Star India’s profit drops 31% to Rs 1,272 crore

Walt Disney-owned Star India’s consolidated net profit for FY23 has dropped 31 per cent year over year to ₹ 1,272 crore. The figure stood at ₹1834 crore in the previous fiscal. The profits were declared as part of the financial statement filed with the Registrar of Companies (RoC).

The company’s total income increased by 9 per cent year on year to ₹20,699 crore in FY 23 (₹19,058 crore in FY22)

Recently, Walt Disney disclosed that its sports business in India reported an operating loss of ₹3,703 crore for the nine months ended July 1 on revenue of ₹5,313 crore. This comes even as Hotstar faces serious competition from Jio Cinema for acquiring rights for high revenue-grossing cricket tournaments including the IPL.

Novi Digital Entertainment, the company’s subsidiary, which owns Disney+ Hotstar, has seen a 118 per cent plunge in net loss to ₹748 crore ( ₹343 crore last year) , while revenue jumped 35 per cent to ₹4,341 crore ( ₹3,259 crore last year)

Disney is in discussions with Reliance to sell its streaming business to Viacon18. Sources close to the company have revealed that these discussions have reached the final stages and a deal could be potentially announced soon. The Hindu businessline