Tata Play, formerly known as Tata Sky, has reported a significant widening of its consolidated net loss to ₹529.43 crore for the financial year ending March 31, 2025. This marks a nearly 50% increase in losses compared to ₹353.88 crore in FY24, according to financial data accessed by business intelligence platform Tofler. The DTH operator also saw a decline in its revenue from operations, which slipped by 5.15% to ₹4,082.5 crore in FY25.
In response to the challenging market conditions, Tata Play significantly scaled back its advertising and promotional expenses, which dropped by 29.2% to ₹124.28 crore in FY25, down from ₹175.54 crore in the previous fiscal year. Total expenses for the company were also reduced by 3% to ₹4,619.22 crore during the same period.
The widening losses and declining revenue come as Tata Play continues to grapple with intense competition in the Direct-to-Home (DTH) sector from rivals like DishTV, Airtel Digital TV, and the public broadcaster’s DD Free Dish. The DTH industry as a whole is facing pressures from the rising popularity of Over-The-Top (OTT) streaming services, which offer a compelling alternative for entertainment consumption.
Despite the financial setbacks, Tata Play has made progress on its balance sheet, successfully reducing its net debt to ₹3,445.60 crore in FY25 from ₹4,010.21 crore a year earlier. As of March 31, 2025, Tata Sons remains the largest shareholder in the company with a 60% stake, having acquired an additional 10% from Temasek Holdings’ affiliate Baytree Investments (Mauritius) Pte Ltd in a $100 million deal last year.
The company had previously attempted to go public, having received approval from the capital market regulator Sebi for an Initial Public Offering (IPO). However, the listing was delayed due to “certain observations” from the Ministry of Information & Broadcasting (MIB), which had requested a change in the company’s equity structure in October 2022. Furthermore, discussions for a potential merger of its DTH business with Bharti Airtel’s loss-making DTH arm were terminated in May 2025, as the two parties could not reach a “satisfactory resolution.”
While the exact reasons for the escalating losses were not immediately clear, the financial performance underscores the ongoing challenges faced by traditional DTH operators in India’s evolving media landscape, which is increasingly dominated by digital content consumption.
Key Highlights::
- Tata Play reported a consolidated net loss of ₹529.43 crore in FY25, a nearly 50% increase from FY24, with revenue from operations declining by 5.15% to ₹4,082.5 crore.
- The company significantly cut its advertising and promotional expenses by 29.2% to ₹124.28 crore in FY25 in response to market challenges and widening losses.
- Despite financial setbacks, Tata Play successfully reduced its net debt to ₹3,445.60 crore from ₹4,010.21 crore in the previous fiscal year.
- The DTH operator faces intense competition from rivals and OTT platforms, with its IPO plans delayed and merger talks with Bharti Airtel terminated, highlighting ongoing industry challenges.