Tips Music (NSE:TIPSMUSIC) Q2 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the Tips Music Limited Q2 FY 'twenty seven Earnings Conference Call hosted by MUFG NTIME. As a reminder, all participants' lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Note that this conference is being recorded. I now hand the conference over to Ms. Divanshi Dadeesh from MUFG End Time. Thank you, and over to you, ma'am. Thank you. Good evening, ladies and gentlemen. I welcome you to the q two and FY twenty seven earnings conference call for Tips Music Limited.

0:49 To discuss this quarter's performance, we have from the management, mister Kumar Torani, chairman and managing director, mister Girish Torani, executive director, and mister Sasan 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 detail, 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 q two and h one FY twenty seven earnings call of Tips Music Limited. Wishing all of you a very happy Navratri and a very happy Diwali in advance.

1:40 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 ji. 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.

2:28 Our new releases in general have received a strong response from the listeners. In particular, our Punjabi film music album, Tishkanama, has crossed 100,000,000 views on YouTube. Our recreated song, Anko Set Pune 2.0, from our catalog released during the quarter and has crossed 66,000,000 views on YouTube. We continue to witness sustained traction in our new releases, which January Let's Go released in Q1 FY 'twenty seven, which has now crossed 100,000,000 views on YouTube. And the TV version of from the film album continued to perform strongly on Spotify and all music streaming platforms. Our catalog track from the movie entertainment gained significant traction on Instagram and crossed 1,000,000,000 views on Instagram.

3:22 Our YouTube subscriber base is now at 164,500,000,000 and growing... And total views across our content library has surpassed 54,300,000,000, demonstrating the growing popularity and reach of our content across platforms. With that, I would now like to hand over the call to Shushant to discuss the financial performance in greater detail. Wish you all a very happy Narasri and happy Diwali in advance. Thank you. Thank you, Girish, and welcome everyone to the Q2 and H1 FY 'twenty seven earnings call. I'm pleased to present the key financial highlights of the quarter gone by. Revenue for q two FY twenty seven stood at rupees $1.20 crores as compared to rupees 89.2 crores in q two FY twenty six, representing a year on year growth of 35%.

4:12 Content cost for the quarter stood at rupees 26.18 crores, which almost doubled as compared to last year. Operating EBITDA was rupees 84.64 crores, reflecting a y o y growth of 25% with an EBITDA margin of 70.5%. Profit after tax stood at rupees 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 twenty seven, revenue came at rupees $2.27 crores, reflecting a growth of 28% over the corresponding period last year. Please note during the six months, the content cost was was at rupee 71 crores, which is front loaded, and we expect the content cost for the full year to be in the range of 90 to 100 crores only.

4:58 Profit after tax for the period stood at rupees 109 crores, representing a y o y 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. The first question is from the line of Kavish Parekh from three sixty one Capital. Congratulations on a very strong set of numbers.

5:46 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% Y o Y? Any breakup in terms of contribution from digital versus non digital revenues? How sustainable do you think this momentum is? And a follow-up question to growth is on our platform deals, Could you update us on negotiations with YouTube for Shorts monetization and Instagram leads? Had the Warner partnership sort of strengthened our negotiating position, particularly on the pricing front, which aided growth this quarter? Hey, Karish. Hi. This is Rajanth here. On the question of YouTube shot, the deal is still under negotiation. It's not being concluded. We'll update once the deal is done. On the one, the partnership continues as per our expectation.

6:35 In terms of growth for this quarter, it was driven by both new releases in our catalog. And let's say, both digital and non digital platforms contributed. Digital contribution for the first half was 73%, as we have mentioned in the presentation. Understood. Understood. Second, on the content spend, you did alluded in your opening remarks that you maintain your full year guidance of about INR 90 crores. First half, we've seen spend of about INR 70 crores. Does that imply second half still, 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, let's say the new releases was more front loaded. So let's say it would continue to, let's say, the growth in the h two.

7:24 And on the content, h two would be lighter. And any any names that you can share on on the movies which are planned to be put out into itch? It would be, let's say, smaller films and non film music, not bigger names. Understood. And lastly, what explains the sharp pickup in advertising spend this quarter despite no major release in two q? So it was primarily driven by new releases. We we had a very, let's say, front loaded new releases for staff. So let's say the promotion cost was primarily driven by the new releases. And let's say you have to keep 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 one q. Was one of them. So the cost, the spend that we've seen in two q also pertain to those movies, the ones that released in June, or is this some other content?

