According to financial data accessed by Tofler, business intelligence platform, Tata Play has reported a net loss of Rs. 105.25 crore for the fiscal ended March 2023. According to the data, the company reported a net profit of Rs. 68.6 crore in FY22.
The company’s revenues decreased by 5.1 per cent to Rs. 4,499.19 Crore compared with Rs. 4,741.07 a year ago.
Tata Play which was previously known as Tata Sky is not a publicly listed legal entity. However, earlier this year it received permission from capital markets regulator Securities and Exchange Board of India to raise funds through an initial public offering (IPO). Tata Play’s total expenses for 2022-23 was Rs. 4,691.25 crore.
Tata Play, the joint venture between the Tata Group and Rupert Murdoch’s 21st Century Fox, saw fall of total income of 5% to Rs. 4,529.97 crore. Its total liabilities fell to Rs. 8,658.22 crore in FY23 from Rs. 9,198.1 crore in FY22.
Its borrowings in FY23 rose to Rs. 2,787.35 crore from Rs. 2,037.45 crore a year ago.
The company stated that despite the macroeconomic and industry difficulties, it has made ‘remarkable progress’ during the year by reaching some significant milestones. It also mentioned that free dish, along with cheap data prices, added to the industry’s woes.
It said, “Although the challenges persisted, the elimination of the four major Hindi entertainment channels has resulted in enhanced customer retention in the Hindi-speaking markets.”
Dish Tv, it’s closest rival’s consolidated revenue from operation for FY23 was at Rs. 2,261.85 crore. According to the latest TRAI report, India’s total number of paid DTH subscribers stands at 66.52 million with a 32 % share held by Tata Play.
