenue and PAT growth guidance? That's my first question.
H1 has been stronger for us. We have grown by around 28%. We would like to be conservative in our guidance. You are right to some extent that H2 could be stronger given we are entering the season. We would continue with a conservative guidance. It is better to underpromise than overdeliver.
The guidance will be 22%-23%, correct? Revised.
We would exceed our 20% guidance. We do not want to put a specific number to it.
For time being, you consider as 20%. Understand. My second question is on, you have indicated in Q1 FY 2027 that the content investment guidance is around INR 90 crore-INR 100 crore for overall FY 2027. Against which the company already spent around INR 70 crore-INR 71 crore in H1. That is a significant investment already made in content. Do you intend to maintain the earlier guidance, or you are considering to increase the content investment target?
It will be maintained for the full year between the range of INR 90 crore-INR 100 crore. The content investment in first half was front-loaded, and the second half would be much lighter in terms of the content cost.
Okay, I understand. The last question is on, other than music, does the company have any plan to diversify in other segments like artist management or live events? These segments are growing significantly. Will you continue to focus exclusively on core music business? What are your views on this?
Our focus is absolutely on new music, and that artist management is really lot of trouble and you have to really take care of artists so much. Then there is a commitment, we have to do so many songs, and we do not believe in all that. We believe we will have a short-term kind of a contract with artists, two songs, three songs, like that, and we are really happy with that.
Okay, understand. Thank you. That is it from my side.
Thank you. The next question is from the line of [Sanidhya Agrawal] from [Unicorn Assets]. Please go ahead.
Hi, Kumar sir. Hi, Girish. Congratulations on successfully completing the buyback. Another great set this quarter. Really impressed by the number of songs that we have released this quarter, even we didn't have any large films as such, but we had few smaller films and, I think, individual music releases in multiples. So that was really heartening to see.
Many of them touched even 100 million views across platforms, so it was really good to see that. So it shows that management is really making conscious call to invest in the future. I just want to highlight that market sometimes doesn't fully appreciate that our entire cost that we expense, the entire content cost that we expense in the same quarter that we release the music, unlike most of the industry players which spread it over years.
I think sometime market get even jittery, but I would like to understand how management thinks about that thing. Also should we really think that you are investing for future? Because that's what really drives the valuations as such, if I were to say, for the market. Like we are seeing today, IT companies were having hard time because of AI and stuff, because they didn't invest at previous times for newer, tipping the next wave, you can say.
How is Tips building the same approach? How are we focusing on longevity rather than optimizing margins for quarter-on-quarter basis? I think, Kumar sir, we should really acknowledge that today the company is enjoying the fruits that you acquired the music really cheap in the 1990s and early 2000s, and that catalog has done wonderfully well for the company.
I think Girish will also acknowledge that if we don't invest in the songs today that are relatively for the newer generation, per se, with the newer generation getting more today, and maybe they would eventually end up listening to those songs for next 20, 30 years, maybe even more. So the company wouldn't be like, because of course, the songs that we already have in the library are doing good, but there is obviously a life cycle for the entire content that we already have. How are we really focusing on not looking in near term, but rather on longevity of the company? That would be my first question.
Yeah, Sanidhya. See, we are very much focused on music business, and whenever we acquire any new content, we are very careful, and we only deal with the people who are like-minded, and maybe they can take our advice on music, how to create, which kind of song we should give them. Even now, as you know, our catalog is performing very well.
So every producer, they really like to tie up with us, and we give them one or two songs in their film to recreate those songs, and they are doing well. So I think we are in a very good place at present. Also, we are talking to few more producers, if we can do business with them, we can sign their audio rights, and which we will announce very soon. So I think everything is fine.
Our catalog is doing well, and I think next 15, 20 years, at least I feel we are very safe. We do not have to think twice in what will happen. I think many new things will happen to our industry, like AI and many other platforms will come, business will change, people will do subscription, that small content, short length content will also get proper monetization, that public performance, that shows artists are singing, performing.
Those all business. I think few months back, Prime Minister said, we want to see INR 50,000 crore business for events. So you imagine, if INR 50,000 crore business, even if 5% or 10% of that goes to music, what will be a show without music? So we will get INR 5,000 crore. Today we are talking about INR 4,000 crores or INR 5,000 crores in total for industry.
Spotify has issued some guidelines that they see. In 10 years' time, they have world knowledge. [Non-English content ] This India will be 15 crore people will be subscribers. [Non-English content ] So I think we have a very beautiful, solid future music business [Non-English content ] I think we are just waiting to explode. [Non-English content ] Thank you.
