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9th Annual General Meeting CONTENTS Page No.

Date : 27th September, 2023 Notice to Shareholders 2

(Wednesday)
Directors’ Report 16
Time : 9:30 A.M. (IST)
Through Video Conferencing (“VC”)/ Independent Auditor’s Report 26
Other Audio Visual Means (“OAVM”)

Balance Sheet 36

Statement of Profit & Loss 37

Cash Flow Statement 39

Notes on Accounts 41

Independent Auditor’s Report on the

Consolidated Financial Statements 74

Consolidated Balance Sheet 82

Consolidated Statement of Profit & Loss 83

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 CHENNAI SUPER KINGS CRICKET LIMITED

BOARD OF DIRECTORS : Sri R. SRINIVASAN, Chairman

Sri K.S. VISWANATHAN, Wholetime Director & CEO

Sri RAKESH SINGH

Sri PL. SUBRAMANIAN

Sri B. KALYANASUNDARAM

Sri K. RAMGOPAL

Smt. E. JAYASHREE

AUDITORS : Messrs Brahmayya & Co.

Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.

REGISTERED OFFICE : ''Dhun Building''

827, Anna Salai,
Chennai - 600 002.

WEBSITE : www.chennaisuperkings.com

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 CHENNAI SUPER KINGS CRICKET LIMITED
CIN: U74900TN2014PLC098517
Registered Office : “Dhun Building”, 827, Anna Salai, Chennai - 600 002.
Website: www.chennaisuperkings.com E-Mail ID: investor@chennaisuperkings.com
Phone: 044 - 2852 1451

NOTICE TO SHAREHOLDERS
NOTICE is hereby given that the Ninth Annual General Meeting of Chennai Super Kings Cricket Limited will
be held at 9:30 A.M. [Indian Standard Time] (IST) on Wednesday, the 27th September, 2023, through Video
Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) to transact the following businesses:

ORDINARY BUSINESS:
1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial
year ended 31st March 2023 and the Reports of Directors and Auditors thereon.
2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the
financial year ended 31st March 2023 and the Report of Auditors thereon.
3. To consider and if thought fit, to pass the following resolution as an ORDINARY RESOLUTION:
“RESOLVED THAT Sri PL. Subramanian (DIN: 00549992) who retires by rotation and is eligible for
reappointment be and is hereby reappointed as a Director of the Company, subject to retirement by rotation.”

SPECIAL BUSINESS:
4. To consider and if thought fit, to pass the following resolutions as SPECIAL RESOLUTIONS:
“RESOLVED THAT pursuant to the provisions of Section 186 and other applicable provisions, if any, of
the Companies Act, 2013 and the Rules made thereunder (including any statutory modification(s) or re-
enactment(s) thereof for the time being in force) and subject to such approvals, consents, sanctions and
permissions, as may be necessary, consent of the Company be and is hereby accorded to the Board of
Directors of the Company, to give any loan to any person or other body corporate and/or give any guarantee
or provide security in connection with a loan to any other body corporate or person and/or acquire by way of
subscription, purchase or otherwise, the securities of any other body corporate, from time to time, on such
terms and conditions as may be decided by the Board of Directors, for an aggregate amount not exceeding
Rs.500 Crore (Rupees Five Hundred Crore Only) outstanding at any time, notwithstanding that the aggregate
amount of all the loans and guarantees given, securities provided and investments made so far together with
the proposed loans and/or guarantees to be given and/or securities to be provided and/or investments to be
made, may exceed the limits prescribed under Section 186 of the Companies Act, 2013.”
“RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to
negotiate, finalise and settle all the terms and conditions and to modify / change such terms and conditions,
as may be considered necessary and proper and in the best interests of the Company, in connection with
giving any loans / guarantees, providing any securities and making any investments within the aforesaid
overall limit of Rs.500 Crore (Rupees Five Hundred Crore Only) and to do all such acts, deeds, matters and
things as may be deemed necessary, desirable, proper or expedient for the purpose of giving effect to the
aforesaid resolution.”

5. To consider and if thought fit, to pass the following resolutions as SPECIAL RESOLUTIONS:
“RESOLVED THAT consent of the Company be and is hereby accorded to the Board of Directors under
Section 180(1)(c) and other applicable provisions, if any, of the Companies Act, 2013 and the Rules made
thereunder (including any statutory modifications or re-enactments thereof for the time being in force), to
borrow any sum or sums of monies from time to time notwithstanding that the money or monies to be borrowed
together with the monies already borrowed by the Company, apart from temporary loans obtained and to be
obtained from the Company’s bankers in the ordinary course of business, may exceed the aggregate of
the paid-up share capital of the Company, its free reserves and securities premium, provided that the total
amount which may be so borrowed by the Board of Directors of the Company and outstanding at any time
(apart from temporary loans obtained from the Company’s bankers in the ordinary course of business) shall
not exceed Rs.350 Crore (Rupees Three Hundred Fifty Crore only) over and above the paid-up share capital,
free reserves and securities premium of the Company for the time being.”
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 “RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to do all
such acts, deeds, matters and things, as may be required to give effect to the above resolution.”

6. To consider and if thought fit, to pass the following resolutions as SPECIAL RESOLUTIONS:
“RESOLVED THAT consent of the Company be and is hereby accorded in terms of Section 180(1)(a) and
other applicable provisions, if any, of the Companies Act, 2013 and the Rules made thereunder (including any
statutory modifications or re-enactments thereof for the time being in force) to mortgaging and/or charging
by the Board of Directors of the Company and/or conferring power to enter upon and take possession of
the assets of the Company in certain events, in such form and manner and with such ranking and at such
time and on such terms as the Board of Directors may determine, on all or any of the movable and/or
immovable properties and / or Current Assets of the Company, both present and future and/or whole or any
part of undertaking(s) of the Company in favour of the Financial Institutions, Investment Institutions, Banks,
Mutual Funds, Trusts, other Bodies Corporate and/or any other Entities (hereinafter referred to as “Lenders”),
Security Trustee(s) and Trustees for the holders of Debentures / Bonds and / or other Instruments (hereinafter
referred to as ‘Trustees’) to secure the loans, debentures, bonds, other instruments, working capital facilities
and other financial assistance in Indian and/or foreign currency(ies) (hereinafter referred to as “borrowings”)
of an outstanding aggregate value not exceeding Rs.350 Crore (Rupees Three Hundred Fifty Crore only)
over and above the Paid-up Share Capital, Free Reserves and Securities Premium of the Company for
the time being, apart from temporary loans obtained from the Company’s bankers in the ordinary course of
business, which are lent and advanced or to be lent and advanced by the Lenders, together with interest
thereon at the agreed rate, compound interest, additional interest, liquidated damages, commitment charges,
premia on prepayment, costs, charges, expenses and other monies payable by the Company in relation to
such borrowings to the Lenders and/or Trustees in terms of their heads of agreements, loan agreements,
hypothecation agreements, subscription agreements, trust deed(s), letters of sanction, memorandum of
terms and conditions or any other document, deed, writing or thing entered into and/or to be entered into
between the Company and the Lenders and/or Trustees in respect of the said borrowings and on such terms
and conditions in respect of creation of security as may be stipulated in that behalf and agreed to between
the Board of Directors and the Lenders and/or Trustees”.
“RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to finalise
with the Lenders and/or Trustees the movable and/or immovable properties and / or Current Assets of the
Company to be mortgaged and/or charged and the documents for creating such mortgage and/or charge and
to do all such acts, deeds, matters and things as may be necessary for giving effect to the above resolution”.
7. To consider and if thought fit, to pass the following resolutions as ORIDNARY RESOLUTIONS:
“RESOLVED THAT pursuant to the provisions of Section 188 read with Rule 15 of the Companies (Meetings
of Board and its Powers) Rules, 2014, as amended, and other applicable provisions, if any, of the Companies
Act, 2013 read with the Rules made thereunder (including any statutory modifications or re-enactments
thereof for the time being in force), the consent, sanction, permission and approval of shareholders be and
is hereby accorded to the Board of Directors of the Company to enter into any contract(s)/ arrangement(s)/
transaction(s) with EWS Finance and Investments Private Limited (“EWS”), a Related Party within the
meaning of Section 2(76) of the Act, with respect to purchase of land, admeasuring 19,208 sq. ft. together
with building constructed thereon at Thiruvanmiyur, Chennai, for a consideration not exceeding Rs.70 Crore
(Rupees Seventy Crore Only) on such terms and conditions as may be agreed between the Company and
EWS.”
“RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to
negotiate, finalise and settle all the terms and conditions and change such terms and conditions as may be
considered necessary and proper for the purchase of the aforesaid property from EWS for a consideration
not exceeding Rs.70 Crore and to do all such acts, deeds, matters and things as may be deemed necessary,
desirable, proper or expedient for the purpose of giving effect to the aforesaid resolution.”

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NOTES:
1. Explanatory Statement is annexed to the Notice of the Ninth Annual General Meeting of the Company as
required by Section 102 of the Companies Act, 2013 in respect of Items No. 4 to 7.
2. Details pursuant to Secretarial Standard on General Meetings (SS 2) issued by The Institute of Company
Secretaries of India in respect of Director seeking reappointment at the Annual General Meeting are annexed
for Item no. 3 of the Notice convening the Ninth Annual General Meeting of the Company.
3. Pursuant to General Circular Nos. 14/2020, 17/2020, 20/2020, 02/2021, 02/2022 and 10/2022 dated
8th April, 2020, 13th April, 2020, 5th May, 2020, 13th January, 2021, 5th May, 2022 and 28th December
2022, respectively issued by Ministry of Corporate Affairs, Government of India (“MCA”), Companies are
permitted to conduct the Annual General Meeting (AGM) through Video Conferencing (“VC”) / Other Audio
Visual Means (“OAVM”). Accordingly, the Ninth Annual General Meeting of the Members of the Company
shall be conducted in virtual mode i.e., through Video Conferencing (“VC”) / Other Audio Visual Means
(“OAVM”) (‘Virtual AGM’), as per the guidelines issued by the MCA. The deemed venue of this meeting shall
be the Registered Office of the Company at ‘Dhun Building’, 827, Anna Salai, Chennai – 600 002.
Central Depository Services (India) Limited (CDSL) will be providing facility for voting through remote
e-voting, for participation in the AGM through VC / OAVM and e-voting during the AGM. The procedure
for remote e-Voting, participating in the meeting through VC / OAVM and vote during the AGM through
e-Voting system is explained in Note No.17 below and is also available on the website of the Company at
www.chennaisuperkings.com.
4. Members are hereby informed that the Ninth Annual General Meeting of the Company shall be conducted
in virtual mode i.e., through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”) and there
will be no physical meeting of the shareholders taking place at a common venue and physical presence of
the members has been dispensed with to participate and vote in the Ninth Annual General Meeting of the
Company.
The attendance of Members attending the AGM through VC / OAVM shall be counted for the purpose of
reckoning the quorum under Section 103 of the Companies Act, 2013.

