Disney-owned Star India reports Rs 12.6K crore revenue, Rs 816 crore net profit in FY21

The company's net profit is of Rs 815.72 crore as against a net loss of Rs 488.85 crore in the previous fiscal

e4m by Javed Farooqui
Published: Oct 28, 2021 1:04 PM  | 4 min read
Star India

Walt Disney-owned Star India has reported a 12% drop in consolidated revenue at Rs 12,664.36 crore for the fiscal ended 31st March as against Rs 14,337.46 crore in the previous fiscal, according to the company's financial data accessed by business intelligence platform, Tofler.

The company's total expenses dropped 27% to Rs 11,123.81 crore from Rs 15,262.69 crore. The broadcaster is back in the black with a net profit of Rs 815.72 crore as against a net loss of Rs 488.85 crore.

On a standalone basis, the company reported a 13% drop in revenue at Rs 11,761.90 crore for the year ended March 31, 2021 compared to Rs 13,486.45 crores recorded during the previous fiscal. Further, the company recorded a net profit of Rs 1,395 crore compared to a net loss of Rs 85.61 crore. The company's expenses contracted by 31% to Rs 9,667.57 crore as against Rs 14,055.50 crore.

The company's advertisement revenue shrank by 15% to Rs 5,918.98 crore from Rs 6,940.05 crore. Subscription revenue remained flat at Rs 4,670.95 crore compared to Rs 4,644.03 crore. The company earned Rs 1,160.76 crore from licensing of content rights, which is an 18.4% drop from Rs 1,422.70 crore in the prior fiscal.

Revenue from the theatrical distribution of films crashed to Rs 11.21 crore due to lack of release of films, since theatres were closed for a major part of the fiscal year. In the previous fiscal, the revenue from the theatrical distribution of films stood at Rs 479.67 crore.

In terms of expenses, the company's Rights/Program cost dropped 37% to Rs 6,325.12 crore from Rs 10,027.20 crore. Licence fees pay out increased by 10% to Rs 652.76 crore from Rs 593.56 crore. Programming expenses stood at Rs 222.08 crore as against Rs 220.84 crore. Technical cost came in at Rs 166.47 crore as compared to Rs 160.95 crore.

As reported earlier, Star India's subsidiary Novi Digital Entertainment, which houses the streaming platform Disney+ Hotstar, has reported a 5% jump in revenue from operations to Rs 1670.63 crore in FY21 as against Rs 1593.02 crore in the previous financial year. The company's ad revenue saw a 15% decline to Rs 829.74 crore from Rs 974.23 crore. Subscription revenue saw a 34% increase to Rs 830.96 crore from Rs 618.79 crore.

Novi Digital's net loss has increased 66% to Rs 601 crore as compared to a loss of Rs 361.89 crore in the previous financial year on the back of double digital rise in expenses. Total expenses for the fiscal rose 16% to Rs 2304.8 crore from Rs 1990.58 crore.

During the fiscal, Star India had made a downstream investment in Novi Digital Entertainment by investing Rs 570.29 crore in lieu of 72,18,92,537 equity shares on rights basis. Further, the company plans to merge its subsidiary Asianet Star Communications Private Limited (ASCPL) into itself.

ASCPL and Star had filed a joint application on 12 February 2021, with National Company Law Tribunal (NCLT), Mumbai for the merger of ASCPL into the company with appointed date of 1st April 2020 under Section 230 to 232 of the Companies Act, 2013.

The said scheme of merger was approved by the Board of Directors of ASCPL and the company at their respective board meetings held on 5 February 2021. The merger scheme/ application is yet to be approved by NCLT. Post receipt of approval from NCLT, an application will be filed with the Ministry of Information and Broadcasting (MIB) for transfer of channel licences, after which the merger scheme would be effective.

Star India is one of the country’s leading media conglomerates, reaching around 700 million viewers a month on TV across India and over 100 other countries. Star and Disney India’s channel portfolio cuts across general entertainment, films, sports, infotainment, kids, and lifestyle content across eight languages. The network generates over 20,000 hours of content every year and broadcasts 70+ channels, reaching 9 out of 10 C&S TV homes in India.

Star Sports is the leading sports network in the country with 17 channels in its bouquet. It is home to a number of leading domestic and international sports and is making quantum leaps in transforming sports in the country, helping India become a multi-sporting nation. The sports broadcaster holds rights to properties like BCCI, Indian Premier League (IPL), ICC, Indian Super League (ISL) and Pro Kabaddi among others.

Disney+ Hotstar, one of India’s largest premium streaming platforms, offers more than 100,000 hours of TV Shows and Movies in eight languages, and coverage of every major global sporting event, including the IPL.
The company is present in the local Indian film production and distribution space through Fox Star Studios. Disney India Studios is also responsible for the marketing and distribution of its Hollywood slate in the country.

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