8:30 It would be towards that also. Yes. Because it was towards the middle of the June. The content was released towards the middle of the June, so the promotional activities continue. Understood. That's it from my side. Thank you. Thank you. Our next participant is Nitin Chen from Fair Value Equity Advisors. Please go ahead. Yeah. Thank you for the opportunity. My first question is on the digital revenue share. So for H1, the number is around 73%. And for q one, we were at 75. So q two is probably lower at 7171%. So what I wanted to understand is why this variation q on q and what is the impact on profitability?

9:15 And also, what is the guidance for the year for this metric? Let's say let's say the digital revenue would be in a range of 70 to 75%, and let's say, difficult to, let's say, give a proper meaning into one to 2% variation. But let's say it's more driven, let's say both... The growth is more driven both by digital and non digital segment. And in terms of profitability, so digital would be more profitable. Okay. Yeah. Because the... Let's say our content budgets and the fixed costs are more or less in line, so no impact on profit. Great. And my next question is on the subscription based revenue share. Any comment for this quarter? Last quarter, I think you mentioned it was 10% to 15%?

10:05 It is in that range only, Bhatti. Okay. It continues to be in that range. Okay. You. The next question is from the line of Akshay Kolekar from Dalar and Brocha. Please go ahead. Thank you for taking my question. So, my first question is on, in today's media interview, you indicate that the revenue and bad growth guidance has been upgraded by 2% to 3% H1 from earlier guidance of 20%. Given that h one FY twenty seven, the revenue growth is already 28% year on year. So, achieving the annual growth rate of, let's say, 22%, 23% will require only 19% of growth in H2 FY 'twenty seven.

10:53 And historically, we see that the H2 is generally stronger than H1. So, against this backdrop, do you believe that revised guidance remain conservative? Or should we expect H2 growth to be moderately meaningful compared to H1? And also, can you elaborate on the assumption behind the revised revenue and prior growth guidance? Yeah. That's my first question. H one has been stronger for us. We have grown by around 28%. We have been... Let me... We would like to be conservative in our guidance. You are right to some extent that h two could be stronger given, let's say, we are entering the season. But let's say, we would continue with the conservative guidance. It's better to under promise than over deliver.

11:40 So the guidance will be 22% to 23%, correct, revised? See, we would exceed our 20% guidance. So it could be that we don't want to put a specific number to it. For time being, you consider as 20%. Understand. So my second question is on you have indicated in Q1 FY 'twenty seven that the content investment guidance is around INR 90 to 100 crore for overall FY 2027. Against which the company already spent around INR 70 to INR 71 crore in H1. So that's a significant investment already made in content. So do you intend to maintain the earlier guidance? Or you are considering to increase the content investment target? So it will be maintained for the full year between the range of 90 to 100 crores. So the content investment in first half was concluded, and the second half would be much lighter in terms of the content cost.

12:38 Okay. I understand. And then my... The last question is on, like, other than. You see, like, does the company have any plan to diversify in other segments, like, management or license? Because these segments are growing significantly. Or will you continue to focus exclusively on core music business? What are your views on this? Our focus is absolutely on new music, and then artist management is really a lot of trouble, and you have to really take care of artists so much. And then there's a commitment we have to do so many songs, and we don't 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.

13:25 The next question is from the line of Sanitya Agrawal from Unicorn Assets. Congratulations on successfully completing the buyback. Great set this quarter. Like, 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 musical releases in multiples. That was really heartening to see. And many of them charged even 100,000,000 views across that also. It was really good to see that. So it shows that management is, like, really making cautious call to invest in the future.

14:14 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 lead the music, unlike most of the industry players, it's spread it over the years. I think sometimes market get even chicory, but how... I would like to understand how management thinks about the bad thing. And, also, should we, like, really think that you are investing for future because that's what really drives the evaluations as such, if I were to say, for the market. Like we are seeing today, in an IT companies, we're having hard time because of AI and stuff because they didn't invest it previous times for newer next stepping... Tapping the next wave, you can say. So how is TIPS building the same approach?