5. In accordance with the provisions of Section 101 of the Companies Act, 2013 read with Rule 18 of the
Companies (Management and Administration) Rules, 2014 and Secretarial Standard on General Meetings
(SS-2) and the General Circular Nos. 20/2020, 02/2021, 02/2022 and 10/2022 dated 5th May, 2020,
13th January, 2021, 5th May, 2022 and 28th December, 2022 respectively issued by MCA, the Annual Report
containing the Notice of Ninth Annual General Meeting, financial statements, Board’s report, Auditor’s report
and other documents required to be attached therewith are being sent only by e-mail to those Members
who have registered their e-mail addresses with the Company / Registrar and Share Transfer Agent viz.,
Integrated Registry Management Services Private Limited (RTA) (in respect of shares held in physical form)
or with their DP (in respect of shares held in electronic form) and made available to the Company by the
Depositories.
In line with the circulars issued by MCA, the Annual Report containing the said documents including Notice
of AGM is also made available on the Company’s website ‘www.chennaisuperkings.com’ and on the website
of CDSL (agency for providing the Remote e-Voting facility) i.e. www.evotingindia.com from where it can be
downloaded. Shareholders may please note that no physical / hard copy of the aforesaid documents will be
sent by the Company.
Members, who have not registered their e-mail addresses, are requested to register their e-mail addresses
with (i) the Depository Participant(s), if the shares are held in electronic form and (ii) with the Company /
Registrar & Share Transfer Agent (RTA) of the Company, if the shares are held in physical form.

6. Pursuant to the Circular No. 14/2020 dated April 08, 2020, issued by the Ministry of Corporate Affairs, the
facility to appoint proxy to attend and cast vote for the members is not available for this AGM and hence the
proxy form, attendance slip and Route map are not annexed to this Notice. However, the Body Corporates
are entitled to appoint authorised representatives to attend the AGM through VC/OAVM and participate
thereat and cast their votes through e-voting.

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 Corporate Members intending to authorize their representatives to attend the AGM through VC / OAVM
and vote through e-Voting are requested to send to the Company a certified copy of the Board Resolution
authorising their representatives to attend the AGM through VC / OAVM and cast their votes through e-Voting.

7. Members can join the Annual General Meeting in the VC / OAVM mode 15 minutes before and after the
scheduled time of the commencement of the Meeting by following the procedure mentioned in Note No. 17 of
the Notice. The facility of participation at the AGM through VC / OAVM will be made available for 1000 members
on first come first served basis. This will not include large shareholders (Shareholders holding 2% or more
shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons
of Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee,
Auditors etc., who are allowed to attend the Annual General Meeting without restriction on account of first
come first served basis.
A Member may participate in the AGM in the VC / OAVM mode even after exercising his right to vote through
remote e-Voting but shall not be allowed to vote again at the AGM.
In case of joint holders attending the Annual General Meeting in virtual mode, only such joint holder who is
higher in the order of names as per the Register of Members of the Company, will be entitled to attend and
vote.

8. Members holding shares in physical form or those who have not registered their e-mail IDs will be allowed to
take part in the remote e-voting or through the e-voting system during the Annual General Meeting in virtual
mode as per the procedure detailed in Note No.17 below.
9. The Register of Members and Share Transfer Books of the Company will remain closed from 21.09.2023 to
27.09.2023 (both days inclusive).

10. Members are requested to contact the Registrar and Share Transfer Agent (RTA) for all matters connected
with the Company’s shares at Integrated Registry Management Services Private Limited, 2nd Floor, ‘Kences
Towers’, No.1, Ramakrishna Street, North Usman Road, T.Nagar, Chennai 600017, Tel.: 044-28140801 to
28140803 & Fax: 044-28142479; Email:corpserv@integratedindia.in.
Members holding shares in physical form are requested to notify all changes with respect to their bank
details, mandate, nomination, power of attorney, change of address, etc., to the RTA. Members holding
shares in physical form in more than one folio are requested to write to the RTA immediately enclosing their
Share Certificates for consolidation of their holdings into one folio.
Members holding shares in the dematerialised mode are requested to intimate all changes with respect
to their bank details, mandate, nomination, power of attorney, change of address, etc. to their Depository
Participant (DP). These changes will be automatically reflected in the Company’s records.

11. The Ministry of Corporate Affairs, vide its notification dated May 7, 2018, has dispensed with the requirement for
ratification of appointment of Auditors by the members at every Annual General Meeting (AGM). Accordingly,
no resolution is proposed at the AGM for ratification of appointment of M/s.Brahmayya & Co., Chartered
Accountants, Statutory Auditors, who were appointed in the AGM held on 26th September, 2019 for a term
of five years to hold office from the conclusion of the Fifth AGM until the conclusion of the Tenth AGM of the
Company.

12. The Register of Directors and Key Managerial Personnel and their shareholding, as maintained under Section
170 of the Companies Act, 2013 and the Register of Contracts or Arrangements in which the Directors are
interested, as maintained under Section 189 of the Act, will be available electronically for inspection by the
Members during the AGM. All documents referred to in the Notice will also be available for inspection of
Members on the website of the Company at www.chennaisuperkings.com and at the Registered Office of the
Company between 11.00 A.M. and 1.00 P.M. on any working day, prior to the date of the meeting.

13. Under the provisions of Section 72 of the Companies Act, 2013, shareholder(s) is / are entitled to nominate,
in the prescribed manner, a person to whom his / her / their shares in the Company, shall vest after his / her /
their lifetime. Members who are holding shares in physical form and are interested in availing this nomination
facility may submit nomination in the prescribed Form SH-13 with the Company / RTA. In respect of shares
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 held in dematerialized form, Members may submit their nomination form with their respective Depository
Participants.

14. Members are requested to note that in case of deletion of name of deceased shareholder, transmission and
transposition of names in respect of shares held in physical form, submission of self-attested photocopy of
PAN Card of the claimant(s), surviving holder(s), legal heir(s) and joint holder(s) respectively, along with
necessary documents at the time of lodgement of request for transmission / transposition, is mandatory.

15. Members holding shares in physical form are requested to submit their PAN and Bank Account Details to
RTA / Company by forwarding duly signed letter along with self-attested copy of PAN Card and cancelled
cheque leaf. The cancelled cheque leaf should bear the name of the Member. In the alternative, Members
are requested to submit a copy of bank passbook / statement issued by the Bank.

16. Securities of unlisted companies can only be transferred in dematerialised form with effect from 2nd October,
2018, except in case of request received for transmission or transposition of securities. In view of the above,
members are advised to dematerialise equity shares held by them in physical form.

17. Voting through electronic means:

Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies
(Management and Administration) Rules, 2014 (as amended), Secretarial Standards issued by the The
Institute of Company Secretaries of India and MCA Circulars dated April 08, 2020, April 13, 2020, May 05,
2020, January 13, 2021, 5th May 2022 and 28th December 2022, the Company is providing facility of remote
e-voting to its Members in respect of the business to be transacted at the Annual General Meeting (AGM). For
this purpose, the Company has entered into an agreement with Central Depository Services (India) Limited
(CDSL) for facilitating voting through electronic means, as the authorized e-Voting’s agency. The facility of
casting votes by a member using remote e-voting as well as the e-voting system on the date of the Annual
General Meeting will be provided by CDSL.
In line with the Ministry of Corporate Affairs Circulars, the Annual Report 2023 and the Notice of the AGM has
been uploaded on the website of the Company at www.chennaisuperkings.com. The same is also disseminated
on the website of CDSL (agency for providing the Remote e-Voting facility and e-voting system during the AGM)
i.e., www.evotingindia.com.

I THE INSTRUCTIONS OF SHAREHOLDERS FOR E-VOTING AND JOINING VIRTUAL MEETINGS

ARE AS UNDER:
(i) The remote e-voting period commences on 23.09.2023 (9.00 A.M. IST) and ends on 26.09.2023
(5.00 P.M. IST). During this period, shareholders’ of the Company, holding shares either in
physical form or in dematerialized form, as on the cut-off date of 20.09.2023, may cast their vote
electronically. The remote e-voting module shall be disabled by CDSL for voting thereafter.
(ii) Shareholders who have already voted prior to the meeting date would not be entitled to vote at the
AGM.
(iii) Currently, there are multiple e-voting service providers (ESPs) providing e-voting facility to the
entities in India. This necessitates registration on various ESPs and maintenance of multiple user
IDs and passwords by the shareholders.
In order to increase the efficiency of the voting process, pursuant to a public consultation, it has
been decided to enable e-voting to all the demat account holders, by way of a single login credential,
through their demat accounts / websites of Depositories / Depository Participants. Demat account
holders would be able to cast their vote without having to register again with the ESPs, thereby, not
only facilitating seamless authentication but also enhancing ease and convenience of participating
in e-voting process.
Step 1: Access through Depositories CDSL/NSDL e-Voting system in case of individual
shareholders holding shares in demat mode.

