NFLX - Netflix India's Profit Soared In FY23 But It Faces Tough Competition in Subscriber Race | Benzinga
Netflix, Inc (NASDAQ: NFLX) India experienced a significant financial boost in FY23, with its revenue climbing by 24% to reach ?2,214 crore (roughly $266.67 million).
Reduced subscription rates and an expanded range of titles fueled this increase. The company's net profit soared by 75%, going from ?20 crore (roughly $2.4 million) in FY22 to ?35 crore (roughly $4.21 million), the Economic Times cites regulatory filings.
Despite these impressive gains, these financials do not encompass Netflix's content investments in India, recorded under Los Gatos Production Services India LLP.
Los Gatos registered a gross turnover of ?3,191 crore (roughly $384.4 million) in FY23, most of which originated from service exports.
Netflix's affordable pricing, introduced in December 2021, resulted in a 30% increase in user engagement and a ...