15:05 How are we focusing on longevity rather than optimizing margins for quarter on quarter basis? I think, Kumar said, we should really acknowledge that today the company is enjoying the fruits that you acquired the music really cheap in nineties and early two thousands, and that catalog has done wonderfully well for the company. I think, Gresh will also acknowledge that if we don't invest into songs today that are relatively for the newer generation per se, with newer generation cutting more today and maybe they would eventually end up listening those songs for next twenty, thirty years, maybe even more. So we would... The company wouldn't be... Like, because, of course, the songs that we already have, the library, they 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.

16:06 Yes. Sanath here. See, we are very much focused on music business, and we are very... When... Whenever we acquire any new content, we are very, 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. And even now, as you know, our catalog is performing very, very well. So every producer, they are really like 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 business. We have done... Also, we are talking to few more more producers. We can do business with them. We can sign their audio rights and which will be we'll announce very soon.

16:56 So I think everything is fine. Our catalog is doing well. And I think next fifteen, twenty years, at least I feel we are very, very safe. We don't have to think twice what's going to happen. I think many, many new new things will happen to our industry like AI and many other platforms will come. Business will change. People will do subscription. That's that's small content, short lived content will also get proper monetization, that public performance that shows artists are singing, performing. So all this is I think few months back, Prime Minister said, we want to see 50,000 crore business for events. So you imagine 50,000 crore business over 5%, just percent music music they see in ten years' time. They have world knowledge, world market progress.

18:04 India will be 15 crore people will be subscribers. So if they pay 100 rupees,. So I think we have a very good, very solid future music business card. I think we are just waiting to explore. We... But you're not saying we will explore the. Okay. Second question would be on... So let me put it this way. So if I see four quarters from today, I'm not going quarter on quarter. I'm just saying four quarters from today. That is h two of this year and h one of this year. If I do a rough estimate on this quarter's annual run rate, we'll do somewhere between $505,150 crores of revenue in next four quarters. If you say 20 to 25% or 22%, whatever number you wanna put it, I think 100 and 130 crores, something like that would be the number that we'll have for us to invest in the content cost, basically. That's a very meaningful pool. That's what I understand from this. And, like, 100 and 130 crores is, like, a good amount that we can actually buy some good music rights, something fresh that's 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 the...

19:21 Currently driving the growth very fast. I think it's done wonders to the company. But how do you... By... How would you like to, like... If give some vision, some bifurcation, how do you see the split of the content calls that we'll have in next... Like, this pool of more than 100 crores that we'll have for ourselves in next four quarters in terms of what would be the amount that you'll be spending on the fresh music that's coming to the industry for relatively new generation, you can say, versus what is already there? Yeah. Go ahead. Bharat, yeah, we we are investing in new content. There's a film called all new songs by Raymond. We have not given them anymore. Wherever we are giving our song, it's only one song or maximum two songs. So we are not giving all the song.

20:06 If you... If film has five songs, maybe one song will become from... Pick up from old catalog. The rest four songs, five songs, six songs are all new. Plus, we had this one Punjabi from the music is doing so well,, in that all seven new songs are there. So so we we we know that. We have to focus on new songs. We want to secure our future too. And also, I have always guided, you see, my budget is around top line 22%, 22% content investment opportunity 25 or 28%. So we can explain people like content cost and profitability hit that. But because also you have to consider Tips is the only company which writes off their entire content cost in the same year. So that was a big thing with us. But still, I feel content content available and right.

21:17 Team is so good, and they they were keen to do business with me. Commitment. Pay on time. Whatever we commit, we we deliver 100% promotion wise, availability wise too. So we have a priority. We have our own things. I think don't worry about the content. We know what we are doing. And at present, we have already told over 20% top line, 20% bottom line, 22% to 20%, 22% will invest in content. We are going with that. But let's see. Let's let one more quarter go, what happens? We'll we'll brief you then in the next call. Yeah. And 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's volatility in terms of software. I think we can all, like, look over it and rather focus more on what the company is actually doing.

22:17 And I think the songs were really good this quarter, and I hope we continue to do that rather than just thinking that, okay, twenty to twenty twenty to twenty two percent 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 able to grow. Sanud here, myself, my family has 64% of this company we hold. So don't worry, we are on the job, very focused, and we want we should come back to 30% of growth, the earlier our projections were. So but can the amount is getting increased to 30% to 60 crores. 30 focus. The entire team is working hard.

