Tips Industries Ltd encountered a downward shift of over 3 percent in morning trade on December 20, triggered by a substantial block deal involving around 7.8 million shares, equivalent to a 6 percent stake in the company, as reported by Bloomberg. The parties involved in this sizable transaction remain undisclosed.
Despite this, the company exhibited a commendable performance in the September quarter, reporting a noteworthy 23 percent surge in revenue, reaching Rs 60.9 crore. Q2FY24 witnessed a remarkable 91 percent upswing in net profit, totaling Rs 39.7 crore year-on-year.
In a productive year for the music recording company, Tips Industries released a total of 130 songs, comprising 62 film songs and 68 non-film songs. The year also marked a substantial 86 percent year-on-year growth in its YouTube subscriber base, soaring from 50.9 billion to an impressive 89.7 million.
The board, acknowledging the positive performance, greenlit an interim dividend of Rs 2 per share for Q2 of FY24, contributing to a cumulative interim dividend of Rs 3.00 per share for H1 FY24.
As of 10:33 am, Tips Industries Ltd shares demonstrated a 2.46% decline, settling at ₹356.35.
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