Netflix India’s Net Profit Soars 75% To INR 35 Cr In FY23

Netflix India’s Net Profit Soars 75% To INR 35 Cr In FY23

SUMMARY

The streaming giant’s revenue grew 24% INR 2,214 Cr in FY23 from INR 1,784 Cr in FY22

Total expenses rose 23.9% to INR 2,232.5 Cr in FY23 from INR 1,802 Cr in FY22

The increase in revenue and profit comes at a time when Netflix is aggressively promoting its lower-priced subscription plan to grow its user base in India

Streaming giant Netflix’s India arm, Netflix Entertainment Services India LLP, saw its net profit surge 75% to INR 35 Cr in the financial year 2022-23 (FY23) from INR 20.13 Cr in FY22.

The OTT platform, which competes with the likes of Amazon Prime Video, Disney+ Hotstar, and JioCinema, saw its operating revenue grow 24% to INR 2,214 Cr during the year under review from INR 1,784 Cr in FY22, likely on the back of subscriber additions, according to its regulatory filings with the Registrar of Companies (RoC), sourced from PrivateCircle Research.

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