Tata Play Reports Net Loss in FY2023, Prepares for Landmark IPO in DTH Sector

7 Jul 2023 , 01:51 PM

Tata Play, a direct-to-home (DTH) company, has reported a net loss of Rs 105 crore for the fiscal year ending in March 2023, compared to a net profit of Rs 69 crore the previous year. Revenue from operations decreased by 5.1% to Rs 4,499 crore, while overall expenditure increased by 1% to Rs 4,691 crore.

The company’s DTH business income declined by approximately 7% to Rs 4,240 crore, while revenue from internet services grew by over 49% to Rs 260 crore. As of December 2022, Tata Play had 0.4 million broadband clients and 21.78 million DTH subscribers.

The company reportedly did not respond to queries sent by the Economic Times (ET) regarding the financial results.

Tata Play paid Star India Rs 920.63 crore as the broadcaster’s share of the highest retail price, slightly lower than the previous year’s payment of Rs 928.32 crore. Tata Play has become the first company in India to file confidential papers with the market regulator, SEBI, for an IPO.

SEBI has approved Tata Play’s proposed public offering, making it the group’s first IPO in 18 years. Tata Play had confidentially pre-filed its Draft Red Herring Prospectus (DRHP) with SEBI on November 29, 2022, after initiating the confidential route for the IPO.

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