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CSK’s profit drops as costs increase, revenue rises on tournament victory 

CSK has landed a license to participate in the Cricket South Africa league in Johannesburg. The first edition of the tournament is likely to take place in January and February 2023. 

August 26, 2022 / 03:12 PM IST

Indian Premier League (IPL) franchise Chennai Super Kings Ltd. (CSK) has reported a net profit of Rs. 32.12 crore in the year ended March 2022, a drop from Rs.40.26 crore in the previous year, even as revenue rose.

CSK said it earned revenue of Rs. 349.14 core in the year under review, up from Rs. 253.69 crore in the previous year.

“The expenses for the year under review have been higher consequent to the (2021) tournament being held in two stages and with the second stage being held overseas. The revenue was also higher due to the team winning the title,” the company said in its annual report.

To conserve resources, the company has decided not to declare a dividend for the year ended March 2022. Also, it has chosen not to transfer any amount to its reserves for the year.

CSK has landed a license to participate in the Cricket South Africa league in Johannesburg. The first edition of the tournament is likely to take place in January and February 2023.

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“The financial commitments relating to the CSA league will be dealt with on execution of agreements,” the company said in its annual report.

Meanwhile, investor Radhakishan S. Damani has increased his holding in CSK to 2.94% from 2.39% at the beginning of the 2021-22. Similarly, Sri Saradha Logistics Private Limited, too, has increased its holding from 5.69% to 6.99%.

In April this year, on the eve of the IPL players’ auction, Kotak Mahindra Asset Management Company had invited bids for 100,000 shares of the unlisted CSK.

The AMC had secured the shares when CSK was demerged from India Cements. Since a CSK share sale is still in the realm of speculation, Kotak Mahindra AMC chose the bidding route to sell the shares.
KT Jagannathan is a senior journalist based in Chennai
first published: Aug 26, 2022 03:12 pm
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