Netflix India’s net profit rises by 49% to Rs 52 crore in FY24

Growing subscriber base and expanded content have been attributed as reasons for Netflix India's boosted numbers in the fiscal

by e4m Desk
Published: Nov 2, 2024 9:16 AM | 1 min read

Netflix India’s profit rose 49% to Rs 52 crore, up from the previous fiscal’s Rs 35 crore, according to a news report quoting business intelligence platform Tofler.

The US-based streaming service’s gross turnover reportedly rose 29% to Rs 2.845 crore from Rs 2,214 crore in FY23. The rise has been attributed to Netflix India’s growing subscriber base according to the report. The platform has an estimated 12 million subscribers.

Expenses for the platform grew 29% in the fiscal to Rs 2,810 crore driven by a 32% increase in other expenses, touching Rs 2,688 crore, said the report. Expenses on personnel was cut to 11% to Rs 105 crore. Cash and cash equivalents reportedly 110% to Rs 861 crore.

Los Gatos Production Services India posted 122% increase in net profits at Rs 91 crore. Its turnover rising by 17% to Rs 3,744 crore from export services.

Total expenditure for Los Gatos Production reportedly increased 16% to Rs 3,644 crore thanks to rise in content production.

The streaming company in its Q3 results has said that its APAC business leads in all regions with 19% revenue growth rate. “We’re improving our product/market fit in APAC and had a strong local content slate in Japan, Korea, Thailand and India in Q3. As a result, our revenue growth rate in APAC (+19% year over year) led all regions.”