Okay. Second question would be on. Let me put it this way. If I see four quarters from today, I am not going quarter on quarter, I am just saying four quarters from today, that is H2 of this year and H1 of next year. If I do a rough estimate on this quarter's annual run rate, we will do somewhere between INR 500 crores-INR 550 crores of revenue in the next four quarters.
If you say 20%-25% or 22%, whatever number you want to put it, I think INR 100 and INR 130 crores, something like that would be the number that we will have for us to invest in the content costs, basically. That is a very meaningful pool. That is what I understand from this.
And like INR 100, INR 130 crores is a good amount that we can actually buy some good music rights, something fresh that is coming to the industry, rather than just focusing on remake of the older songs or the catalog. Of course, that is important because that gives a push to our catalog as well. That is currently driving the growth very fast, and I think it is done wonders to the company. How would you like to give some vision, some bifurcation?
How do you see the split of the content cost that we will have in this pool of more than INR 100 crores that we will have for ourselves in the next four quarters in terms of what would be the amount that you will be spending on the fresh music that is coming to the industry for relatively new generation, you can say, versus what is already there? Yeah, go ahead.
Sanam, we are investing in new content. There is a film called Main Vaapas Aaunga, all new songs by Rahman. We have not given them and wherever we are giving our song, it is only one song or maximum two songs. We are not giving all the songs. If a film has five songs, maybe one song will pick up from old catalog. The rest four songs, five songs, six songs are all new. Plus, we had this one Punjabi film, Ishqnama music is doing so well. B Praak, Jaani, in that all seven new songs are there. We know that we have to focus on new songs. We want to secure our future too.
Also, I have always guided, you see, my budget is around top line 20% - 22% [Non-English content ] , so we can explain people like you, " [Non-English content ] But, also you have to consider that this is the only company which writes off their entire content cost in the same year. All are big things with us.
Still, I feel [Non-English content ] that team is so good and they were keen to do business with me. [Non-English content ] they pay on time, whatever we commit, we deliver 100% promotion-wise, availability-wise. We have a priority, we have our own things. I think don't worry about the content. We know what we are doing. At present, we have already told all of you 20% top line, 20% bottom line, 20% - 22% we will invest in content. We are going with that. Let one more quarter go, what happens, we will brief you then in the next call.
Yeah. I would really like to close up by saying, I think there are enough and more investors in the company and in the market who would like to see you grow rather than focusing on operational numbers quarter-on-quarter. I understand there is volatility in terms of stock price. I think we can all look over it and rather focus more on what the company is actually doing.
I think the songs were really good this quarter. I hope we continue to do that rather than just thinking that, okay, 20%-22% of content cost only. I think we are fine even if you invest more. If the top line grows, the profit grows, and the future is more better, I think anyway we are going to go.
Sanam, dear, myself, my family has 64% of this company we hold. Do not worry, we are on the job, very focused, and we want, we should come back to 30% of growth, the earlier our projections was. The amount is getting increased. [Non-English content ] So that is-
Exactly.
[Non-English content ] Don't worry about that.
Exactly. Greatly appreciate it. Thank you.
Thank you.
Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, please limit your questions to two per participant. The next question is from the line of Ravi Naredi from Naredi Investment. Please go ahead.
Yes, thank you. Mr. Taurani sir, you are running this company on best professional ethics. We may say we are fortunate we become shareholder of our company since seven years back and make our wealth. Buyback and good dividend pay only any good repute company can do. You are doing best for us. Sir, how much revenue we earn usually from old song before 2000 or after 2000? Can you give some bifurcation?
Yes. Thank you, Ravi. Mr. Sushant will talk to you. He will tell you.
Okay.
Hello, Ravi. So let's say around 85% of our revenue comes from releases which are let's say three years and before, and 15% comes from releases in what we have acquired content over the last three years.
Last three years. 85% within three years and 15% more than last three years, right?
85% from the content which we acquired up to three years back, and 15% from the content which we acquired within that three years.
Okay. Reverse. Sir, Taurani, I would like to ask if you want to give reply, how our two film songs, which we have bought in June first quarter, "Hai Jawani Toh Ishq Hona Hai" and "Main Vaapas Aaunga", how these songs perform? Can you give some commentary?
Ravi, they are doing well. We have told you many times before that now is not like before. Now because of the competition, prices are very expensive. We estimate that content for which we will get our money back in four to five years, then we will be very happy, and we invest in our content according to the same calculation.
One good thing about Tips is that if, let's say, we acquired any content worth INR 50 crores-INR 100 crores in a year, we write it off in the same quarter. If you understand, in case all my titles don't do well, songs don't do well, even then we don't have any long-term botheration. We don't have any headache on our head. Some songs will not do well, some songs will do well, so we are very cautious for that.
