Tips Industries Ltd
NSE:TIPSINDLTD
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Tips Industries Ltd
Earnings Call Analysis
Summary
Q1-2025
In Q1 FY '25, Tips Industries reported a significant 40% year-on-year revenue increase to INR 73.9 crores, primarily driven by digital platforms like YouTube and Spotify. The company's operating EBITDA grew 55% to INR 54.4 crores, while PAT margins rose 61% to 58.9%. A major strategic shift focuses on quality content acquisition, maintaining content costs at 28-30% of revenues. The launch of the in-house ERP system, Pulse, aims at enhancing content management and analytics. Additionally, Tip Industries completed a share buyback worth INR 46.62 crores for non-promoter shareholders, demonstrating a continued commitment to returning surplus cash to shareholders.
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Ladies and gentlemen, good day, and welcome to the Q1 FY '25 Earnings Conference Call of Tips Industries Limited. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Viral Sanklecha from Orient Capital. Thank you, and over to you, sir.
Thank you, Steve. Good evening, ladies and gentlemen. I welcome you for the Q1 FY '25 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 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 presentations and other filings that can be found on the company's website.
Without further ado, I would like to hand over the call to the management for his opening remarks, and then we'll open the floor for Q&A. Thank you, and over to you, sir.
Thank you. Welcome to the Q1 FY '25 earnings call of Tips Industries. As you all know, the company has recently completed a share buyback for non-promoter shareholders, amounting to INR 46.62 crores inclusive of all taxes. We will continue to pay out surplus cash to shareholders. I would like to thank all our shareholders who have reposed their trust in us and faith in our company.
We have changed our content acquisition strategy, and accordingly, you will see fewer releases from Tips. Our content expense will remain approximately 28% to 30% of revenues. Our team has been working hard and their efforts are now visible, and all of us continue to work on new projects, which will continue to benefit the company in the future.
Now I would like to invite our CEO, Mr. Hari Nair, to share his thoughts with us.
Thank you, sir. Hello, everyone. We are seeing a decent growth of our music across all our digital platforms, including YouTube and Spotify. The company has reported revenues of INR 73.9 crores in Q1 FY '25, a significant increase by 40% year-on-year. YouTube, Spotify, JioSaavn remain the key growth drivers for our digital content be it new releases or our catalogue. Another key development is the launch of our in-house ERP system called Pulse, where it should aid in automation of content management, reporting and analytics.
Now I'll hand over the call to Girish Taurani to provide more insights on our content business. Thank you.
Thank you, Hari. We have added 97 new songs to our music library as of Q1 FY '25. Among these 79 belong to film music and 18 belong to non-film music. Our strategy is focusing more on quality rather than quantity. In the previous quarter, we released music from the film crew, including tracks like Choli Ke Peeche and Naina. Each of which has surpassed 100 million views on YouTube, and continue to perform excellently on all audio platforms.
Similarly, songs from the movie Ishq Vishk Rebound have done some exceptional consumption with tracks like Soni Soni securing top position in top 10 ranks of Spotify charts. Other songs on the same film, such as Ishq Vishk Pyaar Vyaar, which is the title track and the revamped Gore Gore Mukhde Pe by Badshah have also been performing well. On the regional front, we had several releases in multiple languages and all of which noteworthy is Gujarati track called Jhamkudi, which is on the same film, which was made viral by the community.
Now, I will pass on the call to Sushant to discuss the financial performance of the company. Thank you.
Thank you, Girish. I'm pleased to share with you our financial highlights for the quarter. Our revenue stood at INR 73.9 crores in quarter 1 FY '25, making a significant increase from INR 52.6 crores in Q1 FY '24, representing a strong year-on-year growth of 40%. The other income for Q1 FY '25 stood at [ INR 4.6 crores ] as compared to Q1 FY '24 at INR 2 crores.
Our operating EBITDA for the quarter reached INR 54.4 crores, showing a year-on-year growth of 55%. Furthermore, PAT for the quarter was at INR 43.6 crores, reflecting a notable increase of 61%. The PAT margins for the quarter is 58.9%. Our content cost for the quarter stood [ INR 12.7 crores ] as compared to INR 12.2 crores in Q1 FY '24.
With this, I open the floor for Q&A.
