Chennai Super Kings Cricket Ltd (CSKCL), a subsidiary of India Cements and the operator of the IPL franchise team CSK, managed to sustain profitability in FY23 despite a decline in total revenue. As per the company’s annual report, CSKCL achieved a profit after tax of Rs 52 crore in FY23, marking a notable 63% increase from the Rs 32 crore reported in FY22. During FY23, CSKCL recorded a total revenue of Rs 292 crore, a decrease of 16% from Rs 349 crore earned in FY22. Of this revenue, Rs 273 crore came from operations, while an additional Rs 19 crore was generated from other income sources.
In FY23, the franchise received approximately Rs 192 crore from central rights, down by 26% from Rs 242 crore in FY22. Sponsorship income saw a boost to Rs 78 crore, up by 20% from Rs 65 crore in FY22, while income related to tournaments dropped to Rs 4 crore compared to Rs 34 crore in FY22. The total expenses for CSKCL amounted to Rs 222 crore, which included Rs 92 crore for team players and staff remuneration, Rs 50 crore for franchise fees, Rs 38 crore for tournament-related costs, and Rs 16 crore for administrative expenses. This showed a significant reduction of 27% in expenses as compared to the Rs 308 crore incurred in FY22.
Additionally, CSKCL, through its subsidiary Superking Ventures Ltd, is intensifying its focus on various cricketing activities. This includes the establishment and development of high-performance centres and sports academies aimed at providing state-of-the-art training facilities to sports personnel, especially aspiring cricketers, to elevate their competency to national and international standards.
As part of this initiative, the company is planning to acquire a property measuring 19,208 sq. ft along with a building spanning 50,912 sq. ft in Thiruvanmiyur, Chennai, with a budget not exceeding Rs 70 crore from EWS Finance and Investments Ltd.
In FY23, Superking Ventures inaugurated two academies, one each in Chennai and Salem, Tamil Nadu, with plans to expand to other locations. The company already had more than 400 students enrolled in these academies, and this number continues to grow. Furthermore, the company has proposed an increase in its existing borrowing limit from Rs 250 crore to Rs 350 crore.
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