We will never have any such amount standing suddenly after five years, seven years that we have to write off INR 200 crore, INR 500 crore suddenly because of losses. We do not have anything like that. We are absolutely clean, we write off everything, and touchwood, on the contrary, even if we write off, the revenue that comes from it, that revenue comes into our profits.
Yes. You are doing a wonderful job. I again salute on your working. Thank you very much, sir.
Thank you.
Thank you. The next question is from the line of Rohan Nagpal from Helios Capital. Please go ahead.
Hi. Congratulations on the strong set of results. Am I audible?
Yes.
Yes, you are.
On this strong revenue growth that we have delivered this year, are there any one-offs, or is this just part of the trend that we are seeing?
Hi, everyone. There is no one-off in this revenue. The growth is coming both from digital and non-digital segments.
Okay. And within growth across digital and non-digital, if you can segment, how much of the growth would you say is coming from increasing consumption and how much of the growth would you say is coming from increasing realization that we are seeing per stream or however you would like to look at it?
It would be primarily, let us say, volume-driven growth. Marginally, it could be, let us say, related to subscription. But let us say the subscription piece is also growing at a healthy pace. But it would be primarily, let us say, volume-driven growth.
Understood. Okay. Fair enough. And in terms of listening share within the industry, do you have any estimates of what is your share of total streams and how is that trending?
We generally provide that in terms of overall, let us say, revenue market share, we would be around that 8%-10% of the industry.
Okay.
We won't be able to provide any bifurcation, but let's say overall revenue market share, we would be around that 8%-10%.
Understood. Okay. Thank you. The conclusion is that the streaming volume has increased 35% year-over-year for Tips. That is the conclusion, right? 30%-35% growth in the number of streams this quarter?
Yes.
Understood. Okay. Thank you.
Thank you. The next question is from the line of Saket Mehrotra from Tusk Investments. Please go ahead.
Thank you. Am I audible?
Yes, sir.
Sir, congratulations to the team and everyone for these fantastic numbers. I had a couple of questions. I am sorry if it has been addressed before. What do we attribute this growth to? Is paid subscriptions now a significant part of our revenue pool, or is it still early to comment on that?
Saket, in terms of paid subscription, it would be around, let's say 10%-15% of the digital pie.
Okay. In terms of our content cost outlook for this year, we still are at 20%-22%?
Yes, around INR 90 crores -INR 100 crores for the full year.
Okay. Thank you. Thank you so much, and wishing all the best for the future.
Thank you. The next question is from the line of Sagar Jethwani from Phillip Capital . Please go ahead.
Yeah, thank you for the opportunity, sir. Sir, what is the reason for the delay in YT Shorts deal? It's been, I think, delayed by around three to four months. Do we expect it happening in Q3?
Yeah.
That is my first question.
Yeah. This quarter mostly [Non-English content] . But these negotiations [Non-English content] .
Okay. It is primarily because of the negotiations you're saying.
Yes.
And once it goes through, will it be a significant contributor?
We [Non-English content] up.
We will get back on this in next quarter.
Yeah.
Are there any other key deals or renewal deals with the OTT players that are up for renewals in H2? Okay. Are there any key films in pipeline in H2 and beyond? Maybe you can tell us how many films are under the discussion stage, the number of films I am talking about, any key films that you would like to point out.
We want to release at least five, six films a year, and four or five should be in Hindi and two, three in other regional languages. We will achieve that.
Okay. Is there any plan to increase the price of per paisa streaming with YouTube? When was it last revised and what can be the driver of it?
Sir, let's say the revenue share is there, and that is currently stable. We do not see anything that it will increase further. I think it should be at the current level in terms of the revenue share percentage.
Generally, what is the driver of it? Suppose, for example, let's say it could be around five paisa per streaming, for example, and suppose it has to-
No, it won't go to INR 0.08 . It will remain INR 0.05 . Only we have to see we should release good new releases, and we should support our catalog, and we should promote our repertoire such a way so they can perform better. We are doing, say around three, say 400 million streams. How we can achieve , 600 million, 800 million, like that. We have to increase our numbers, and we constantly do that.
But once these volumes goes up, the listenership volumes goes up, can it drive per paisa streaming as well?
Look, amount won't change. If we are doing 100,000 stream and we are making, say INR 0.05 , what amount will be? If we are doing a 200,000 stream, amount is same INR 0.05 , but gross amount will be double.
Okay, understood. Any update on-
Sagar, let's say the driver would be, to your question in terms of
Yeah
the first thing, the driver would be the paid subscription picking up.
