Mukta Arts concludes music rights deal with Tips for royalty of Rs 9.63 cr
MUMBAI: Mukta Arts has concluded a deal with Tips Industries for extension of all audio and music video rights for a royalty of Rs. 9.63 crore.
Meanwhile, Mukta Arts has narrowed its Q3 FY19 net loss to Rs 2.74 crore compared to Rs 3.12 crore in Q3 FY18. Consolidated revenue for Q3 FY19 grew by 33.2% y-o-y from Rs 30.5 crores to Rs 40.7 crore.
Whistling Woods International, a Mukta Arts’ subsidiary in the education business posted a 19% growth in revenue for Q3 FY19. Mukta A2 Cinemas, a subsidiary into exhibition business posted a 43% y-o-y growth in Q3 FY19 revenues at Rs 19.7 crores and turned EBITDA positive.
The company added five new screens recently and its total count as of today stands at 64 screens, including 6 in Bahrain & 10 under its JV with Asian Cinemas.
Commenting on its performance, Mukta Arts MD Rahul Puri said, “Both our key businesses, exhibition, and education reported strong revenue growth during Q3. Even for nine months, the revenue growth of over 20% is quite healthy and we reported a small post-tax profit compared to losses during the similar period last year. We see good traction across the businesses.”