Mumbai-based film studio Yash Raj Films (YRF) has reported a surge in revenue for the fiscal year ending on March 31, 2023. The company’s revenue reached Rs 1,508 crore, almost 2.5 times higher compared to the previous year. This growth can be attributed to the superlative box office performance of the Shah Rukh Khan-starrer film, Pathaan. YRF had recorded revenues of Rs 619 crore in the previous fiscal year. The success of Pathaan, which made its theatrical debut on January 25, contributed significantly to the revenue surge. The film registered global box office collections of Rs 1,100 crore. Additionally, the revenue boost can also be attributed to the performance of Tiger 3, starring Salman Khan, which was released in November.
Akshaye Widhani, the chief executive of YRF, expressed his satisfaction with the company’s performance in 2023 and stated that it has been one of their best years in their 50-year history. He credited the focused content approach for their hits surpassing their misses. Widhani mentioned that the Indian film industry has rebounded strongly in 2023, achieving the highest-ever box office collections and adding a record 250 movie screens. He expressed a positive outlook for 2024 and beyond, emphasizing the industry’s growth prospects.
Despite the underperformance of films like Jayeshbhai Jordar, Samrat Prithviraj, and Shamshera in the previous fiscal year, YRF’s financials remained strong in FY23. The company’s net profit increased by 10.3% to Rs 117 crore, while expenses rose over 2.8 times to Rs 1,375 crore, as per regulatory filings.
In addition to its traditional film business, YRF ventured into streaming in fiscal year 2023. The company launched the docuseries The Romantics on Netflix, marking its entry into the streaming space. YRF produced a four-part thriller series titled The Railway Men, which was released in November. The company has also collaborated with Netflix for multiple projects, including a web series titled Mandala Murders, and the direct-to-digital films Vijay 69 and Maharaja, set to be released in 2024.
Widhani highlighted that the partnership with Netflix enables YRF to tell stories to new audiences and cater to diverse language preferences. The Railway Men, one of YRF’s collaborations with Netflix, ranked among the Top 10 trending shows on the platform.
Looking ahead, YRF is committed to delivering high-quality content and has not announced any theatrical releases for 2024 as it finalizes its future film slate. The company has begun filming War 2, the sixth movie in the YRF Spy Universe franchise, which is slated for release in 2025. Widhani emphasized the importance of adapting to changing audience preferences, and the company’s focus on quality rather than quantity.
YFX Studios, the visual effects arm of YRF, is expanding its facility to meet the growing demand for VFX-related work. Widhani stated that with the company and its films getting bigger, YFX primarily serves YRF’s visual effects requirements. YRF has embraced a tech-first approach to filmmaking and is experimenting with virtual production, which is expected to transform content production in the future.
YRF Talent, the talent management division of the company, aims to expand its roster. The current roster includes popular actors such as Rani Mukerji, Anushka Sharma, Arjun Kapoor, Vaani Kapoor, Ayushmann Khurrana, Bhumi Pednekar, and more. Widhani emphasized YRF’s commitment to creating a distinct brand and nurturing unique talent. He stated that YRF will continue to expand its talent pool.
Furthermore, Widhani predicted that the film industry in India would grow in sync with the broader media and entertainment industry. As the Indian economy expands and people’s disposable income increases, he expects a rise in entertainment spending. Widhani believes that not only films but the entire media and entertainment industry in India will experience rapid growth.
