Dream Sports, the parent company of Dream11, on Friday reported a 66.21% growth in its FY23 revenue to Rs 6,384 crore. It had posted a revenue of Rs 3,841 crore in FY22. The company’s profit grew 32.4% to Rs 188 crore in FY23 from Rs 142 crore in FY22, consolidated financial statements sourced from the Registrar of Companies (RoC) showed.
The company’s overall expenditure increased by 55.21% to Rs 5,839 crore in FY23 from Rs 3,762 crore in FY22. Advertisement and promotional expenses accounted for 51% of its total burn. This expenditure increased by 37.3% to Rs 2,964, crore in FY23 from Rs 2,158 crore in FY22.
The company has been sponsoring the Indian Premier League (IPL) for the past three editions, and has onboarded a host of star cricketers as brand ambassadors.
Dream Sports’ employee benefit costs also saw an over twofold jump to Rs 1,154 crore in FY23. Its return on capital employed (ROCE) and Ebitda margin improved to 29.4% and 12.8%, respectively. During the last fiscal, the company had total current assets worth Rs 1,609 crore, which includes Rs 779 crore of cash and bank balances.
Dream11 is the highest revenue-generating fantasy sports company in India followed by Gameskraft.