Netflix India's net profit jumps 75% to Rs 35 cr in FY23, revenue grows 24%

Netflix Indian has reported a 24% increase in revenue in FY23 at Rs 2,214 crore. The surge in growth is likely led by a rise in the number of subscribers within the country, driven by an expanded content slate.

Additionally, the implementation of price reductions played a pivotal role in enhancing user engagement in India, ultimately contributing to the company's expansion in subscribers, according to media reports.

Netflix India's net profit jumped by 75% YoY to Rs 35 crore in FY23 from Rs 20 crore in FY22.

During the financial year, there was a notable increase in Netflix's personnel expenses, surging by 29.2% to reach Rs 124.6 crore in FY23, compared to the previous financial year where it stood at Rs 96.4 crore in FY22.

Other expenses, covering marketing costs, surged by 24%, reaching Rs 2,062 crore, up from Rs 1,667 crore in FY22. Concurrently, the company's overall expenses experienced a 23.9% upswing, reaching Rs 2,232.5 crore in FY23, compared to Rs 1,802 crore in FY22.

The financial outcomes exclude Netflix's content investments in India, a segment documented under the distinct entity of Los Gatos Production Services India LLP. The firm reported a gross turnover of Rs 3,191 crore in FY23, 99% of which came from the export of services.

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