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Dharma Productions, promoted by film producer Karan Johar, reported a nearly four-fold increase in revenue to ₹1040 crore for the fiscal year ending March 2023, compared to ₹276 crore in the previous fiscal.
The company’s revenue growth was driven by Ranbir Kapoor and Alia Bhatt’s Brahmastra: Part One: Shiva. The film collected ₹418 crore in worldwide gross box office collections.
Apart from Brahmastra, the company also released Govinda Naam Mera and Selfiee, featuring Vicky Kaushal and Akshay Kumar, respectively, during the fiscal.
The company’s net profit decreased by 59% to ₹11 crore due to a 4.5-times increase in expenses to ₹1,028 crore. Karan Johar owns a 90.7% stake in the company, while his mother, Hiroo Johar, owns 9.24%.
Business intelligence platform Tofler has obtained the financials from the company’s regulatory filings.
In FY23, Dharma’s income from distribution, digital, satellite, and music rights stood at ₹656 crore, ₹140 crore, ₹83 crore, and ₹75 crore, respectively. In the year-ago period, the four revenue streams contributed ₹19 crore, ₹167 crore, ₹34 crore, and ₹21 crore, respectively, to the company’s top line.
In 2020, Dharma received a show cause notice from the GST department seeking an explanation as to why GST amounting to ₹117 crore, including interest and penalty, for the period July 2017 to August 2020 should not be levied due to GST rate differential on certain taxable services.
Email sent to Dharma Productions CEO Apoorva Mehta didn’t elicit any response till press time.
The small OTT platforms are hence facing two options: get acquired by larger platforms or shut shop due to growing losses as expenses continue to outpace revenues.
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