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(iv) Individual shareholders holding securities in demat mode are allowed to vote through their demat
account maintained with Depositories and Depository Participants. Shareholders are advised to
update their mobile number and email Id in their demat accounts in order to access e-Voting
facility.
Login method for e-Voting and joining virtual meetings for Individual shareholders holding securities
in Demat mode CDSL/NSDL is given below:

Type of
Login Method
shareholders
Individual 1) Users who have opted for CDSL Easi / Easiest facility, can login through
Shareholders their existing user id and password. Option will be made available to
holding reach e-Voting page without any further authentication. The users to
securities in login to Easi / Easiest are requested to visit www.cdslindia.com and
Demat mode click on Login icon and select New System Myeasi.
with CDSL
Depository
2) After successful login the Easi / Easiest user will be able to see the
e-Voting option for eligible companies where the evoting is in progress
as per the information provided by company. On clicking the evoting
option, the user will be able to see e-Voting page of the e-Voting service
provider for casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting. Additionally, there is also
links provided to access the system of all e-Voting Service Providers i.e.
CDSL/NSDL/KARVY/LINKINTIME, so that the user can visit the e-Voting
service providers’ website directly.
3) If the user is not registered for Easi/Easiest, option to register is available
at CDSL website www.cdslindia.com and click on login and New System
Myeasi Tab and then click on registration option.
4) Alternatively, the user can directly access e-Voting page by providing
Demat Account Number and PAN No. from a e-Voting link available on
www.cdslindia.com home page. The system will authenticate the user
by sending OTP on registered Mobile & Email as recorded in the Demat
Account. After successful authentication, user will be able to see the
e-Voting option where the evoting is in progress and also able to directly
access the system of all e-Voting Service Providers.
Individual 1) If you are already registered for NSDL IDeAS facility, please visit the
Shareholders e-Services website of NSDL. Open web browser by typing the following
holding URL: https://eservices.nsdl.com either on a Personal Computer or on
securities in a mobile. Once the home page of e-Services is launched, click on the
demat mode “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’
with NSDL section. A new screen will open. You will have to enter your User ID
Depository and Password. After successful authentication, you will be able to see
e-Voting services. Click on “Access to e-Voting” under e-Voting services
and you will be able to see e-Voting page. Click on company name or
e-Voting service provider name and you will be re-directed to e-Voting
service provider website for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
2) If the user is not registered for IDeAS e-Services, option to register
is available at https://eservices.nsdl.com. Select “Register Online for
IDeAS “Portal or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp

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 Type of
Login Method
shareholders
3) Visit the e-Voting website of NSDL. Open web browser by typing the
following URL: https://www.evoting.nsdl.com/ either on a Personal
Computer or on a mobile. Once the home page of e-Voting system is
launched, click on the icon “Login” which is available under ‘Shareholder/
Member’ section. A new screen will open. You will have to enter your
User ID (i.e. your sixteen digit demat account number hold with NSDL),
Password/OTP and a Verification Code as shown on the screen. After
successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on company name or e-Voting
service provider name and you will be redirected to e-Voting service
provider website for casting your vote during the remote e-Voting period
or joining virtual meeting & voting during the meeting.
Individual You can also login using the login credentials of your demat account
Shareholders through your Depository Participant registered with NSDL/CDSL for
(holding e-Voting facility. After Successful login, you will be able to see e-Voting
securities in option. Once you click on e-Voting option, you will be redirected to NSDL/
demat mode) CDSL Depository site after successful authentication, wherein you
login through can see e-Voting feature. Click on company name or e-Voting service
their Depository provider name and you will be redirected to e-Voting service provider
Participants website for casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forgot
User ID and Forgot Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical
issues related to login through Depository i.e. CDSL and NSDL.

Login type Helpdesk details

Individual Shareholders Members facing any technical issue in login can contact CDSL
holding securities in Demat helpdesk by sending a request at helpdesk.evoting@cdslindia.com
mode with CDSL or contact at toll free no. 1800 22 55 33.
Individual Shareholders Members facing any technical issue in login can contact NSDL
holding securities in Demat helpdesk by sending a request at evoting@nsdl.co.in or call at
mode with NSDL 022 - 4886 7000 & 022 - 2499 7000.

Step 2 : Access through CDSL e-Voting system in case of shareholders holding shares in
physical mode and non-individual shareholders in demat mode.

(v) Login method for e-Voting and joining virtual meetings for Physical shareholders and shareholders
other than individual holding in Demat form.
1) The shareholders should log on to the e-voting website www.evotingindia.com.
2) Click on “Shareholders” module.
3) Now enter your User ID
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Shareholders holding shares in Physical Form should enter Folio Number registered with
the Company.

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 4) Next enter the Image Verification as displayed and Click on Login.
5) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted
on an earlier e-voting of any company, then your existing password is to be used.
6) If you are a first-time user follow the steps given below:

For Physical shareholders and other than individual shareholders

holding shares in Demat.
PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax
Department (Applicable for both demat shareholders as well as physical
shareholders)
* Shareholders who have not updated their PAN with the Company/
Depository Participant are requested to use the sequence number sent
by Company/RTA or contact Company/RTA.
Dividend Bank Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format)
Details as recorded in your demat account or in the company records in order
OR to login.
Date of Birth If both the details are not recorded with the depository or company,
(DOB) please enter the member id / folio number in the Dividend Bank details
field.

(vi) After entering these details appropriately, click on “SUBMIT” tab.

(vii) Shareholders holding shares in physical form will then directly reach the Company selection screen.
However, shareholders holding shares in demat form will now reach ‘Password Creation’ menu
wherein they are required to mandatorily enter their login password in the new password field.
Kindly note that this password is to be also used by the demat holders for voting for resolutions
of any other company on which they are eligible to vote, provided that company opts for e-voting
through CDSL platform. It is strongly recommended not to share your password with any other
person and take utmost care to keep your password confidential.

(viii) For shareholders holding shares in physical form, the details can be used only for e-voting on the
resolutions contained in this Notice.

(ix) Click on the EVSN for Chennai Super Kings Cricket Limited.

(x) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option
“YES/NO” for voting. Select the option YES or NO as desired. The option YES implies that you
assent to the Resolution and option NO implies that you dissent to the Resolution.

(xi) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.

(xii) After selecting the resolution, you have decided to vote on, click on “SUBMIT”. A confirmation box
will be displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on
“CANCEL” and accordingly modify your vote.

(xiii) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

(xiv) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting
page.

(xv) If a demat account holder has forgotten the login password then Enter the User ID and the image
verification code and click on Forgot Password & enter the details as prompted by the system.

(xvi) There is also an optional provision to upload BR/POA, if any uploaded, will be made available to
scrutinizer for verification.

9
 (xvii) Additional Facility for Non – Individual Shareholders and Custodians –For Remote Voting
only.
• Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are
required to log on to www.evotingindia.com and register themselves in the “Corporates”
module.
• A scanned copy of the Registration Form bearing the stamp and sign of the entity should be
emailed to helpdesk.evoting@cdslindia.com.
• After receiving the login details a Compliance User should be created using the admin login
and password. The Compliance User would be able to link the account(s) for which they wish
to vote on.
• The list of accounts linked in the login will be mapped automatically & can be delinked in case
of any wrong mapping.
• It is mandatory that, a scanned copy of the Board Resolution and Power of Attorney (POA)
which they have issued in favour of the Custodian, if any, should be uploaded in PDF format
in the system for the scrutinizer to verify the same.
• Alternatively Non Individual shareholders are required to send the relevant Board Resolution/
Authority letter etc. together with attested specimen signature of the duly authorized signatory
who is authorized to vote, to the Scrutinizer at the email address viz; sudha.pr2@gmail.com or
sudha_pr@yahoo.com and to the Company at investor@chennaisuperkings.com, if they have
voted from individual tab & not uploaded same in the CDSL e-voting system for the scrutinizer
to verify the same.

II INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM THROUGH VC/OAVM AND

E-VOTING DURING THE AGM ARE AS UNDER:
1. The procedure for attending meeting & e-Voting on the day of the AGM is same as the instructions
mentioned above for e-voting.
2. The link for VC/OAVM to attend meeting will be available where the EVSN of Company will be
displayed after successful login as per the instructions mentioned above for e-voting.
3. Shareholders who have voted through Remote e-Voting will be eligible to attend the meeting.
However, they will not be eligible to vote at the AGM.
4. Shareholders are encouraged to join the Meeting through Laptops / IPads for better experience.
5. Further shareholders will be required to allow Camera and use Internet with a good speed to avoid
any disturbance during the meeting.
6. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop
connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their
respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate
any kind of aforesaid glitches.
7. Shareholders who would like to express their views/ask questions during the meeting may
register themselves as a speaker by sending their request in advance i.e., on or before 20th
September 2023 mentioning their name, demat account number/folio number, email id, mobile
number at investor@chennaisuperkings.com. The shareholders who do not wish to speak during
the AGM but have queries may send their queries in advance i.e., on or before 20th September
2023 mentioning their name, demat account number/folio number, email id, mobile number at
investor@chennaisuperkings.com. These queries will be replied to by the company suitably by
email.
8. Those shareholders who have registered themselves as a speaker will only be allowed to express
their views/ask questions during the meeting. The Company reserves the right to restrict the
number of speakers depending on the availability of time at the AGM.
9. Only those shareholders, who are present in the AGM through VC/OAVM facility and have not cast
their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so,
shall be eligible to vote through e-Voting system available during the AGM.
10
 10. If any Votes are cast by the shareholders through the e-voting available during the AGM and if the
same shareholders have not participated in the meeting through VC/OAVM facility, then the votes
cast by such shareholders shall be considered invalid as the facility of e-voting during the meeting
is available only to the shareholders attending the meeting.
III PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL/MOBILE NO. ARE NOT REGISTERED
WITH THE COMPANY/DEPOSITORIES
1. For shareholders holding shares in physical form - Please provide necessary details like Folio No.,
Name of shareholder, scanned copy of the share certificate (front and back), PAN (self attested
scanned copy of PAN card), Aadhaar (self attested scanned copy of Aadhaar Card) by email to
Company at investor@chennaisuperkings.com or to RTA at copserv@integratedindia.in.
2. For shareholders holding shares in Demat form- Please update your email id & mobile no. with your
respective Depository Participant (DP).
3. For Individual Demat shareholders - Please update your email id & mobile no. with your respective
Depository Participant (DP) which is mandatory while e-Voting & joining virtual meetings through
Depository.
IV If you have any queries or issues regarding attending AGM & e-Voting from the CDSL e-Voting System,
you can write an email to helpdesk.evoting@cdslindia.com or contact at toll free no. 1800 22 55 33.
V All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh
Dalvi, Sr. Manager, Central Depository Services (India) Limited (CDSL), A Wing, 25th Floor, Marathon
Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an
email to helpdesk.evoting@cdslindia.com or call toll free no. 1800 22 55 33.
VI You can also update your mobile number and e-mail id in the user profile details of the folio which may
be used for sending future communication(s).
VII The voting rights of shareholders shall be in proportion to their shares in the paid up equity share capital
of the Company as on the cut-off date i.e. 20.09.2023. A person who is not a member as on the cut-off
date should treat this notice for information purpose only.
VIII Smt.P.R.Sudha, Company Secretary in Practice (Membership No.F6046, C.P.No.4468), has been
appointed as the Scrutinizer to scrutinize the e-voting and remote e-voting process in a fair and transparent
manner.
IX Any person, who acquires shares of the Company and becomes a member of the Company after
forwarding the notice and holding shares as of the cut-off date i.e. 20.09.2023, may obtain the login ID
and password by sending an email to investor@chennaisuperkings.com or corpserv@integratedindia.in
or helpdesk.evoting@cdslindia.com by mentioning their DP ID and Client ID No.
X A person, whose name is recorded in the Register of Members or in the Register of Beneficial Owners
maintained by the depositories as on the cut-off date only shall be entitled to avail the facility of remote
e-Voting or e-Voting during the AGM.
XI The Scrutinizer shall after the conclusion of voting at the general meeting in VC /OAVM mode, first count
the votes cast at the meeting and thereafter unblock the votes cast through remote e-Voting and shall
submit, not later than three days from the conclusion of the AGM, a consolidated scrutinizer’s report of
the total votes cast in favour or against, if any, to the Chairman or a person authorized by him in writing,
who shall countersign the same and declare the result of the voting forthwith.
XII The Results declared along with the report of the Scrutinizer shall be placed on the Company’s website
www.chennaisuperkings.com and on the website of CDSL at www.evotingindia.com after the declaration
of result by the Chairman or a person authorized by him in writing.

