Netflix Entertainment Services India LLP's net profit jumped 76%, while its revenue rose 24% in fiscal 2023.
The domestic entity of Netflix Inc. posted a revenue from operations of Rs 2,214.1 crore, as compared with Rs 1,783.6 crore in FY22, according to the Registrar of Companies filings sourced via PrivateCircle Research on Wednesday.
The streaming giant's profit rose to Rs 35.3 crore in FY23 from Rs 20.1 crore in fiscal 2022.
Its expenses ballooned to Rs 2,232.5 crore from Rs 1,802.3 crore, but its other income helped report another profitable year. These do not include its content investments, which are a major cost centre. Those are reported via another entity, according to the Economic Times.
Netflix's pricing strategy for India seems to have paid off, with its lowest plan—the mobile plan—costing as less as Rs 149 per month. Its other plans are priced at Rs 199, Rs 499 and Rs 649 per month, depending on the number of screens and profiles allowed.
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