Chennai Super Kings Ltd. (CSK) has reported a lower profit of Rs 40.26 crore for the year ended March 31, 2021, down from Rs 50.33 crore in 2019-20.
It reported revenue of Rs 253.69 crore for the year under review, down from Rs 356.53 crore in the preceding year.
Profit before interest, depreciation, and exceptional items stood at Rs 67.79 crore (Rs 74.26 crore). The finance cost was Rs. 5.26 crore (Rs.5.337 crore).
Depreciation/amortisation claimed Rs 3.33 crore (Rs.1.63 crore). Profit before tax stood at Rs 59.19 crore (Rs 67.25 crore). It provided for a current tax of Rs 17.63 crore (Rs 16.97 crore). Deferred tax stood at Rs1.29 crore (Rs 6.41 lakhs).
The company said it had not declared any dividend for the year ended March 31, 2021. According to the annual report of the company, it has decided to conserve resources and, hence, skipped the dividend. It cited the pandemic for the drop in total revenue and profit for the year 2020-21.
“Due to the spread of COVID 19 pandemic and in order to control and contain the pandemic, the Board of Control for Cricket in India (BCCI) conducted the IPL season XIII at UAE during September - November 2020. In respect of Season XIV, the same commenced on 9th April 2021 and the matches were held till 2nd May 2021. BCCI, on account of the spread of the COVID-19 pandemic, decided to suspend the remaining matches, and the same is rescheduled to be held at UAE from 19th September 2021,” the company said.
The authorised share capital of the company has been increased from Rs 3,13,16,000 (divided into 31,31,60,000 equity shares of 10 paise each) Rs 6,00,00,000 (divided into 60,00,00,000 equity shares of 10 paise each). The company acquired the Chennai franchise of BCCI-IPL namely “Chennai Super Kings” from The India Cements Limited on February 20, 2015.Meanwhile, the seventh annual general meeting of Chennai Super Kings Cricket Limited will be held on September 18, 2021, through video conferencing. At the AGM, a resolution for the reappointment of Sri K.S. Viswanathan as the whole-time director of the company designated as Chief Executive Officer (CEO) for a period of two years will come up for shareholders’ approval.