(By Order of the Board)

for CHENNAI SUPER KINGS CRICKET LIMITED
Place : Chennai K.S.VISWANATHAN
Date : 14.08.2023 WHOLETIME DIRECTOR
DIN: 06965671
11
PURSUANT TO SECRETARIAL STANDARD ON GENERAL MEETINGS (SS2) ISSUED BY THE INSTITUTE
OF COMPANY SECRETARIES OF INDIA, FOLLOWING INFORMATION ARE FURNISHED ABOUT THE
DIRECTOR PROPOSED TO BE REAPPOINTED, VIDE ITEM NO. 3 OF THE NOTICE CONVENING THE
9TH ANNUAL GENERAL MEETING OF THE COMPANY.

(i) Name of the Director : Sri PL. Subramanian

Director Identification Number (DIN) : 00549992
Date of Birth & Age : 16th May, 1945 & 78 years
Date of appointment on the Board as Director : 19th January, 2018
Date of last reappointment as Director : 28th August, 2020
Category of Directorship : Non-independent, Non-executive Director liable to
retire by rotation
Remuneration : No remuneration is proposed to be paid.
Qualification : B.E. (Mechanical)
Brief Profile / Experience : Sri PL. Subramanian retired as Executive President
(Operations) after 30 years of service in The India
Cements Limited. Besides a sports enthusiast,
Sri PL. Subramanian is a technical expert having
50 years of overall corporate experience in various
capacities including Head of Plants and has served in
different roles in Projects, Operations, Management
etc. and was quite successful in execution and
commencement of various Cement, Sugar and Power
Plants.
Number of equity shares held in the Company : 18440
by the Director or for other persons on a
beneficial basis
List of outside Directorships held in Public : Coromandel Electric Company Limited
Companies India Cements Infrastructures Limited
Chairman / Member of the Committees of : Nil
Board of Directors of the Company
Chairman / Member of the Committees of : Coromandel Electric Company Limited -
Board of Directors of other Companies in Audit Committee Member
which he is a Director
Relationships between directors inter-se / : Nil
Key Managerial Personnel
Number of Meetings of the Board attended : 9
during the year

12
EXPLANATORY STATEMENT ANNEXED TO THE NOTICE OF THE NINTH ANNUAL GENERAL MEETING
OF THE COMPANY AS REQUIRED UNDER SECTION 102 OF THE COMPANIES ACT, 2013, IN RESPECT
OF ITEMS NO. 4 TO 7 OF THE SAID NOTICE.

Item No.4
In terms of Section 186 of the Companies Act, 2013, no Company shall directly or indirectly give any loan to any
person or other body corporate; give any guarantee or provide security in connection with a loan to any other body
corporate or person; and acquire by way of subscription, purchase or otherwise, the securities of any other body
corporate, exceeding 60% of its paid up share capital, free reserves and securities premium account or 100%
of its free reserves and securities premium account, whichever is more. Where the aggregate of the loans and
investments so far made, the amount for which the guarantee or security so far provided to or in all other bodies
corporate along with the investment, loan, guarantee or security proposed to be made or given by the Board,
exceed the limits specified above, no investment or loan shall be made or guarantee shall be given or security
shall be provided unless previously authorized by a special resolution passed in a general meeting.
The Company besides owning the Franchise “Chennai Super Kings” with good track record in BCCI – IPL T20
tournaments has recently ventured into various cricketing activities including Development of High Performance
Centres, setting up of Cricket and other sports academies Pan India. The Company has also entered global
cricketing arena by obtaining the ownership of Franchises “Joburg Super Kings” in Cricket South Africa (CSA) T20
League and “Texas Super Kings” in Major League Cricket in The United States of America.
Keeping in view the future plans of the Company and to fulfil the aforesaid long term strategic and business
objectives and as a measure of achieving greater financial flexibility and to have optimal financing structure, the
Company is seeking the approval of the shareholders for setting up of a limit up to an aggregate amount of ` 500
Crore and to give powers to the Board of Directors to that effect under Section 186 of the Companies Act, 2013.
The loan(s), guarantee(s), secruity(ies) and the investment(s), as the case may be, shall be made/ given in
accordance with the applicable provisions of the Companies Act, 2013 and the relevant rules thereunder.
Accordingly, consent of the members is sought for passing Special Resolutions as set out in the Item No.4 of the
Notice. The Board recommends the said resolutions for approval of the members.
Interest of Directors and Key Managerial Personnel:
None of the Directors or Key Managerial Personnel of the Company or their respective relatives are in any way
concerned or interested financially or otherwise in passing of the aforesaid resolutions except to the extent of their
Directorships and shareholding, if any, in the Company.

Items No.5 & 6

The shareholders, at the Extraordinary General Meeting of the Company held on 16th January 2018, passed
Special Resolution under Section 180(1)(c) of the Companies Act, 2013, authorizing the Board of Directors to
borrow monies upto ` 250 Crore (Rupees Two Hundred Fifty Crore Only) over and above the paid-up share
capital and free reserves of the Company.
Section 180(1)(c) of the Companies Act, 2013 authorizes the Board of Directors to borrow money in excess of the
Company’s paid up share capital, free reserves and securities premium apart from temporary loans obtained from
the Company’s bankers in the ordinary course of business with the consent of the company accorded by way of
a Special Resolution.
As detailed in Item No. 4, the Company has recently ventured into various cricketing activities including building
up of the state-of-the-art Stadium, Development of High Performance Centres, setting up of Cricket and other
sports academies Pan India. The Company has also entered global cricketing arena by obtaining the ownership
of Franchises “Joburg Super Kings” in Cricket South Africa (CSA) T20 League and “Texas Super Kings” in Major
League Cricket in The United States of America. All these initiatives initially require sufficient quantum of finance,
which are met by availing short-term borrowings and keeping in view the future plans and to fulfil the Company’s
long-term strategic and business objectives and as a measure of achieving greater financial flexibility and to have
optimal financing structure, the Company is planning to avail requisite financial assistance both in short-term and
long-term duration.
13
With these objectives, the Company proposes to avail financial assistance in the form of term loans, debentures,
bonds, other instruments, working capital facilities and other financial assistance in Indian and/or foreign
currency(ies) (hereinafter referred to as “borrowings”) upto a sum of ` 350 Crore (Rupees Three Hundred Fifty
Crore only) over and above its paid-up share capital, free reserves and securities premium from Financial
Institutions, Investment Institutions, Banks, Mutual Funds, Trusts, other Bodies Corporates and/or any other
Entities (hereinafter referred to as “Lenders”) mainly for expansion of business as aforesaid, working capital
requirements and other purposes.
Hence it is proposed to increase the existing borrowing limit of ` 250 Crore to ` 350 Crore over and above the
paid-up share capital, free reserves and securities premium of the Company apart from temporary loans obtained
from the Company’s bankers in the ordinary course of business.
A standard condition of Lenders for providing financial assistance is that the borrowings from them is required
to be secured by a mortgage and/or charge on all or any of the movable and/or immovable properties and / or
Current Assets of the Company, both present and future and/or on whole or any part of undertaking(s) of the
Company in their favour and / or in favour of Trustees in such form and manner and with such ranking and at such
time and on such terms as may be determined between the Board of Directors and Lenders and/or Trustees.
Section 180(1)(a) of the Companies Act, 2013 provides, inter alia, that the Board of Directors of the Company
shall not without the consent of such Company by a Special Resolution in general meeting sell, lease or otherwise
dispose of the whole or substantially the whole of the undertaking of the Company or where the Company owns
more than one undertaking, of the whole or substantially the whole of any of such undertakings. Since the
mortgaging / charging by the Company of its immovable and movable properties, as aforesaid, may be regarded as
disposal of the Company’s properties / undertakings, it is necessary for the members to pass a Special Resolution
under Section 180(1)(a) of the Companies Act, 2013 for creation of the said mortgage and/or charge in favour of
the Lenders and/or Trustees.
The approval of shareholders is, therefore, required by means of Special Resolution to enable the Board of
Directors to borrow monies from time to time upto an aggregate amount of ` 350 Crore (Rupees Three Hundred
Fifty Crore Only) over and above the paid-up share capital, free reserves and securities premium of the Company
for the time being apart from temporary loans obtained from the Company’s bankers in the ordinary course of
business and to provide security therefor.
The resolutions proposed under items No.5 & 6 are only enabling resolutions for the borrowings that are availed /
to be availed from time to time and providing security therefor.
The Board recommends the Special Resolutions as set out in Items No.5 & 6 of the Notice for approval of the
Members.

