communique
With continued market presence, your Company recorded all time high
revenue and PAT. Revenue from Operations rose by over 28% at Rs. 7,366 Mn from the last
financial year, while net profit surged by over 21% to reach Rs. 1,851 Mn. Our topline has
grown by a CAGR of 22% for the last 7 years and even more significant is the fact that our
profits have grown at a CAGR of 58% for the similar period. We believe this journey of
growth and habit of breaking our own records will continue as the pillars of this growth
namely digital boom, availability of capital for future investment and an excellent team
at work stay strong and intact.
The music segment continued to grow strongly on the back of the
Company's strategy to invest in new music and monetise the catalogue in different ways.
The Company is continuously exploring possibilities of inorganic
acquisition by way of different transaction structures, and is committed to investing
based on financial and strategic parameters. However, safeguarding
of capital continues to be our top priority along with tapping avenues
of growth.
Carvaan sales grew by over 40% and our strategy of providing value to
our customers driven by product innovation continues to be the driving factor for growth
in retail business. We will continue to innovate on the product front and plan to come up
with some exciting product offerings with a lot more service features as well as sources
of revenue. The Company believes in diversifying its business streams to maximise benefits
of synergy. The launch of live events vertical is an example of the same. In our Films, TV
and Events segment, revenue grew by 54%.
Your Company continues to strengthen its core values such as
governance, stakeholder value creation and sustainability. The Company has embedded ESG
parameters in its business activities. In order to enhance visibility, a holistic view of
its activities is presented through an Integrated Report.
The Company continues its practice of rewarding its shareholders. An
Interim dividend of Rs. 578 Mn (Rs. 3 per Equity Share on the face value of Re. 1 each)
was paid during the quarter ended 31st March, 2023.
I want to thank all stakeholders for their continued support in
achieving our targets for the year gone by. We believe that we are at the cusp of an
exciting journey, which is expected to create value for all of us.
Yours sincerely,
Avarna Jain
Vice-Chairperson
mds perspective
Hello everyone, I am pleased to share with you highlights of an
extremely eventful year for your Company driven by the digital revolution and our content
play. We have witnessed the Company scaling new heights and we are confident of achieving
even higher peaks. The Company's revenue from operations touched Rs. 7,366 Mn and the PAT
recorded was Rs. 1,851 Mn. It is heartening to note that the growth story is not a one-off
event but a further addition to the consistent track record of strong financial
performance.
A big shift in the Company's outlook over the last few years has been a
greater focus on our younger audiences. We are constantly catering to the content needs of
this class of audience by way of investing aggressively in new music, creating derivatives
and cover versions of gems from our catalogue, entering into the business of live events
and expanding the horizon of Yoodlee vertical by releasing Web Series on digital
platforms. This approach not only helps us connect with our younger audience but also
diversifies the revenue streams, paving way for a broad-based growth in the years to come.
Music has been the driving force behind the Company's growth story in
the past and it continues to deliver the results in line with everyone's expectations. The
Company's music licensing revenue grew by over 20% for the 5th year in a row.
This is primarily on account of increased investment in new music and the growing
popularity of our retro
catalogue. One of the key strengths of the Company and the one that
sets us apart from the rest is the process of new content acquisition. The Company
acquires new content using predictive AI technology using volumes of relevant data
converted to knowledge which is leveraged through a completely decentralised
decision-taking structure and listening sessions by our young employees that clearly
understand the modern day content requirements. Performance of new content has been one of
the major drivers of our growth in the music licensing vertical. The result is clearly
visible as 21st century songs contributed ~48% of the music licensing revenue
for FY23. Another critical element of our new content strategy is being language-agnostic.
We believe in investing in any content that meets our parameters of financial returns.
Your Company has clocked revenues of over Rs. 1,574 Mn in the Films, TV
and Events segment registering a 54%
YOY growth. There is an exciting line-up of our films and series to be
released in the coming years. Our entry into the business of live events has been received
very well and it gives us the confidence to build this further. While this segment is
expected to grow at a higher rate than other segments, we have implemented a tight capital
allocation policy to mitigate any risks of capital being locked for a long period.
I would like to highlight that technology remains at the centre of the
Company's strategy in every decision that we take. We have so far invested in predictive
AI and now we shift towards investing in Generative AI technology. We keep ourselves
abreast with technological advancement and believe that leveraging new-age technological
developments will be a path-breaking step with respect to the growth story waiting to be
unfolded.
I thank all our business partners, investors, employees and most
importantly the consumers for their strong support and patronage to the Company. Looking
forward to the ever-strengthening partnership in future.
Yours sincerely,
Vikram Mehra
Managing Director