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Chennai Super Kings Cricket Ltd (CSKCL), the company that owns the IPL franchise team Chennai Super Kings (CSK), has reported more than fourfold increase in its net profit for the financial year 2023-24, clocking ₹229 crore, driven by a significant rise in revenue.
CSKCL’s profit after tax for FY24 surged to ₹229 crore, compared to ₹52 crore in FY23, according to the company’s annual report. This sharp increase came on the back of higher earnings from BCCI central rights and ticketing, recording a significant boost in profit after tax.
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Highest revenue in five years
In FY24, CSKCL, in which N Srinivasan & family has a controlling stake, recorded a total revenue of ₹676 crore, a substantial rise from ₹292 crore in FY23. This figure likely represents the highest revenue the company has generated in the past five years.
Revenue from operations jumped to ₹651 crore in FY24, up from ₹273 crore in FY23. Other income also increased to ₹26 crore from ₹19 crore in the previous year. A major contributor was the ₹479 crore that CSKCL earned from central rights, compared to ₹192 crore in FY23. Sponsorship income grew to ₹95 crore from ₹78 crore, and tournament-related income zoomed to ₹76 crore from just ₹4 crore in FY23.
Total expenses rose to ₹370 crore in FY24, up from ₹222 crore in the previous year. These expenses included ₹144 crore for remuneration of team players and staff, ₹113 crore for the franchise fee, ₹54 crore for tournament expenses, and ₹22 crore for administrative costs.
Subsidiaries’ revenue rises
CSKCL’s South African subsidiary, Joburg Super Kings (Pte) Ltd, saw its revenue increase to ₹40 crore in FY24, up from ₹30 crore in FY23, mainly due to higher income from sponsorships, ticketing, and central rights. The subsidiary reduced its operating loss to ₹26 crore from ₹32 crore in FY23.
Additionally, Superking Ventures Pvt Ltd, another subsidiary of CSKCL, reported a turnover of ₹5.47 crore in FY24, compared to ₹2.56 crore in FY23, while reducing its operating loss from ₹6.34 crore to ₹1.61 crore.
Meanwhile, the company will seek shareholder approval to appoint KS Viswanathan (71) as its Managing Director for a three-year term starting January 19, 2025, at its 10th annual general meeting, which will be held on September 27, 2024. He was appointed Director and Wholetime Director in January 2018 for a three-year term.
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