IPO-bound Tata Play reports net loss of ₹105 crore in FY23: Report
Tata Play, which has been given approval by Sebi to raise money through an IPO, posted a net loss of ₹105 crore for the fiscal year ending in March 2023 as opposed to a net profit of ₹69 crore the previous year, according to a report from the Economic Times (ET). The direct-to-home (DTH) company's revenue from operations for the fiscal year decreased 5.1% to ₹4,499 crore from ₹4,741 crore the previous year, according to financial data acquired by Tofler. According to ET, overall expenditure climbed by 1% to ₹4,691 crore from ₹4,642 crore.
The company's DTH business income decreased from ₹4,567 crore to ₹4,240 crore, a decrease of approximately 7%. Revenue from internet services increased by more than 49%, from ₹174 crore to ₹260 crore. Tata Play had 0.4 million broadband clients and 21.78 million DTH subscribers as of December 2022.
The email sent to Tata Play remained unanswered, said ET in its report. The company, as stated in the report, paid Star India ₹920.63 crore as the broadcaster's share of the highest retail price, down from ₹928.32 crore in the previous year. The Walt Disney Company, which owns 30% of Tata Play, also owns Star India.
The first company in India to file confidential papers to the market regulator for an IPO is Tata Play. The proposed public offering by Tata Play has received approval from the SEBI. On April 26, SEBI released its letter of observation regarding the company's previously filed offer document.
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