Tata Play's revenue dips 4.3% to Rs 4,304.6 cr in FY24

New Delhi: DTH operator Tata Play (erstwhile known as Tata Sky) has reported widening of its consolidated loss to Rs 353.9 crore, as revenue from operations declined 4.32% to Rs 4,304.62 crore in the financial year ended March 31, according to financial data accessed by business intelligence platform Tofler.

In FY23, the company had reported a net loss of Rs 105.25 crore and its revenue from operations stood at Rs 4,499.19 crore.

Total expenses of Tata Play, in which Tata Sons now owns 50% share, has increased 1.47% to Rs 4,760.55 crore in FY24. Earlier, it stood at Rs 4,691.25 crore for the financial year ended in March, 2023.

Tata Play's total revenue in FY24 also declined 4.47% to Rs 4,327.07 crore. Earlier, the total revenue was at Rs 4,529.97 crore a year ago.

On a standalone basis, Tata Play's revenue from operations also declined 6.07% to Rs 3,982.57 crore for the financial year ended on March 31, 2024. It was at Rs 4,240.04 crore in FY23.

After Tata Sons, Network Digital Distribution Services FZ – LLC (NDDS) and TS Investments are the second biggest shareholders of the company owning 20% share respectively in the company.

Baytree Investments (Mauritius) Pte owns 10% in Tata Play.

The direct-to-home service provider is not a publicly-listed entity. It has earlier received the nod from the capital market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

However, it was delayed due to "certain observations" from the Ministry of Information and Broadcasting (MIB).

"The company was planning to get its shares listed on National Stock Exchange of India and BSE, and the company had received approval from SEBI on the pre-filed DRHP," as per documents submitted by the company.

However, despite an in-principle approval, the MIB in a letter to Tata Play on October 7, 2022, had asked for a change in the equity structure of the company.

"In the aforesaid letter, the MIB had mentioned certain observations which states that the existing share structure of the company is apparently in violation of the DTH guidelines," Tata Play said.

As per the management, the company had obtained prior approval from the MIB and the Foreign Investment Promotion Board (FIPB) for the existing share structure. According to Tata Play, the company has not violated DTH guidelines, it said.

"The company had filed a suitable reply dated November 8, 2022 in response to the aforesaid letter from the MIB, on which the reply from the MIB is awaited," it said.

Currently, Tata Sons and TS Investments are the two promoters of Tata Play.