Interest of Directors and Key Managerial Personnel:

None of the Directors and Key Managerial Personnel of the Company or their respective relatives are deemed to
be concerned or interested financially or otherwise in the said resolutions.

Item No.7
As explained in Item No.4, the Company in furtherance of its business objectives has ventured into various
cricketing activities including setting up and development of High Performance Centres for providing the state-of-
the-art training facilities to the sports personnel including budding cricketers to develop their level of competency
to the national / international standards, setting up of Cricket and Sports Academies Pan India and other allied
activities. Towards achieving this objective, the Company is in the process of identifying and acquiring suitable
land and buildings at various places across India for developing infrastructures.
The Company has identified a land admeasuring 19,208 Sq. ft. together with building, with built-up area of 50,912
Sq. ft., at Thiruvanmiyur, Chennai owned by EWS Finance and Investments Private Limited (“EWS”), a Related
Party, suitable for setting up of a Cricket Academy and High Performance Centres and useful for various business
purposes of the Company. The said property is in a prominent location at Chennai city and ideally suited for multi-
purpose utility viz., holding classes, coaching centres, training the coaches, conducting periodical meetings with
the participants, in addition to having regular offices.
14
The Board of Directors at its meeting held on 14th August 2023, based on the recommendation of the Audit
Committee, considered that the proposal to purchase land admeasuring 19,208 Sq. ft. together with building, with
built-up area of 50,912 Sq. ft., at Thiruvanmiyur, Chennai from EWS Finance and Investments Private Limited
(“EWS”) would be in the best interest of the Company and at an arm’s length basis. The Board considered that
the consideration of an amount not exceeding ` 70 Crore was fair and reasonable and based on the prevailing
market value and would be supported by a Valuation Report and recommended the same for the approval of the
shareholders.
Pursuant to Section 188 of the Companies Act, 2013 and the Rules made thereunder, any transaction with
related party which involves selling or otherwise disposing of or buying property of any kind, directly or through
appointment of agent amounting to 10% or more of the net worth of the Company requires prior approval of the
shareholders of the Company by passing an ordinary resolution. Since the value of the property to be purchased
from EWS would exceed the said limit, approval of the shareholders is being sought for the said Related Party
Transaction.
Pursuant to Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, as amended, particulars
of the transaction(s) between the Company and EWS Finance and Investments Private Limited are as follows:
Sl.
Particulars Remarks
No.
1 Name of the Related Party EWS Finance and Investments Private Limited (“EWS”) is a promoter
group Company holding 21.47% of the paid-up equity share capital
of the Company.
2 Name of the Director or Key None of the Directors and Key Managerial Personnel of the
Managerial Personnel who is Company or their respective relatives are deemed to be concerned
related if any or interested financially or otherwise in the said resolutions.
3 Nature of relationship EWS is an Investing Company in terms of Section 2(76)(viii)(c) of the
Companies Act, 2013.
4 Nature, material terms, monetary Purchase of land admeasuring 19,208 sq. ft. together with building
value and particulars of the with built-up area of 50,912 Sq. ft., at Thiruvanmiyur, Chennai, for an
contract or arrangement amount not exceeding ` 70 Crore.
5 Any other information relevant The aforesaid property is in a prominent location at Chennai city and
or important for the members to ideally suited for setting up cricket academy and High Performance
take a decision on the proposed Centres and would be useful for various business purposes of the
resolution Company. The proposed consideration is fair and reasonable and
based on the prevailing market value at an arm’s length basis and
would be supported by a Valuation report.
The Board recommends the resolutions at Item No. 7 of the Notice for approval of the members.

Interest of Directors and Key Managerial Personnel:

EWS Finance and Investments Private Limited (EWS), a Related Party and its Directors and/or Members,
Sri. N.Srinivasan, Smt. Chitra Srinivasan and Smt. Rupa Gurunath, holding majority of the shares in EWS, forming
part of the Promoter Group of the Company, are deemed to be interested or concerned in the aforesaid resolutions.
None of the Directors and Key Managerial Personnel of the Company or their respective relatives are deemed to
be concerned or interested financially or otherwise in the said resolutions.

(By Order of the Board)

for CHENNAI SUPER KINGS CRICKET LIMITED
Place : Chennai K.S.VISWANATHAN
Date : 14.08.2023 WHOLETIME DIRECTOR
DIN: 06965671

15
DIRECTORS’ REPORT
Your Directors have pleasure in presenting the Ninth Annual Report together with the Audited Accounts of the
Company for the year ended 31st March, 2023.

FINANCIAL RESULTS
The Financial Results for the year ended 31st March are given below:
` Lakhs

Year ended Year ended

Particulars 31.03.2023 31.03.2022
Total Revenue 29,234.36 34,914.66
Profit / (Loss) before Interest, Depreciation & Exceptional Items 8,421.48 4,951.73
Less : Finance Cost 1,005.53 626.18
Less: Depreciation / Amortization 363.30 250.74
Profit / (Loss) Before Tax 7,052.65 4,074.81
Less: Current Tax 1,864.47 1,102.38
Less: Deferred Tax (29.26) (181.68)
Profit / (Loss) After Tax 5,217.44 3,154.11
Add : Other Comprehensive Income 9.24 0.27
Total Comprehensive Income 5,226.68 3,154.38

DIVIDEND AND RESERVES

In order to conserve resources, the Company has not declared any Dividend for the year ended 31st March 2023.
The Company has not transferred any amount to the reserves for the year ended 31st March 2023.

SHARE CAPITAL
The paid up equity share capital of the Company as on 31st March 2023 is ` 3.08 Crores comprising of 30,81,53,074
equity shares of ` 0.10 each.

COMPANY’S PERFORMANCE
The Season XVI of the Indian Premier League commenced on 31st March 2023 and the matches were held during
April / May 2023 and the Company is happy to inform the shareholders that your IPL Franchise Chennai Super
Kings has won the IPL Championship in May 2023. Your team has been the most consistent IPL team and has
won five IPL titles, appeared in 10 IPL finals and have qualified for the playoff stages 12 times.
During the year under review, the Company has made a Profit After Tax of ` 5,217.44 Lakhs as against ` 3,154.11
Lakhs in the previous year.

INTERNAL FINANCIAL CONTROLS

The Company has adequate internal financial controls with reference to the Financial Statements commensurate
to the size and nature of operations of the Company.

RISK MANAGEMENT POLICY

Pursuant to Section 134(3)(n) of the Companies Act, 2013, the Company has developed and implemented a risk
management policy. The policy envisages identification of risk and procedures for assessment and mitigation
thereof.
16
RELATED PARTY TRANSACTIONS
The details of related party transactions are given in Note No.40 to Notes on Accounts for the year ended
31st March 2023. All related party transactions entered during the year are in the ordinary course of business and
at arm’s length basis.

CONSOLIDATED FINANCIAL STATEMENTS

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rules made thereunder, the Audited Consolidated
Financial Statement of the Company and its subsidiary companies is enclosed. A separate statement containing
the salient features of the audited financial statement of the subsidiary companies is enclosed as Annexure 2 in
Form AOC-1, as prescribed under the Companies Act, 2013, and the Rules made thereunder.

SUBSIDIARIES
SUPERKING VENTURES PRIVATE LIMITED
During the financial year, the Company has commenced its operations and started 2 academies one based in
Salem and another based in Chennai. The Company has also plans to start academies in other places. The
company had more than 400 students enrolled in the academies with the numbers constantly going up. Further,
the Company has also started “Talent Management” as a new line of business. In this line of business, the
Company will manage the commercial interest of some of the talented professionals in various sports activities
primarily in cricket. During the year under review, the Company made operating loss of ` 645.17 Lakhs mainly due
to one time costs on account of setting up the academies.

JOBURG SUPER KINGS (PTY) LTD.

During the year under review, Joburg Super Kings (Pty) Ltd. was incorporated as the Company’s wholly owned
subsidiary in South Africa and had invested in South Africa’s explosive new T20 league. Joburg Super Kings (Pty)
Ltd. was awarded the right to operate a team in the city of Johannesburg and the team was named Joburg Super
Kings. The inaugural season kicked off in January 2023 with 6 global franchises, 6 cities, 33 matches, 102 local
and international players. During the inaugural season, Joburg Super Kings Team finished as semi-finalist. The
tournament has proven to be a great success attracting full houses and good viewership numbers. Given T20’s
cricket evolution, brand loyalty, league strategy and success of the first season, the Company believes that this
venture will add significant value to the shareholders despite investments in the initial few years. The financial
performance of Joburg Super Kings was in line with our projections. During the year, the Company made an
operating loss of ` 3,302.29 Lakhs.
The Company does not have any associate / joint venture Companies.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of loans and investments covered under Section 186 of the Companies Act, 2013 are given in the Notes
to standalone financial statements for the financial year 2022-23.

MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS / TRIBUNALS

There have been no orders passed by any Regulatory Authority or Court or Tribunal, impacting the going concern
status and future operations of the Company.

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments affecting the financial position of the Company, which
have occurred between the end of the financial year of the Company to which the financial statements relate and
the date of this report other than those disclosed in this Financial Statements.

17
ANNUAL RETURN
The extract of the Annual Return of the Company for the financial year ended 31st March 2023 is made available
on the Company’s website at www.chennaisuperkings.com.

PUBLIC DEPOSITS
The Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013 from the
public during the financial year 2022 -23. There are no outstanding Public Deposits at the beginning or end of the
Financial Year.

CONSERVATION OF ENERGY, ETC.

Since the Company has no manufacturing activity, furnishing of the prescribed details as required under Section
134(3)(m) of the Companies Act, 2013 is not applicable.

TOTAL FOREIGN EXCHANGE USED AND EARNED

Current Year Previous Year
Used ` / Lakhs 3,764.32 7,136.02
Earned ` / Lakhs 237.55 23.61

DIRECTORS
In terms of Section 152(6) of the Companies Act, 2013, Sri PL Subramanian retires by rotation at the ensuing
Annual General Meeting of the Company and he is eligible for re-appointment. Resolution for his re-appointment
as a director liable to retire by rotation is included in the Notice convening the 9th Annual General Meeting of the
Company.
Brief particulars of the Director eligible for re-appointment are annexed to the Notice convening the 9th Annual
General Meeting of the Company. There have been no changes in the Directors or Key Managerial Personnel
during the year. No Director is related to each other.