[Operator Instructions] The first question is from the line of Rohit Singh from [ Invest Analytics Adviser ]. Sorry to interrupt. The current participant has been disconnected. We'll move on to the next question, it's from the line of Ravi Naredi from Naredi Investment.
Taurani sir, you are a wonderful person. Company is growing like anything in your direction. We might touch USD 1 billion market cap soon. Your performance is really excellent, giving good dividend payout and buyback regularly. We give the big thank you to you. Sir, my question, did you plan how many songs we may add in financial year '25? And content cost, what is your -- figure in your mind? Second, projection for financial year '25 growth in top line and bottom line?
Thank you, Mr. Ravi, for your nice words. Yes, our growth is same pattern as always communicated, we will achieve -- 30% top line and 30% bottom line we will achieve this year too. And as far as songs are concerned, I think we already released 900 songs approximately. And our target is, I think this year, it will be 300. But our target is to go for quality, next year onwards, you will see further less number of songs, but spending wise, it will be same. But quality-wise, it will be better and better and better. So that is our focus for coming months.
Sir, you are giving always the guidance very less amount. This quarter, we grow bottom line 61% and you are telling only 30%. Anyway, how much revenue we may earn from YouTube out of total revenue, can you disclose this?
We can't tell you the exact number, but you can -- as always mentioned, 50% -- 40 -- between 45% and 50% is always YouTube. So you can have that -- percentage-wise, you can -- whatever, if you want to calculate yourself, maybe you can do that.
Very lucrative figure. And sir, content cost last year was INR 55.6 crore versus INR 62.4 crore in financial year '23. So what is possibility this year?
This year, I think it will be, say, -- if I say 30%. So if we say 30% top line. So it will be around 25% to 28% will be bottom line around INR 80 crores, you can assume will be a content investment.
Sir, any new movie released in Tips Film, which music we bought?
Yes, many movies we have bought. We have coming Buckingham Murders and then there's 2, 3 movies [ still businesses making. ] So we have many things in plan. We target, if we want to release music, to release at least 15, 20 movies in traditional. So that is our target to reduce every year.
In Tips Film, right?
Tips Film -- no, it's Tips Music. Films music, we will release so many. And from that Tips Films will give us 2, 3 movies.
Right. And sir, this EBITDA margin this quarter rises too much, 73.6% and profit after tax margin 58.9% is extraordinary excellent figures. So we will maintain this figure in current year.
See as I always say, please look us at yearly basis. don't look quarter-on-quarter basis, maybe in next quarter, we have a more of content. So maybe our figures won't do that much percentage-wise. But overall, if you see in the year end, you -- we will achieve 30% top line, 30% bottom line minimum. But as quarters -- maybe after second quarter or third quarter, we can tell you if we are going to do more or 30%.
No, you are giving this growth margin. I am asking about net profit margin, it is 59% in this quarter.
Sushant, you reply to this.
Ravi ji, it would be similar in the range of the last year.
The next question is from the line of Ankush Agarwal from Surge Capital.
[Foreign Language]
[Foreign Language]
[Foreign Language]
[Foreign Language]
[Operator Instructions] The next question is from the line of Kavish Parekh from B&K Securities.
Congratulations on a good set of numbers. Sir, on our content acquisition strategy, this quarter saw a notable share of non-film music, is this a trend that is expected to continue? And usually, what's the difference between the cost for non-film music and payback period on the same, if we were to compare the same to film music?
And the second question on the similar lines is, what sort of a revenue contribution does the non-film music bring in for us?
Yes, Sushant, please reply to this.
Kavish, in the case of, let's say, we won't be able to give you the exact papers of film and non-film, but let's say, overall, let's say non-film won't be a substantial contributor, except let's say 1 or 2 hits, but let's overall growth on the revenue and cost fund, it would be a substantial contributor.
Okay. But going ahead, do we continue to acquire a majority of our new acquisition [ shall be ] on the non-film side. Is that the right understanding?
It would be both. And, let's say, primarily more towards film music.
The next question is from the line of Rahil Shah from Crown Capital.
I just wanted to ask other than like songs, so what is our strategy going ahead in terms of acquisitions? What new will we be doing? And you mentioned something about Pulse, I missed, can you just please elaborate on that?
You are asking about Pulse? Hello?
Pulse as well, separately. And also like key strategies going ahead. What makes you confident about this growth and what will lead to it? If you can just draw out a plan for us.
