Tata Play net loss surges 44% to ₹510 crore in FY25
Tata Play
, the direct-to-home (DTH) television service jointly owned by Tata Sons (70%) and Walt Disney (30%), reported a wider consolidated net loss of ₹510 crore for 2024-25, a 44% increase from ₹354 crore in the previous year.
The company also recorded a 5.46% decline in total revenue to ₹4,082 crore from ₹4,305 crore. It had been in talks with
Bharti Airtel
to merge with the latter's DTH arm, Bharti Telemedia. However, the merger discussions were terminated owing to the lack of a 'satisfactory resolution'.
Crisil Ratings, which reaffirmed its ratings on Tata Play's ₹8,000 crore bank facilities, said revenue is expected to remain flat in 2025-26, following the decline in the previous fiscal. The drop is primarily attributed to a shrinking subscriber base, which has fallen to 18 million from a peak of 23 million.
The decline in subscribers is driven by mounting competition from DD Free Dish, operated by Prasar Bharati, and the increasing popularity of digital entertainment platforms, particularly over-the-top (OTT) services.
However, Media Partners Asia had earlier reported that the pay TV industry gained 3.5 million net paid subscribers in 2025 amid cricket content moving behind paywalls even as competition from DD Free Dish and OTT continues unabated.
Crisil Ratings noted that while DTH revenues have declined, the impact is expected to be partially offset by growing earnings from Tata Play's broadband business and its OTT platform, Tata Play Binge.
Last year, Tata Sons acquired a 10% stake in Tata Play from Temasek for $100 million, valuing the DTH firm at $1 billion, down significantly from its pre-Covid-19 peak valuation of $3 billion.
Meanwhile, Tata Play Broadband (TPBB) narrowed its net loss by 6.48% to ₹101 crore, down from ₹108 crore. Revenue rose more than 16% to ₹383 crore from ₹329 crore.
Crisil Ratings reaffirmed its ratings on TPBB's ₹700 crore bank facilities.
Tata Play invested ₹455 crore in TPBB in 2021-22, ₹209 crore in 2022-23 and ₹185 crore in 2023-24. While TPBB's net worth stood at around ₹450 crore in 2023-24, it was largely supported by these capital infusions. With future investments expected to decline, the net worth may shrink.
Tata Play reduced its adjusted net debt to ₹3,262 crore in 2022-23 from ₹3,679 crore in 2021-22. However, it temporarily rose to ₹4,074 crore in 2023-24, largely owing to a ₹1,200 crore increase in lease liabilities linked to new GSAT satellite transponders.
In August 2023, the company began transmission via the GSAT-24 satellite, enabling it to carry 50% more channels.
For 2024-25, total debt remained stable at ₹3,584 crore, or ₹1,798 crore excluding lease liabilities.
Crisil Ratings expects the majority of upcoming capital expenditure to be directed toward the DTH business, with spending expected to be managed prudently.
Despite operational improvements, Tata Play's financial position remains burdened by a negative net worth, owing to accumulated losses and provisions related to a potential liability for disputed licence fees.
The issue stems from a demand raised by the information and broadcasting ministry in 2019-20. While the matter remains under judicial review, the ministry granted all DTH operators a provisional 20-year licence with effect from April 1, 2021.
Tata Play has provisioned around ₹2,002 crore for this liability and has recognised an additional ₹2,280 crore as a contingent liability as of March 31, 2024, with no immediate payout expected.
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