INDEPENDENT DIRECTORS
A statement on declaration given by the Independent Directors under Section 149(7) of the Companies Act, 2013
that they meet the criteria of independence as provided under Section 149(6) of the Companies Act, 2013 has
been received by the Company.
In the opinion of the Board, the independent directors are persons of high integrity and repute and possess the
requisite proficiency, expertise and experience and fulfil all the conditions specified in the Act and Rules made
thereunder and are independent of the management.

DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors make the following statement in terms of Section 134(5) of the Companies Act, 2013:
“We confirm that
1. in the preparation of the annual accounts for the year ended 31st March, 2023, the applicable Accounting
Standards have been followed along with proper explanation relating to material departures;
2. such Accounting Policies have been selected and applied consistently and made judgements and estimates
that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at
31st March, 2023 and of the profit of the Company for that year;
3. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
4. the annual accounts for the year ended 31st March 2023 have been prepared on a going concern basis;
5. proper systems to ensure compliance with the provisions of all applicable laws have been devised and that
such systems are adequate and operating effectively.”
18
PERSONNEL
In terms of provisions of Section 197(12) of the Companies Act, 2013 (Act) and Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing names of the
employees drawing remuneration and other particulars, as prescribed in the said Rules forms part of this report.
However, in terms of first proviso to Section 136(1) of the Act, the Annual Report, excluding the aforesaid
information, is being sent to the members of the Company. The said information is available for inspection at the
Registered Office of the Company during working hours and any member who is interested in obtaining these
particulars may write to the Company.
The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a Policy for
selection and appointment of Directors, Key Managerial Personnel and other employees and their remuneration
for implementation and the same is available on the website of the Company. During the year, no remuneration,
including sitting fee, has been paid to any Director of the Company except to the Whole time Director.
The Company has complied with the provisions relating to constitution of Internal Complaints Committee under
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. There was
no complaint of harassment, reported during the year.

BOARD MEETINGS
During the year 2022-23, 9 Board Meetings were held on 15.06.2022, 27.06.2022, 11.07.2022, 10.08.2022,
07.09.2022, 07.11.2022, 03.01.2023, 20.01.2023 and 20.03.2023.

KEY MANAGERIAL PERSONNEL

The Key Managerial Personnel of the Company for the purpose of Companies Act, 2013 is Sri. K.S.Viswanathan,
Wholetime Director designated as Chief Executive Officer.

AUDIT COMMITTEE
The present composition of Audit Committee consists of the following Directors as its members, viz. (i)
Sri. R.Srinivasan, (ii) Sri. K. Ramgopal and (iii) Sri. B. Kalyanasundaram. There has been no instance, where the
Board has not accepted any recommendation of the Audit Committee.
The role and terms of reference of the Audit Committee cover the areas mentioned under Section 177 of the
Companies Act, 2013, besides other terms as may be referred to by the Board of Directors from time to time.
During the year, the Committee met thrice on 15.06.2022, 10.08.2022 and 20.01.2023.

AUDITORS
The Shareholders of the Company at the 5th Annual General Meeting held on 26th September 2019 appointed
M/s. Brahmayya & Co., Chartered Accountants, Chennai, as Statutory Auditors of the Company, to hold office
for a period of 5 years from the conclusion of the 5th Annual General Meeting until conclusion of the 10th Annual
General Meeting of the Company. The Company has obtained necessary Certificate from the Statutory Auditors
confirming their eligibility to continue as Statutory Auditors of the Company for the financial year 2023-24.
The Report of the Statutory Auditors for the year ended 31st March, 2023 does not contain any qualification,
reservation or other remarks.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

A Report on CSR activities of the Company during the year 2022-23 is given in Annexure 1.

VIGIL MECHANISM
Pursuant to the provisions of Section 177(9) of the Companies Act, 2013, the Company has established a vigil
mechanism for directors and employees to report their genuine concerns.

19
OTHER DISCLOSURES
During the year under review, no application under Insolvency and Bankruptcy Code, 2016 was initiated by/
against the Company and also there was no instance of one time Settlement with any Bank or financial institutions.

COST RECORDS
The Company is not required to maintain cost records as specified by the Central Government under Section
148(1) of the Companies Act, 2013.

INTERNAL AUDITOR
Messrs Capri Assurance and Advisory Services has been appointed as internal auditors for the year 2023-24.

SECRETARIAL AUDITOR
Smt. P.R.Sudha, Practising Company Secretary, has been appointed as Secretarial Auditor of the Company
for the year 2023-24. The Secretarial Auditor’s Report in Form MR-3 as prescribed under Section 204(1) of the
Companies Act, 2013 read with Rule 9 of Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, for the Financial Year 2022-23, is enclosed as Annexure 3. The Secretarial Auditor’s Report does
not contain any qualification, reservation or other remarks. The Company has complied with applicable Secretarial
Standards issued by The Institute of Company Secretaries of India and approved by the Central Government.

ACKNOWLEDGEMENT
The continued dedication and sense of commitment shown by the employees at all levels during the year deserve
special mention.

For and on behalf of the Board

R. SRINIVASAN
Place: Chennai Chairman
Date: 14.08.2023 DIN: 00207398

20
 ANNEXURE ‘1’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2023
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES 2022-23
[Pursuant to Section 135 of the Companies Act, 2013 read with
Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended]

1. Brief outline on CSR Policy of the Company : Understanding, Supporting and Developing
the Communities and the Cultures within which
we work. Nurturing the Environment and the
Surroundings for the benefit of the Public over a
sustained period of time thereby enhancing the
value of the Company and all its stakeholders.
2. Composition of CSR Committee:

Sl. Name of Director Designation / Number of meetings of Number of meetings of CSR

No. Nature of Directorship CSR Committee held Committee attended during
during the year the year
1. Sri K S Viswanathan Chairman of CSR Committee, 1 1
Wholetime Director
2. Sri R Srinivasan Member, Director 1 1
3. Sri Rakesh Singh Member, Director 1 1
4. Sri B Kalyanasundaram Member, Independent Director 1 1

3 The web-link where Composition of CSR committee, : CSR Policy is available at the Company’s
CSR Policy and CSR projects approved by the board are website www.chennaisuperkings.com
disclosed on the website of the Company.
4 The executive summary along with web-link(s) of Impact : Not Applicable
Assessment of CSR Projects carried out in pursuance of
sub-rule (3) of rule 8, if applicable.
5 (a) Average net profit of the company as per section : ` 6,259.38 lakhs
135(5).
(b) Two percent of average net profit of the company as : ` 125.19 lakhs
per section 135(5).
(c) Surplus arising out of the CSR projects or programmes : Nil
or activities of the previous financial years.
(d) Amount required to be set off for the financial year, if : Nil
any.
(e) Total CSR obligation for the financial year (b+c-d). : ` 125.19 lakhs
6 (a) Amount spent on CSR Projects (both Ongoing Project : Ongoing Project - Nil
and other than Ongoing Project). Other than Ongoing Project - ` 125.19 Lakhs
(b) Amount spent in Administrative Overheads : Nil
(c) Amount spent on Impact Assessment, if applicable : Not Applicable
(d) Total amount spent for the Financial Year (a+b+c) : ` 125.19 Lakhs

(e) CSR amount spent or unspent for the Financial Year:

Amount Unspent (in ` Lakhs)
Total Amount
Spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under Schedule VII as per
Financial Year CSR Account as per section 135(6) second proviso to section 135(5)
(in ` Lakhs)
Amount Date of transfer Name of the Fund Amount Date of transfer
125.19 NIL

21
 (f) Excess amount for set-off, if any:
Sl. Amount
Particulars
No. (in ` in Lakhs)
1 2 3
(i) Two percent of average net profit of the company as per sub-section (5) of section 135 125.19
(ii) Total amount spent for the Financial Year 125.19
(iii) Excess amount spent for the Financial Year [(ii)-(i)] -
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Financial Years, if -
any
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] -

7 Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
1 2 3 4 5 6 7 8
Amount Amount transferred to a Amount
Balance Amount Amount
transferred to Fund as specified under remaining
in Unspent CSR Spent
Preceding Unspent CSR Schedule VII as per second to be
Sl. Account under in the Deficiency,
Financial Account under proviso to sub-section (5) of spent in
No. sub-section (6) of Financial if any
Year(s) sub-section (6) section 135, if any succeeding
section 135 Year
of section 135 Amount Date of Financial Years
(in `) (in `)
(in `) (in `) Transfer (in `)
1 FY-1 Nil
2 FY-2 Nil
3 FY-3 Nil

8 Whether any capital assets have been created or acquired through Corporate Social Responsibility amount
spent in the Financial Year:
Yes / No : No
If Yes, enter the number of Capital assets created / : Not Applicable
acquired
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility
amount spent in the Financial Year:
Details of entity / Authority / beneficiary of the
Short particulars of the
Amount registered owner
property or asset(s) Pincode of the Date
of CSR CSR
Sl. No. [including complete property or of
amount Registration
address and location asset(s) creation Name Registered address
spent Number, if
of the property]
applicable
1 2 3 4 5 6
Not Applicable
(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal Corporation/ Gram
panchayat are to be specified and also the area of the immovable property as well as boundaries)

9 Specify the reason(s), if the company has failed to spend : Not Applicable
two per cent of the average net profit as per sub-section
(5) of section 135.

