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Dream Sports (Dream11) Reports Revenue of Rs 6,384 Crore in FY23, a 66.21% Growth

Dream Sports, the parent company of Dream11, has reported robust financial performance in the fiscal year 2022-23 (FY23), with revenue reaching Rs 6,384 crore, reflecting a growth of 66.21% compared to the previous fiscal year. The fantasy gaming platform's consolidated financial statements from the Registrar of Companies (RoC) indicate that the Gross Gaming Revenue (GGR) from platform fees received for participating in contests contributed to its revenue. Additionally, the company earned Rs 197 crore from the gain on the sale of current investments, bringing the total revenue to Rs 6,581 crore in FY23.

Dream11, known for sponsoring the Indian Premier League and engaging star cricketers as brand ambassadors, incurred significant advertising and promotional expenses, constituting 51% of its total expenditure. This expenditure increased by 37.3% to Rs 2,964 crore in FY23. Employee benefit costs saw a notable 2.3X increase to Rs 1,154 crore. Overall expenditure rose by 55.21% to Rs 5,839 crore in FY23 from Rs 3,762 crore in FY22 due to various overheads.

The company's profits increased by 32.39%, reaching Rs 188 crore in FY23, compared to Rs 142 crore in FY22. The Return on Capital Employed (ROCE) and EBITDA margin improved to 29.4% and 12.8%, respectively. On a unit level, the company spent Rs 0.91 to earn a rupee in FY23. Dream11 had total current assets of Rs 1,609 crore, including Rs 779 crore in cash and bank balances, during the last fiscal year.

Dream11 is the top revenue-generating fantasy sports company in India, followed by Gameskraft, Games24x7, A23, MPL, Zupee, and Gameberry. However, Gameskraft leads in terms of profit, reporting Rs 1,062 crore profit in FY23. The fantasy and skill-based gaming industry in India has faced challenges due to the introduction of 28% GST by the government, leading to job cuts and operational shutdowns for several startups in the sector. Dream11 aims to navigate the evolving regulatory landscape and adapt to the new GST regime, although it has already adjusted its operating profit target for FY24 by 80%. The company, valued at $8 billion, will face tests in sustaining growth and managing margins amid changing regulatory dynamics and competition in the industry.


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