See, Mr. Shah, our main growth reasoning is our [ '90 repetor. ] Whatever we have acquired from '98 onwards till now, everything is doing so well. And we have always focused -- from beginning, we have always focused on the quality content. So our repetor is, you can say it's a new retro now, and it's really, really doing well. Exceptionally well. And you can say -- if you compare, we have a less number of songs, but our all songs are doing well compared to other companies. we are better positioning -- we are in better position.
So I think that's the main reason we are doing well. Plus, our new releases also, see now recently our back-to-back 2 films Crew and Ishq Vishk, both have done well, and all the songs people are liking. So I think that is the main reason where we can say -- we can sustain whatever we say, 30%, 30%. So I think that's the main reason. And as far as Pulse is concerned, we have a new system in place, Mr. Hari will tell you about that more. Hari, please?
So Pulse basically takes care of content management and delivery and also reporting and analytics. So it's basically having more processes in place, so that our teams are geared up for the next level of growth that we want to achieve in the company. So any specific other question on that, please let me...
No, just a basic understanding. How will it help us. And -- so what kind of expense do we see there? Is it substantial or is it just...
No, it is very minimal. It is an announced product. So it's very minimal.
The next question is from the line of Jyoti Singh from Arihant Capital Markets.
Taurani sir, very congratulations on the good set of numbers. And sir, my question is on the subscription-based audio stream side. So now as per the data given in the presentation on the [ 21 ] PPT. So just wanted to understand this subscription thing that is currently quoting 49%. So how big we are seeing going forward in '24 and '25? Because as per my understanding, it will help us to grow better labels platform. So if you can guide us on that side and also the more of a bigger release that is expected from the film side Q2 and Q3. So if content costs will go in to increase, so it will be further impact on Q2 or Q3. So if you can guide us on that side, sir?
See, content cost, I said it will take care of and we have a budget this year of INR 80 crores. So we will be in that range only. We will -- it will not impact our bottom line or top line. So I think we are absolutely secure that way. And as far as subscription is concerned, Mr. Hari will tell you more about that.
Yes. So overall, if you see the global numbers are very, very increasing. And in India, we are very less comparatively, because we are getting there. So if you see a larger platform like YouTube, it has a substantial double-digit number in paid subscription, whereas the audio platforms are very -- are still lagging and has a single number of the overall premium subscriptions. So I think it will take another 2, 3 years, and the platforms are doing all the right things to limit the free usage and motivating the users to go to the paid. But it will take time. It's not going to be 6 months or 1 years, it's going to take at least 2, 3 years more easily.
Sir, just wanted to understand one more thing. So like as we have given Indian digital ad industry will growing very fast. So like in our song, if we are playing any song from Tips on YouTube or Spotify. So if I'm a free -- not paid subscribers, so it will be like how much percent that ad is there?
So if you see on Spotify, they also share the advertising revenues with the record labels basis, the usage and the consumption and the pro rated share of the labels place. So -- and I think in India, if you see the YouTube model, it's more advertising when the revenues are primarily advertising. So it will continue to be an advertising model on the YouTube side, but it will start decreasing year-on-year when the paid subscription goes up.
Yes. Sir, just wanted to understand on the percentage side, so like it is 35% or 50% or how much ad we play on a song basis?
No, it's depends on platform-to-platform basis, how much ad they get from the brands, it changes from month-on-month. There is no definite percentage levels over there. So it is up on our -- your ad capacity and what you have got ads from the brand.
Okay. And sir, just last question, if I can ask. So on the social media platform like Meta, so like monetize has not happened the way YouTube and Spotify. So what's our expectation on that side?
I think Meta, we are still not there. We are partially there. So monetization over there, again, is due to advertising only, there is no paid mechanism over there. So I think it will continue to be like that for some period, but Meta is big because of Instagram Reels. I think they will play a major role in the coming future for us.
The next question is from the line of Sakshi Chhabra from Swan Investments.
Congratulations on a great set of numbers. Just wanted to understand that in this quarter, what will be the contribution of revenue from new content versus the catalogue content?
Sakshi, see, normally, we don't bifurcate between, let's say, the new content and all content on a quarterly basis. But as we have said earlier, let's say, the new content at any time would contribute around, let's say, 10% to 15% of the revenue and let say catalogue would be the remaining.