(By Order of the Board)

Place : Chennai K.S.VISWANATHAN
Date : 14.08.2023 Chairman, CSR Committee
(DIN: 06965671)

22
 ANNEXURE ‘2’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2023
Form AOC-1
Statement attached to the Balance Sheet as at 31st March 2023
[Pursuant To Section 129 (3) Of The Companies Act, 2013 read with
Rule 5 of Companies (Accounts) Rules, 2014]
(` in Lakhs)
Name of the Subsidiary
S.
Particulars Superking Ventures Joburg Super Kings
No.
Private Limited (Pty) Ltd
1 Date since when subsidiary was acquired 15-02-2022 18-10-2022
2 Reporting Period for the Subsidiary Accounts 31-03-2023 31-03-2023
3 Reporting Currency / Exchange Rate for the Subsidiary INR ZAR-4.55
4 Share Capital 10.00 4,543.36
5 Reserves and Surplus (645.17) (3,302.29)
6 Total Assets 883.08 1,751.79
7 Total Liabilities 1,518.25 510.72
8 Investments 0.00 0.00
9 Turnover 256.34 3,039.40
10 Profit / (Loss) before Taxation (634.32) (3,204.61)
11 Provision for Taxation 0.00 0.00
12 Profit / (Loss) after Taxation (634.32) (3,204.61)
13 Proposed Dividend 0.00 0.00
14 % of Sharing 100% 100%
15 No.of Shares 100,000 946,000
16 Book Value per Share (in `) (635.17) 131.19

Notes :
1. Yet to commence operation Commenced Commenced
2. Liquidated / sold during the year Nil Nil

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants
Firm Regn No : 000511S R. SRINIVASAN K.S. VISWANATHAN
Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575
RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

23
 ANNEXURE ‘3’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2023

P R SUDHA Flat ‘C’, Lakshmi Apartments, No. 171, 3rd Cross Street
Company Secretary Lakshmi Nagar, Porur, Chennai - 600 116.

Form No.MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2023
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To
The Members
Chennai Super Kings Cricket Limited

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to
good corporate practices by Chennai Super Kings Cricket Limited (hereinafter called “the Company”) during the
financial year 2022-23. Secretarial Audit was conducted in a manner that provided me a reasonable basis for
evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of Chennai Super Kings Cricket Limited’s books, papers, minute books, forms and
returns filed and other records maintained by the Company and also the information provided by the Company, its
officers, agents and authorized representatives during the conduct of secretarial audit, I hereby report that in my
opinion, the Company has, during the audit period covering the financial year ended on 31.03.2023 complied with
the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance-
mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by
Chennai Super Kings Cricket Limited for the financial year ended on 31.03.2023 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the Rules made thereunder;
(ii) Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent
applicable.
(iii) Secretarial Standards (SS-1, SS-2) issued by the Institute of Company Secretaries of India;
The Company is engaged in the business of owning and operating Cricket Teams and all cricket related activities.
As informed by the management, the following are some of the laws specifically applicable to the company.
(a) Trade Marks Act, 2009 and its corresponding Rules thereto;
(b) Copyrights Act, 1957;
(c) Tamil Nadu Local Authorities Entertainment Tax Act, 2017; and
(d) Sale of Goods Act, 1930.
During the period under review and as per the explanations and clarifications given to me and the representation
made by the Management, the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above, except instances which would not materially affect the operations
of the Company.
I further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-
Executive Directors and Independent Directors. There were no changes in the composition of the Board of
Directors during the period under review.

24
P R SUDHA Flat ‘C’, Lakshmi Apartments, No. 171, 3rd Cross Street
Company Secretary Lakshmi Nagar, Porur, Chennai - 600 116.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance. A system exists for seeking and obtaining further information and
clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
Decisions at the Board Meetings, as represented by the Management, were unanimous and therefore there were
no dissenting views that were required to be recorded.
I further report that as per the explanations given to me and the representations made by the Management and
relied upon by me, there are adequate systems and processes in the company commensurate with the size
and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and
guidelines.
I further report that Mr. K S Viswanathan, Whole Time Director of the Company designated as Chief Executive
Officer reappointed for a further period of 2 years w.e.f. 19.01.2023, by the shareholders at the Annual General
Meeting held on 21.09.2022 by way of Special Resolution.
I further report that:
1. Maintenance of Secretarial record is the responsibility of the management of the Company. My responsibility
is to express an opinion on these secretarial records based on my audit.
2. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. I believe that the processes and practices, I followed provide
a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company and have relied on the report of statutory auditors and financial statements.
4. Wherever required, I have obtained the management representation about the compliance of Laws, Rules
and Regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable Laws, Rules and Regulations, Standards
is the responsibility of management. My examination was limited to the verification of procedures on test
basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy
or effectiveness with which the management has conducted the affairs of the Company.

Name: P.R. SUDHA

Place: Chennai Membership No.: F6046
Date : 14.08.2023 CP No.:4468
UDIN: F006046E000804239

25
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
Independent Auditor’s Report

To the Members of
Chennai Super Kings Cricket Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion
We have audited the accompanying Standalone Ind AS Financial Statements of Chennai Super Kings Cricket
Limited (“the Company”), which comprises the Balance Sheet as at March 31, 2023, the statement of Profit and
Loss (including Other Comprehensive Income), the statement of changes in equity and the statement of cash
flows for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies and other explanatory information (hereinafter referred to as the “financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 (the “Act”)
in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards
prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015,
as amended,(“Ind AS”) and other accounting principles generally adopted in India, of the state of affairs of the
Company as at March 31, 2023, and its profit, total comprehensive income, changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS Financial Statements in accordance with the Standards on
Auditing (“SAs”) specified under section 143(10) of the Act. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of
our report.
We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone
Ind AS Financial Statements under the provisions of the Act and the Rules made there under, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe
that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the
financial statements.

Emphasis of Matter
Without qualifying our report, we draw attention to Note No. 48 to the Standalone Ind AS Financial Statements
which explains the Company’s stand on the requirement of maintaining earmarked deposits in respect of 8%
unsecured optionally convertible debentures maturing during the year, which have been since extended. In this
regard, the view taken by the Company is based on the legal opinion obtained by the Management.

Information Other than the Standalone Ind AS Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the annual report but does not include the Standalone Ind AS Financial
Statements and our auditor’s report thereon. The other information is expected to be made available to us after
the date of this auditor’s report.
Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements, or our
knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

26
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibilities for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect
to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial
position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in
accordance with the Ind AS and other accounting principles generally accepted in India, including the accounting
standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS
Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud
or error.
In preparing the Standalone Ind AS financial statements, the management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management and Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has an adequate internal financial controls system in place
and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made in the Standalone Ind AS Financial Statements made by Management and
Board of Directors.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparation
of Standalone Ind AS Financial Statements and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the Standalone Ind AS Financial Statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
27
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the Standalone Ind AS Financial Statements represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss (including other Comprehensive Income), the
Statement of Changes in Equity and the Cash Flow Statement dealt with in this Report are in agreement
with the relevant books of account.
d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act read with the rules issued there under.
e) On the basis of the written representations received from the directors as on March 31, 2023, taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2023, from being
appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company,
with reference to these Standalone Ind AS Financial Statements and the operating effectiveness of such
controls, refer to our separate Report in “Annexure A”.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according
to the explanations given to us, the remuneration paid by the Company to its directors during the year is
in accordance with the provisions of section 197 read with Schedule V of the Act.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations which would impact on its financial
position - Refer Note 34 to the financial statement.
ii. The Company did not have any long-term contracts including derivative contracts as at March 31,
2023 for which there were any material foreseeable losses.
iii. There are no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company during the year ended March 31, 2023.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the
Company to or in any other persons or entities, including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

28
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which
are material either individually or in the aggregate) have been received by the Company from
any persons or entities, including foreign entities (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures performed that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) above, contain any material misstatement.

v. The Company has not declared or paid any dividend in the year under audit and hence the reporting
requirements for compliance with Section 123 of the Act is not applicable.

2. As required by the Companies (Auditor’s report) Order,2020 (the ‘Order’) issued by the Central Government
of India in terms of Section 143(11) of the Act, we give in Annexure ‘B’ to this Report, a statement on the
matters specified in para 3 and 4 of the said order,to the extent applicable.

For Brahmayya & Co.

Chartered Accountants
Firm Regn No: 000511S
N. Sri Krishna
Partner
Membership No.026575
UDIN: 23026575BGRIJQ9742
Place: Chennai
Date: 14th August, 2023

29
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
Annexure A - Report on the Internal Financial Controls over Financial Reporting under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Chennai Super Kings Cricket Limited
(“the Company”) as of March 31, 2023 in conjunction with our audit of the Standalone Ind AS Financial Statements
of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based
on the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India (the “ICAI”).
These responsibilities include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence
to the company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable financial information,
as required under the Companies Act, 2013.

Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (“the Guidance Note”) issued by the ICAI and the Standards on Auditing
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls
over financial reporting were established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of Standalone Ind AS Financial Statements for
external purposes in accordance with generally accepted accounting principles. A company’s internal financial
control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
Standalone Ind AS Financial Statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
financial statements.

30
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting
to future periods are subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.

Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all
material respects, an adequate internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2023, based on the criteria for internal
financial control over financial reporting established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the ICAI.

For Brahmayya & Co.

