Netflix India saw its net profit surge 49% to INR 52.4 Cr in the financial year 2023-24 (FY24) from INR 35 Cr in the previous fiscal year.
The company reported its revenue rising to INR 2,845.7 Cr, an increase of 28.5% from INR 2,228 Cr in the year ago period.
It also managed to cut its personnel expenses by 10.6% to INR 105.98 Cr FY24 from INR 118.5 Cr in the last fiscal year.
Streaming giant Netflix’s India arm, Netflix Entertainment Services India LLP, saw its net profit surge 49% to INR 52.4 Cr in the financial year 2023-24 (FY24) from INR 35 Cr in the previous fiscal year.
In the year under review, the company reported its revenue rising to INR 2,845.7 Cr, an increase of 28.5% from INR 2,228 Cr in the year ago period.
Meanwhile, the company cut its personnel expenses by 10.6% to INR 105.98 Cr FY24 from INR 118.5 Cr in the last fiscal year.
However, the company’s other expenses rose by 32.3% to INR 2,688.4 Cr in the year under review from INR 2,032.7 Cr in FY23.
With this, the company reported its total expenses rising by 29% to INR 2,810.8 Cr in FY24, from INR 2,174.2 Cr in FY23.
Notably, the company– which has been operational in the country for nearly a decade now, has yet to crack the Indian market.
The streaming giant is also facing stiff competition from Jio Cinema, which is now also in process of merging with Disney Hotstar as well.
However, Netflix has now started taking active steps to settle in India. In May this year, the company partnered telecom major Vodafone Idea (Vi). Under the partnership, Vi has started offering prepaid tariff plans bundled with Netflix subscription.
Netflix also has a partnership with Airtel India, besides partnering with local broadband providers like ACT Fibernet.
Notably, Airtel subscribers of select postpaid and V-Fiber home broadband plans can enjoy free streaming of Netflix for three months.
The company also has its fair share of recent controversies as well. Most recently, the company came under the scanner of India with authorities probing the business practices of the OTT player’s local operations, including allegations of visa violations and racial discrimination.