Okay. All right. And considering that the content cost in this quarter was only INR 12.7 crores for a large number of songs that we've acquired 97 songs. So is it that the songs that were available in this quarter was cheaper and we're estimating that the songs that we will be acquiring further are going to be more expenses like more premium movies or something like that?
It could be, let's say, we can't compare in terms of the volume of 97 songs and correlate with that. It depends on in terms of the film music what we acquire, and it's big budget movies what we acquire, then that would, let's say, drive the content cost. In terms of, let's say, the 97 songs is primarily, let's say, non-film, for which, let's say the acquisition costs are minimal.
And we don't have -- this year, we don't have any big number, big film or big content cost on each product. But next year, we have 2, 3 big films coming up, and where our investment will heavier. And -- but again, we will manage that as well that we will maintain this [ 30%, 40% ] and 25% -- 28% on the investment on new content, we will maintain that.
Okay. Why, I was just asking was because the growth that we saw in terms of revenue was 30%, but that levels in -- the growth in terms of content cost is only 4%. So that's where my question was coming from. Just to understand that is it because higher growth came from the catalogue songs, and that is why this has happened or the new content we acquired saw a very good performance, but we managed to get a very good bargain on the content cost that we acquired.
Whatever you said, actually everything is true. Our catalogue is doing well, our [indiscernible] is doing well and we are a tough negotiator when we acquire content as well. So that also is helping us.
The next question is from the line of [ Akhil Gulecha from PKD. ]
Taurani ji, congratulations on a great set of results. I just have a very basic question. So you keep saying that you're focusing more on quality versus quantity going ahead. So how do you decide what is [indiscernible] because ultimately, it's a game of hit rate, right? The more songs you make, the higher your chances are of getting more hits. So what is the strategy there?
And also, how do you decide if a song is a hit song or not? Is it the case that if you recover all the costs that you spend in the same year, does that mean the song is a hit song? How do internally you decide what is a hit song and what is not a hit song?
Deciding of a hit song comes with the experience. And I think we have 7, 8 people working in the company and everybody is experienced person. And they have seen our growth -- they have seen our hit number songs. So that comes with the experience. And I think touch wood, we have that expertise in the company. And what was another thing you said?
So how do you decide it -- decide if -- you said a hit song, but how many songs, let's say, you produce 97 song, how many of the songs, the cost you recovered back in the same year itself, if you could give a rough idea?
Same year is tough. You can -- I always maintain, can you please calculate in my mind, I want to recover my cost in 3 years' time, maybe more earlier than that. But as a investor, I always maintain [Foreign Language] recover our cost in 4 to 5 years' time. And total investment I'm talking about. [Foreign Language] if I release let's say 500 songs [Foreign Language], but entire 400, 500 songs [Foreign Language], we will recover in 4 to 5 years' time.
[Foreign Language]
[Foreign Language]
The next question is from the line of Nihal Shah from Prudent Broking.
Congratulations for the great set of numbers, and thank you for the opportunity. So as we are looking for more quality content than we are targeting about 300 songs released this year. So are we getting into the bidding wars? Or we are continuing with our strategy of not getting into the bidding wars than buying the songs prudently?
[Foreign Language]
Okay. And so, does our payback period increase with lesser number of songs getting released and quality content coming into our album?
See, payback will be same around 28% -- between 27%, 28% to 30% of top line [Technical difficulty].
Okay. Right. And so from now on, can we give a, what do you say a slide where we [ take it ] from this decade to this decade this much contribution of revenue came. So that we also get to know, okay, in the last 4 years, whatever the content that was released, it gave us this much number of revenue and so on.
See, [ we do have that ] analysis, that's why we have installed this system, new system. I think in next 3, 4 quarters, we will develop that system as well. At present, we don't have that system. But I'm telling you, my entire content actually is doing so well and the '90s -- big time hits, we are getting so much of responses from all that. Now, in the last 2, 3 years we were not available on many platforms, but today we are available on all the platforms and everybody is happy about our content and our repetor.
The next question is from the line of Aashish Uplagaonkar from InvestQ.
Yes. Sir, the -- it'll be in the first quarter once the renewal of the deal with Warner has taken place and in the numbers. So would it be possible for you to give some maybe qualitative inputs? Because I think our renewal of the deal was a substantial multifold of what we used to get earlier. So the revenue impact of that, have we seen it all? I mean, this will be the run rate that we are going to see, or is it going to be amplified going ahead? How do we see that?
