Netflix India's Profit Soars by 49% in FY24 Amidst Stiff Competition

• Netflix India's net profit surged by 49% to INR 52.4 Cr in FY24, up from INR 35 Cr in the previous fiscal year.
• Revenue also increased by 28.5% to INR 2,845.7 Cr, while personnel expenses were cut by 10.6% to INR 105.98 Cr.
• Despite these gains, the company's other expenses rose by 32.3% to INR 2,688.4 Cr.
• Netflix faces competition from Jio Cinema and Disney Hotstar, but has partnered with Vodafone Idea and Airtel India to offer bundled subscriptions.
• The company is currently under investigation by Indian authorities for alleged visa violations and racial discrimination.

Source: Inc42