Netflix India's profit up 75% at Rs 35 cr in FY23
Netflix saw a 24% increase in revenue at Rs 2,214 crore
Netflix India has reportedly posted a 24% increase in its revenue for FY2023 at Rs 2,214 crore. Net income stood at Rs 2,286.3 crore in FY23 from Rs 1,837 crore in FY22.
According to reports quoting regulatory filings, the net profit is up 75% to Rs 35 crore in the fiscal for the streaming platform.
The revenue growth is spurred by an increase in subscribers in India due to its enhanced content offering. Price reductions also helped Netflix increase engagement among users, driving subscriber growth.
In FY2023, the company's personnel expenses grew to 29.2% to Rs 124 crore from Rs 96.4 crore in FY2022.
Marketing costs increased by 24% to Rs 2,062 crore in FY23 from Rs 1,667 crore in FY22.
Total expenses saw a 24% jump to Rs 2,232 crore in FY23 from Rs 1,802 crore in FY22.
Back in July 2023, the company cracked down on password sharing in India as part of its global efforts to improve revenue growth.