23:19 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 Nareedi from Nareedi Investment. Please go ahead. Sir. Thank you. Sri, Toreani 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 report company can do. You are doing best for us.

24:15 Sir, how much revenue we earn usually from old song before 2000 or after 2000? Can you give some bifurcation? Thank you, Ravi. 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 both of what we have acquired content over the last three years. Last three years. Three... 85% within three years and 15% last... More than last three years. Right? 85% from the content which we acquired three years back.

25:04 Absolutely. Years back. Three years back, and 15% from the content which we acquired within that three years. Okay. Okay. Reverse. And sir, I would like to ask if you want to give reply, how our two film songs, which we have bought in June first quarter, How did the songs performed? You tell some commentary? Yes, yes. You are doing a wonderful job.

26:50 I again salute on your working. Thank you very much. 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? Yeah. Yeah. Yes. You are. Yeah. So on the... So on this strong revenue growth that we've delivered this year, are there any one offs, or is this just... I mean, is this just part of the trend that we are seeing? Yeah. Hi, everyone. There is no one off in this revenue. Let's say, it's coming... The growth is coming both from digital and non digital segment.

27:39 Okay. And within growth in... 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's say, volume driven growth. Marginally, it could be, let's say, related to subscription, but, let's say, the subscription fees is also growing at a heavy pace. But it will be primarily, let's say, volume driven. Understood. Okay. Fair enough. And how would you... In terms of in terms of listening shares within 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?

28:42 So, Juan, look, we generally provide that in terms of overall, let's say, revenue market share, we would be around that eight to 10% of the industry. Okay. We would be able to provide any bifurcation, but, let's say, we're on revenue market share, we would be around that eight to 10%. Understood. Okay. Thank you. So is it... So... I mean, would... I mean, so the conclusion is that the volume of... The streaming volume has increased 35% year over year for tips. Like, it... So that is the conclusion. Right? Like, 30, 35% growth in the number of streams this quarter? Yes.

29:28 Understood. Okay. Thank you. Thank you. The next question is from the line of Sakeed Mehrotra from Tusk Investments. Please go ahead. Thank you. Am I audible? Yes, sir. Sir, congratulations to the team and everyone for this fantastic numbers. I had a couple of questions. I... And I'm sorry if it hasn't addressed before. What do we attribute this growth to? Like, how has... Is this paid subscription now, like, a significant part of our revenue pool, or is it still early to comment on that? Patrick, in terms of paid subscription, it would be around, let's say, 10 to 15% of the digital pie.

30:16 Okay. And in terms of our content cost outlook for this year, we still are at 2022%? Yes. Around that INR 90 to 2 crores for the full year. Okay. Thank you. Thank you so much, and wishing all the best for for the future. Thank you. The next question is from the line of from Philip Capital PM. 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 delayed by around three to four months. When do we expect it happening in Q3? That is my first question.

31:04 Negotiations with for a time. Okay. It is primarily because of the negotiations you are saying? Yes. Yes. And once it goes through, will it be a significant contributor? We corona, perhaps. Sure. Sure. Sure. We'll get back on this in next quarter. So any other key deals or renewal deals with the OTT players that are up for renewals in H2? No, not really. Nothing is there. Everything is sealed. Okay. And any key films in pipeline in H2 and beyond? And maybe you can tell us that how many films are under the discussion discussion stage, the number of films I'm talking about, any key films that you would like to point out?

31:58 We want to release at least five, six films a year and four files will be in the and two, three in the regional languages, we'll achieve that. Okay. And is there any plan to increase the price of our Pesa streaming with YouTube? When was it last revised? And on what I mean, what can be the driver of it? Sir, it's a... Let's say the revenue share is there, and that is currently, let's say, stable. So we don't see any, let's say, anything that it will increase further. I think it should be at the current level in terms of the revenue share percentage. So, generally, what the... What what is the driver of it? Suppose, say, for example, let's say, it it could be around 5 paisa per streaming, for example, and suppose it has to go to 8 to 10 paisa per streaming. So what is...