Yes.
Paid subscription.
Yeah. So over there, the per stream rates are higher.
Paid subscription, my understanding it must be performance and data that suggests that rural is.
These OTT companies, their focus is on city-based, but we are encouraging them. There was a service called Ringback Tone, Caller Ringback Tone, where I think around 20 years back, where the telephone mobile companies used to make around INR 5,000 crores from subscription of that service to enjoy that service. That time, all India, and that was only 8% of mobile subscribers. I think it's a big opportunity. We are constantly pushing these companies, OTT companies, to go on rural places also, Tier 2 cities, Tier 3 cities, Tier 4 cities. We are pushing them. It will happen.
Because that's a mass market as well anyways.
Yes.
Lastly, any thoughts on the new CEO hiring? Are we going aggressive or is it still working out well?
Yes, we are very aggressive on that. But in the industry, I am not finding a suitable person. Still search is on. As we get, I will immediately appoint.
Good to know that. I just want to squeeze one last question. Basically, the taste of the songs have been eventually changing. How are we relating to the listenership of current Gen Z population? How are we meeting the evolving needs of the music?
Sagar, I am listening this question for the last 35, 40 years. [Non-English content ] But it is same romantic songs, sad songs, party songs. [Non-English content ] So I do not think if song is good, the Gen Z will also like, millennial will also like, senior citizen also like. So we have to just create focus on a good quality song.
Understood. All the best, sir. Thank you for answering all the questions.
Thank you. Ladies and gentlemen, please limit your questions to two per participant. The next question is from the line of Kavish Parekh from 360 ONE Capital. Please go ahead.
Hi, thanks for the follow-up. My understanding is that we negotiate directly with YouTube for Shorts. How does this work for Instagram Reels? Is Warner solely responsible for negotiations, or do we also have a say, especially on the pricing front?
No. With Warner, we are under Warner umbrella. They negotiate entire world deal and whatever per view or per creation, whatever money they get, they pass on to us.
Are the contracts between Warner and the end entities also renegotiated annually?
Kavish, it could be, let's say, on a two-year or annual basis. It depends on platform to platform.
Understood. Could you just remind me when does our renewal for renegotiation start with Warner?
Warner deal will come up for renewal next year, September 28.
Okay. Thank you so much.
You are welcome.
Thank you. The next question is from the line of Harshh K Shah from JM Financial PMS. Please go ahead.
Yeah. Thanks for the opportunity. A couple of questions from my side. Firstly, Sushant, could you help me out with the data point as to what was the contribution from Warner in H1 of FY 2027, and what was it in H1 FY 2026?
Harshh, we do not share that data, but in that range of 25%-30%.
I mean-
Of the revenue.
Yeah. Has there been any increase, say, if you have to compare H1 to H1? Is that a case?
There would be. There is an increase.
Okay. Sure.
You have seen our revenue growth for the first half, so it has been driven across all the platforms.
Sure. Secondly, it is an accounting question. If I look at the balance sheet of last financial year, there was this item within non-current liabilities, which kind of has a subsection known as other non-current liability, which has an amount of INR 80 odd crores.
If I look at the current balance sheet, that amount is kind of not there, which I acknowledge that even in March 2020, this balance sheet was not there. My understanding was that some part of the Warner revenue, wherein they give the advance, is kind of bifurcated between current liabilities and non-current liabilities. Has there been any change in that or any reclassification that has happened? Because there is nothing in the other non-current liability part.
Your understanding is right. Let us say there is a bifurcation in non-current and current. Let us say as and when the revenue is booked, let us say the amount moves from this bucket. As and when we receive the advance, let us say if it is more than 12 months, it would be classified under non-current, and if it is less than 12 months, it would be classified under current. It would consist of advances from Warner and other, let us say, SMP or other players wherever we have a partnership.
Okay. Does that mean that in the first half of this financial year, we have not yet received any advance from Warner? It is just the revenue recognition that has happened of the advance received previously.
It also could be that we have received the advance, and let's say that has moved to current and the earlier advances have been booked and revenue.
I see. Sure. That is it from my side. Thank you.
Thank you. Ladies and gentlemen, due to the time constraint, that was the last question for today. I would now like to hand the conference over to Ms. Devanshi Dadhich for the closing comments. Over to you.
I would like to thank the management for taking the time out for this conference call today, and also thanks to all the participants. If you have any queries, please feel free to contact us. We are MUFG Int ime Private Limited, investor relations advisors for Tips Music Limited. Thank you so much.
Thank you everyone.
Thank you.
On behalf of Tips Music Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.