Chennai Super Kings Cricket Ltd records 340% jump in net profit at Rs 229 cr
The report also gave an overview of its three wholly-owned subsidiaries, with Superking Ventures Private Limited (SVPL) having commenced its operations during the Financial Year 2022-23 by starting cricket academies viz.
Chennai Super Kings Cricket Ltd
CHENNAI: The Chennai Super Kings Cricket Ltd (CSKCL) has reported a stupendous 340 per cent surge in net profit to Rs 229 crore in FY24 from Rs 52 crore in the previous year, thanks to the increase in revenues on account of the BCCI central rights and ticketing income.
The 10th Annual General Meeting of CSKCL will be held on Friday, 27th September, 2024. KS Viswanathan, aged 71 years, will continue to lead Chennai Super Kings Ltd as the resolution to approve his appointment as the MD for a three-year period has been passed by the Board.
As per the annual report of the cricket entity, the Season XVII of the Indian Premier League (IPL) commenced on March 22, 2024 and the matches were played till May 2024, where the IPL Franchise Chennai Super Kings finished in the fifth place and missed qualifying for the knockouts. “Your team has been the most consistent IPL team and has won five IPL titles, appeared in 10 IPL finals and have qualified for the playoff stages 12 times,” it said.
During the year under review, its turnover was Rs 67,640.25 lakh compared to Rs 29,234.36 lakh in the previous year. “The growth in total revenue for the year 2023-24 compared with the previous year was mainly due to increase in revenues on account of the BCCI central rights and ticketing income. Consequently, the Profit After Tax increased to Rs 22,910.70 lakh as against Rs 5,217.44 Lakh in the previous year,” the report said.
During the year, the paid up equity share capital of the Company increased from Rs 3.08 crores to Rs 3.79 crore consequent to allotment of 7,12,71,930 Equity shares of Rs 0.10 each fully paid-up upon conversion of 650 Optionally Convertible Debentures of Rs 10,00,000/- each, as per the terms approved by the shareholders.
The report also gave an overview of its three wholly-owned subsidiaries, with Superking Ventures Private Limited (SVPL) having commenced its operations during the Financial Year 2022-23 by starting cricket academies viz. “Super Kings Academy” in Chennai and Salem. SVPL now has 9 centres in Tamil Nadu and two overseas centers.
SVPL plans to further expand its activities to various other geographies. The Super Kings Academy operates on company-owned/operated and franchise models. The academies catered to over 1,100 students and 19 students (including girls) represented TN across different age groups. More than 70 students participated in the TNCA league. SVPL also manages commercial interests of some of the talented professionals in various sports activities including cricket.
During the year under review, SVPL recorded a turnover of Rs 547.68 Lakhs, which is more than double that of the turnover of Rs 256.34 Lakhs of the previous financial year. The operating loss also reduced from Rs 634.32 lakh to Rs 161.10 lakh, as per the annual report.
Joburg Super Kings franchise finished as semi-finalist in Season 2 of SA20. SA20 continued to deliver entertaining and competitive cricket in Season 2 and continued to attract good stadium attendance and viewership numbers. During the year under review, the total revenues increased from Rs 3039.40 lakh to Rs 4023.06 lakh due to increased revenues from sponsorship, ticketing and central rights. During the year, JSK made an operating loss of Rs 2622.74 lakh as compared to a loss of Rs 3204.61 lakh in the previous year.
Similarly, during the year under review, Super Kings International Inc (SKI) was incorporated as the Company's wholly-owned subsidiary in the US. SKI participated in the Major League Cricket (A Professional T20 League in the USA) through Texas Super Kings International LLC under the team name ‘Texas Super Kings’ and finished as semi-finalist. Thus, the Company increased its global footprint by being part of the Major League Cricket. During the year under review, SKI had a total revenue of Rs 117.04 lakh and a profit of Rs 22.57 lakh.
Rupa Gurunath, Trustee for Financial Service Trust and Security Services Trust, one of the Promoter entity holding 199,54,024 equity shares of Rs 0.10 each of the Company, transferred the entire holdings ie, 99,80,000 equity shares of Rs 0.10 each to the Settlor ICL Financial Services Limited and 99,74,024 equity shares of Rs 0.10 each to another Settlor, ICL Securities Limited. ICL Financial Services Limited and ICL Securities Limited transferred their respective holdings in the Company to EWS Finance and Investments Private Limited during July 2024.