32:55 What are the reasons or what are the drivers of it? Just wanted to understand that. No. It won't go to 8 paisa. It will remain 5 paisa. Only we have to see if we will... We should release a 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, 100,000,000 streams. So how we can achieve eight six billion six million six hundred million, 800,000,000 like that. We have to increase our numbers, and we constantly do that. So once this volumes goes up, the listenership volumes goes up, can it drive per pesa streaming as well? Look, amount won't change. Other say, if we are doing one lakh string and we are making, say, so what amount will be? And if we are doing a two lakh string, so amount is same five, but gross amount will be double.

33:55 Okay. Understood. And any update on And, sir, let's say, see, the driver would be... Your question, in terms of the first thing, the driver would be the paid subscription picking up. Yes. Paid subscription? Yeah. Yeah. So there's a first team with rates are higher. Okay. And this paid subscription broadly, to my understanding, it must be purely on one centric. Right? I mean, is there any data that suggests that rural is also picking up? Any any color on that? These these OTT companies, their focus is on... They are focused on the city base, but we are encouraging them. You know, there are service called ring back tone, caller ring back tone.

34:43 They were... I think around twenty years back, where the telephone mobile companies used to make around 5,000 crores from subscription of that service to enjoy that service. At that time, all India... That was only 8% of mobile subscribers. So I think it's a big, big opportunity. We are constantly pushing these companies, OTT companies, to go on a rural places also, two cities, tier three cities, tier four cities. So we are we are pushing them. It will happen. Yeah. Because that's a mass market as well anyways. So, yeah, that was so lastly, any thoughts on the new CEO hiring? Are we going aggressive? Or is it like still working out well?

35:31 Yes. We are very aggressive on that. But in our industry, I'm not finding a suitable person. So it still searches on. As we get, we'll immediately appoint. Good to know that. I just want to squeeze one last question. So, sir, so, basically, the taste of the songs have been eventually changing. How are we relating to the listenership of current Gen z population? You know, how are we meeting the evolving needs of the music? Father, I'm listening this question for last thirty five, forty years. In music change, you're saying romantic songs, sad songs, party songs.

36:16 They they do. So I don't think if song is good, the will also like, a millionaire will also like, senior citizen also like. So we have to just clear focus on a good quality song. Understood. All the best, sir. Thank you for all the questions 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 from three sixty one Capital. Please go ahead. Hi. Thanks for the follow-up. So my understanding is that we negotiate directly with YouTube for short. How does this work for Instagram leads? Is Warner solely responsible for negotiations? Or do we also have a say, especially on the pricing front?

37:06 No. In 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. And are the contracts with... Between Warner and the end entities also renegotiated annually? So, Harish, it could be, let's say, on a two year or annual basis. So it depends on platform to platform. Understood. And could you just remind me when does our renewal for renegotiation start with Warner? So Warner deal will come up for renewal next year, September 28. The next question is from the line of Harsh K. Shah from GM Financial PMS.

38:00 Please go ahead. Yes. Thanks for the opportunity. A couple of questions from my side. So firstly, Sushant, could you help me out with the data point as to what was the contribution from Werner in h one of f twenty seven, and what was it in h one f twenty six? As we don't, let's say, share that data, but in in that range of, let's say, 25, 30% So, I mean Of the whatever. Yeah. So has there been any increase if you have to compare h one to h one? Is there... Is that a case?

38:47 There would be. There is an increase. Okay. Have seen a revenue growth for the first half. So it has been driven across all the platforms. Sure. Secondly, it's an accounting question. So if I look at the balance sheet last financial year, there was this item within noncurrent liabilities, which is kind of has a subsection known as other noncurrent liabilities, which has an amount of 18 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, since 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.

39:43 So has there been any change in that or any reclassification that has happened? Because there's nothing in the other noncurrent liability part. So your understanding is right. Let me... There is a bifurcation in noncurrent and current. And let's say, as in when the revenue is booked, let's say, the amount moves from this bucket. And as in when we receive the advance, it would be classified... Let's say, if it is more than twelve months, it would be classified under noncurrent. And if it is less than twelve months, it would be classified under current. But it would con... So it would consist of advances from Warner and other, let's say, SMP or other players that we have a partner. Okay. So then does that mean that in the first half of this financial year, we have not yet received any advance from Werner? It is just the revenue recognition that has happened of the advance received previously?

40:40 So it's 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 ready. 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 miss 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, please, feel free to contact us. We are M and T End Time Private Limited, Investor Relations Adviser for Tips Music Limited.

41:27 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.