See, going ahead, it will be amplified. But actually, now what we have done is whatever money we got from Warner, we have kept it as advance, and whatever business action they are doing and they are reporting us and we are taking that business in quarter-wise. So it's the actual numbers, you can see. It's very early to say, if we are seeing the impact, but I am hopeful and see, I can imagine and I am seeing the way they are growing, we are growing, our content is doing well. And I think we will have very good numbers and good future.
Yes, because -- so the point I wanted to understand is there is an MG that is going -- promised to us. So do you see something in the actual delivery as of now? Or will it take time for us to gauge whether we are going to make much more than the MG, because then the variable revenue will kick in. So anything on that?
[ It's totally, ] that we will come to know only in the third or fourth year. At present, we are very secure for next 3 years. And -- but I'm quite hopeful, they will recover their entire whatever the investment they have done plus they made money, and they will definitely -- I feel they will give me also.
Okay. So you're saying that because this contract I think is for 3 years, so towards the end of the third year probably we'll get to know whether...
4 years. Yes, in third year, beginning of fourth year, we will come to know is there -- what's happening. But I'm very positive and optimistic yes, it will really we will do well. We have a good vision in front of us, and have some big, good plans, not big, but good plans, where we can achieve good numbers for us and them also.
And if possible, can you tell us the incremental platforms and geographies that we have given Warner in the new contract, how that is adding to the revenue? Because what we get to notice is the consolidated performance of the company. So is it possible to share that?
We can't share individual platform-wise. But...
Not platform-wise, but the incremental thing that we have given them, is it yielding big results as of now? Or is it a bit by bit that it will give us?
[ Obviously now ] Wynk, our case has resolved and now Wynk is also in the Warner team, Wynk, Hungama, and there was Gaana. There are so many platforms where we were not dealing, but Warner has deal with them already, and our content is now available everywhere. So all the extra platforms have started, so we will get revenue from there as well.
Okay. And lastly, I think we were not getting anything from Instagram. So is that starting to pay now?
Yes. We have also given Instagram license also to Warner, and we are quite positive, we will get monies from there as well.
The next question is from the line of Surbhi from Bellwether Capital.
Congratulations on great set of numbers. Sir, wanted to understand, you mentioned that there's been change in our content acquisition strategy. Can you throw some light on it? Second question is like, what's the line-up and the pipeline for this year?
Could you repeat that? Could you please repeat yourself? We could not really hear you.
Yes. My first question is, you mentioned that there's a change in our content acquisition strategy. But, can you throw some light on that.
Sorry to interrupt ma'am, could you please use your handset and ask your question.
First question is, you mentioned that there is a change in our content acquisition strategy, can you give some light on that on what exactly are we changing, and how are we approaching acquiring the content now? And my second question is, what's the line-up and the pipeline for FY '25 and '26 for our content? You mentioned there are some 2, 3 movies that we are targeting. So wanted some more information on that.
Yes. So see, marketing acquisition strategy, we have 3, 4 kind of strategies. One, we develop our own content, non-film music plus we do lot of recreations of our old songs internally. And number 2 is, we acquire content from outside producers like Balaji is our partner. And then there is a company called Northern Lights, we have partnerships with them. So that also we acquire content from them.
Also, we have our own company, our Tips Films. They will also give us 2, 3 films. So if you see from 3, 4 ways, we are acquiring contents. But everywhere we are putting -- we are trying to involve ourselves in music, our teams get involved and creation of songs. So that is really helping us. And we are -- that's where maybe because of that, we are getting good content. So we'll continue doing that. And as far as line-up is concerned, yes, we have many films in regional languages and also 3 to 4 more films in Hindi also, will come this year. So we are targeting that this year.
3, 4 films will be national or they will be more regional?
3 to 4 films in Hindi, and around 10 to 12 films regional.
All right. Now all these are expected in FY '25 or there is just spill over expected to FY '26?
No, this is a target for '25. But maybe 1, 2 films get delayed. So maybe it will come there next year.
The next question is from the line of [ Suruchi Parmar from NX Wealth Management. ]
Yes, sir. Just wanted to -- your view on this, like you have a catalogue content, which belongs to, I think, from year 1980 to 2000, correct? And...
[ 1980 to ] till now.
