Chennai Super Kings’ profits slide to Rs 40.26 crore

The spread of COVID-19 had hit not only the IPL but also the performance of the Chennai Super Kings (CSK) entity, which has reported a dip in profit Rs 40.26 cr for the year ended March 31, 2021 against Rs 50.33 cr in the previous year.

As per CSK’s annual report, its revenues stood at Rs 253.69 cr compared to Rs 356.53 cr in the year ago period. “The drop in total revenue and profit for the year 2020-21 compared with the previous year was mainly due to reduced revenues on account of COVID 19 pandemic,” it said.

CSK’s profit before interest, depreciation, and exceptional items were at Rs 67.79 cr (Rs 74.26 cr). The finance cost was Rs 5.26 cr (Rs 5.337 cr). Its profit before tax was Rs 59.19 cr (Rs 67.25 cr).

There was no dividend declared for the year ended March 31, 2021 as part of the company’s efforts to “conserve resources.”

The reappointment of KS Viswanathan as whole-time director, designated as CEO, for a further period of two years awaits shareholders’ nod in the 7th Annual General Meeting to be held on September 18, 2021.

It may be mentioned that ordinary resolutions were passed in its annual general meeting held on August 28, 2020, to increase the authorised share capital of the company from Rs 3,13,16,000 divided into 31,31,60,000 equity shares of Re 0.10 (paise ten only) each to Rs 6,00,00,000 divided into 60,00,00,000 equity shares of Re 0.10 each by creation of an additional 28,68,40,000 equity shares of Re 0.10 each.

With the second leg of the IPL set to begin on September 19 in the UAE, all eyes will now be trained on CSK’s performance on the field.

The drop in total revenue and profit for 2020-21 compared with the previous year was mainly due to reduced revenues on account of COVID 19 pandemic