Till now, catalogue content.
Yes.
Okay. So this is mostly 80% of your songs are in this category only. And the revenue which comes from this is 85% to 90% of the revenue comes from this catalogue content, correct? So I just want to know, like what is your strategy to acquire the new content, which help you generate revenues in long run and reduce the dependency on this catalogue content?
Yes, I can assure you, we have a green catalogue from '88 till 2020. And after 2020, you can say, we have whatever we are acquiring is a new content, in the new bucket you can say. And all our content, earlier content is really doing well. And I'm assuring in next you, in next at least 25 years, it will do well, because we are a new retro -- if all the songs in next 10, 12 years will be remade, all hit songs will be remade. And that, again, remade will have another life. So you can be rest assured, whatever, we will do well. As far as new release is concerned, we mentioned earlier, if we want to recover all the cost, whatever we invest in that particular year within 4 to 5 years.
And we hope and we see also whatever we are acquiring is really doing well. And also, you -- maybe you must have realized we write off entire our content cost in the same year, same quarter. So we don't have any baggage on us, [Foreign Language] then we also don't have a baggage there because we have already written off, everything is clean. So that is a nutshell, I'm telling you, how we approach our business.
Okay. So the thing you are saying, if you are remaking your catalogue song converting into a new type. So that will be counted as a new content or it will again be treated as a catalogue one?
No, that's a new content.
Okay.
Because it's a new investment we have done on that.
Okay. So for that the purpose, which you are remaking, you like hire new singers also for that? Or just adding of the music is done...
No, it's a creative call, song-to-song wise, as you see, we've made few songs with the new vocals and absolutely new arrangements and only 1 line of 2 lines taken from earlier song. And now recently, we have released few songs Coolie No.1 or recently this Gore Gore Mukhde Pe by Badshah song, we have retained 1, 2 lines. And also, we have retained 1, 2 lines of that original singer. So it's depending upon a song-to-song basis. It's not a hard and fast rule or anything. It's a creative call done by mutually, we and artists who we do.
So these remake songs, they are equally peppy and gaining more revenues like the backlog ones?
Yes.
The next question is from the line of Raj Shah from Ambit Asset Management.
I just wanted to understand more about the Warner deal. So for this quarter, what is the revenue that we have booked?
See, we can't actually tell you the specific details. But whatever they have made money, my content has made money. They have reported us, and we have booked that.
Okay. And this -- is it -- so whether the revenue that we have booked is, of course, we have a minimum guarantee. But in terms of use, whether is it about that? Do you expect any bonus payment going forward, because the views have grown quite strongly for us, so?
Can you repeat yourself? We can't hear you, actually.
Yes, I am telling that -- so I was asking whether from this new content -- from this deal, whether we'll get any bonus payment at the end of the year, because the views have been quite strong for us and whether we -- the revenue that we are booking is above the minimum guarantees that we have been quoted.
See, at present, we are booking whatever they are reporting and whatever actual business is happening. The minimum guarantee actually we will come to know in the fourth year, where we will get more, if they have recovered their money, it's very good for them and for us also we'll get some overflow, if they don't get, if they -- say in case if they don't recover their money, last quarter of fourth year, we will book that entire extra money also.
Okay. So that would be at the end of the fourth year, there would not be any yearly bonus payment, overflow payment.
No.
Okay. And sir, just one more question for now as we are more focusing on quality content. So, of course, our cost per song has also gone up from -- we are around INR 13 lakhs currently, so around INR 12.5 crores for 90 songs. So I just wonder, so that would -- this would be the range right, around -- what would be the cost per song going forward that you're guiding around INR 12 lakhs to INR 13 lakhs?
No. It's just not like that. It's a film -- if there is one film, big film, maybe it will cost [ INR 20 crores ] and I have only 4 songs or 5 songs in the film, per song will be INR 4 crores to INR 5 crores. And sometimes one spiritual song, we can make in INR 2 lakhs also. So it's not like that. It's a combination of everything. It's a total content cost.
Okay. So film songs are slightly higher costs compared to non-film costs.
Yes, absolutely. Yes.
Ladies and gentlemen, in the interest of time, that would be the last question. I would now like to hand the conference over to Mr. Viral Sanklecha from Orient Capital for closing comments.
I would like to thank the management for taking the time 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. Thank you so much.
On behalf of Tips Industries Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.