Chartered Accountants
Firm Regn No: 000511S
N. Sri Krishna
Partner
Membership No.026575
UDIN: 23026575BGRIJQ9742
Place: Chennai
Date: 14th August, 2023

31
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
The “Annexure B” Referred to in Para 2 of “Report on Other Legal and Regulatory
Requirements” Paragraph of the Independent Auditor’s Report of even date to the members
of Chennai Super Kings Cricket Limited on the Standalone Ind AS Financial Statements as of
and for the year ended March 31, 2023.
i. To the best of our information and explanations provided to us by the Company and the books of accounts
and records examined by us in the normal course of audit, we state that:
(a) (A) The Company has maintained proper records showing full particulars, including quantitative details
and situation of Property, Plant and Equipment.
(B) The company is maintaining proper records, showing full particulars of Intangible assets.
(b) The of Property, Plant and Equipment of the Company have been physically verified by the management
at reasonable intervals. According to the information and explanation given to us by the management, no
material discrepancies have been noticed on such verification. In our opinion this periodicity of physical
verification is reasonable having regards to the size of the company and the nature of its assets.
(c) The title deed of immovable property disclosed in the Standalone Ind AS Financial Statements are held
in the name of the Company.
(d) The Company has not revalued any of its Property, Plant and Equipment and intangible assets during
the year. Hence, reporting under paragraph 3(i)(d) of the Order is not applicable.
(e) According to the explanations and information given to us, no proceedings have been initiated during the
year or are pending against the Company as at March 31, 2023 for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

ii. (a) As the Company had no Inventories during the year, clause (ii) (a) of paragraph of 3 of the Order is not
applicable to the Company.
(b) According to the information and explanations given to us, the Company has been sanctioned working
capital limits in excess of Rs. 5 crores, in aggregate, at points of time during the year, from banks on the
basis of security of current assets. In our opinion and according to information and explanations given to
us, the quarterly returns or statements filed by the Company with such banks are in agreement with the
books of account of the Company of the respective quarters.

iii. According to the information and explanations given to us and on the basis of our examination of the records
of the Company, the Company, has provided guarantee, given loans, or advance in nature of loans to
companies and other parties, to the extent applicable, in respect of which the requisite information is provided
below:
a) Based on the audit procedures carried on by us and as per the information and explanations given to us,
the aggregate amount during the year and balance outstanding at the balance sheet date with respect to
loans or advances in the nature of loans to subsidiaries, joint ventures, associates and other parties are
given below:
(` In Lakhs)
Advance in the
Particulars Guarantee Security Loans
nature of loans
Aggregate amount granted /
provided during the year
- Subsidiaries - - 865.80 -
- Associates - - - -
- Others - - 22,163.00 -

32
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
Advance in the
Particulars Guarantee Security Loans
nature of loans
Balance Outstanding as at 31st
March 2023 in respect of the
above cases
-Subsidiaries - - 1056.59 -
-Associates - - - -
-Others - - 18,069.00 -

b) According to the information and explanations given to us and based on the audit procedures performed
by us, we are of the opinion that investments made and the terms and conditions of the grant of all loans
provided are not prejudicial to the company’s interest.
c) In respect of loans and advances in the nature of loans, the schedule of repayment of principal and
payment of interest has been stipulated and repayments or receipts are regular.
d) According to information and explanations given to us and based on the audit procedures performed,
there are no amounts of loans and advances in the nature of loans granted to the companies, which are
overdue for more than 90 days as at the balance sheet date when read with the terms and conditions
covering the Loans and advances.
e) According to the information and explanation given to us and on the basis of our examination of the
records of the company, there were no loans or advances in the nature of loans fallen due during the
year, which have been renewed or extended or fresh loans granted to settle the overdue of existing loans
given to the same parties. However new loans have been granted to the same/new parties who have
repaid their existing loans if any. There have been no delays in payment of interest and principal from
these parties.
f) In our opinion and according to the information and explanations given to us, the Company has granted
loans which are either repayable on demand or without specifying any terms or period of repayment as
detailed below:
(Rs. in Lakhs)
Particulars Amount
Aggregate amount of loans as at the Balance Sheet
- Repayable on demand (A)* 1125.59
- Agreement does not specify any terms or period of repayment(B) -
Total (A+B) 1125.59
Percentage of loans to the total loans outstanding as at Balance Sheet Date 5.89%
*Includes loan to wholly owned subsidiary - ` 1056.59 Lakhs and loans to employees - ` 69.00 Lakhs.

iv. In our opinion and according to the information and explanations given to us, the company has complied with
the provisions of Section 185 and 186 of the Act to the extent applicable to the company, in respect to the
loans given, investments made, guarantees given and security provided.

v. The Company has not accepted any deposit or amounts which are deemed to be deposits from the public
within the meaning of Section 73-76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as
amended). Further according to the information and explanation given to us, no order has been passed by
the Company Law Board or NCLT or Reserve Bank of India, or any court or any other tribunal in this regard.
Hence, reporting under clause 3(v) of the Order is not applicable.

vi. In our opinion and according to the information and explanations given to us, the Central Government has not
prescribed the maintenance of cost records under sub-Section (1) of Section 148 of the Act in respect of the
activities undertaken by the company.
33
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
vii. (a) According to the information and explanations given to us and on the basis of our examination of the
books of account, the company has been generally regular in depositing undisputed statutory dues
including Provident Fund, Employee State Insurance, Income Tax, Luxury Tax, Value Added Tax, Goods
and Services Tax (GST), Service tax, Customs Duty, Excise Duty, Cess and other statutory dues during
the year with the appropriate authorities. According to information and explanations given to us, no
undisputed statutory dues payable was in arrears as at March 31, 2023, for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, details of dues of Service Tax which have not been deposited as on 31st March
2023 on account of any dispute and the forum where disputes are pending is given as follows:

S. Nature of the Nature of Amount Period to which Forum where the

No. Statue Dues (` In Lakhs) amount relates dispute is pending
1 Finance Act, 1994 Service Tax 678.29 2015 to 2017 High Court of Madras

viii. In our opinion and according to the information and explanations given to us, there were no transactions
relating to previously unrecorded income that have been surrendered or disclosed as income during the year
in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Hence, reporting under clause 3(viii) of
the Order is not applicable.

ix. In our opinion and according to the information and explanations given to us and on examination of records
of the company,
a. The company has not defaulted in repayment of loans in the payment of interest thereon to any lender.
b. The Company has not been declared wilful defaulter by any bank or financial institution or government
or any government authority.
c. In our opinion and according to the information and explanations given to us by the management, the
company has not availed any term loans during the year. Hence, reporting under clause 3 (ix)(c) of the
Order is not applicable.
d. According to the information and explanations given to us and on an overall examination of the Standalone
Ind AS Financial Statements of the Company, funds raised on short-term basis have, prima facie, not
been used during the year for long-term purposes by the Company.
e. The company has not taken any funds from any entity or person on account of or to meet the obligations
of its subsidiaries. The company does not have any associates or joint ventures.
f. The Company has not raised any loans during the year on the pledge of securities held in its subsidiaries.
The company does not have any associates or joint ventures. Hence reporting under clause 3 (ix) (f) of
the Order is not applicable.

x. (a) The Company has not raised money by way of an initial public offer or further public offer (including debt
instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.
(b) According to the information and explanations given to us, the Company has not made any preferential
allotment or private placement of shares or convertible debentures (fully or partly or optionally) and
hence reporting under clause 3(x)(b) of the Order is not applicable.

xi. (a) According to the information and explanations given to us, there have been no cases of fraud by the
company or any fraud on the company by its officers or employees has been noticed or reported during
the year under report.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as
prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government,
during the year and up to the date of this report.
(c) As represented to us by the management, there are no whistleblower complaints received by the
company during the year.

34
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on our examination of the records of the
company, transactions with the related parties, are in compliance with Section 177 and 188 of the Companies
Act, 2013. However, the details of such transactions have been disclosed in the Standalone Ind AS Financial
Statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and based on the results of the audit procedure
performed:
(a) In our opinion, the Company has an adequate internal audit system commensurate with the size and the
nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to the Company during
the year and till date, in determining the nature, timing and extent of our audit procedures.

xv. According to the information and explanations given to us and based on our examination of the records of
the company, the Company has not entered into any non-cash transactions with its directors or persons
connected with its directors. Accordingly, paragraph 3(xv) of the Order is not applicable.

xvi. In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India
Act, 1934. Hence, reporting under clauses 3(xvi)(a), (b), (c) and (d) of the Order is not applicable.

xvii. According to the information and explanations given to us and based on our examination of the records of the
Company, the Company has not incurred cash losses during the year.

xviii. There has been no resignation of the Statutory Auditor of the Company during the year.

xix. On the basis of the financial ratios, ageing and expected dates of realization of assets and payment of
liabilities, other information accompanying the Standalone Ind AS Financial Statements and our knowledge
of the Board of Directors and Management plans and based on our examination of the evidence supporting
the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty
exists as on the date of the audit report indicating that the Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one year from the balance
sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We
further state that our reporting is based on the facts up to the date of the audit report and we neither give any
guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet
date, will get discharged by the Company as and when they fall due.

xx. (a) In our opinion, according to the information and explanations given to us and based on our examination
of the records of the Company, the Company has no ongoing CSR projects. Accordingly, Para 3(xx)(a)
of Order is not applicable.
(b) In our opinion, according to the information and explanations given to us and based on our examination
of the records of the Company, the company has no amount remaining unspent under sub section (5) of
Section 135 of Companies Act. Accordingly, Para 3(xx)(b) of Order is not applicable

For Brahmayya & Co.

Chartered Accountants
Firm Regn No: 000511S
N. Sri Krishna
Partner
Membership No.026575
UDIN: 23026575BGRIJQ9742
Place: Chennai
Date: 14th August, 2023
35
 CHENNAI SUPER KINGS CRICKET LIMITED

BALANCE SHEET AS AT MARCH 31, 2023

(` Lakhs)
Figures as at the end Figures as at the end Figures as at the
Note of current reporting of previous reporting beginning of the
No period period transition date
31st March, 2023 31st March, 2022 1st April, 2021 (opening)
A. ASSETS
I Non Current Assets
a) Property, Plant and Equipment 3 13,601.25 12,988.56 14,128.19
b) Capital work-in-progress 3 1,701.11 0.00 0.00
c) Intangible Assets 3 311.93 616.32 349.33
d) Financial Assets:
i) Investments 4 5,204.73 10.00 0.00
ii) Other Financial Assets 5 10.20 5,214.93 7.98 17.98 0.00 0.00
e) Deferred Tax Assets 6 93.37 64.12 0.00
f) Other Non-Current Assets 7 1,759.31 4,636.81 2,213.06
TOTAL NON-CURRENT ASSETS 22,681.90 18,323.79 16,690.58
II Current Assets
a) Financial Assets:
i) Trade Receivables 8 570.45 3,740.58 2,191.88
ii) Cash and Cash Equivalents 9 1,946.25 13,534.90 12,179.52
iii) Loans 10 19,125.59 196.79 4.00
iv) Other Financial Assets 11 130.90 21,773.19 5.72 17,477.99 22.84 14,398.24
b) Other Current Assets 12 4,585.82 3,255.24 533.32
TOTAL CURRENT ASSETS 26,359.01 20,733.23 14,931.54
TOTAL ASSETS 49,040.91 39,057.02 31,622.14

B. EQUITY AND LIABILITIES

I Equity
a) Equity Share Capital 13 308.15 308.15 308.15
b) Other Equity 14 29,792.12 24,565.45 21,411.07
TOTAL-EQUITY 30,100.27 24,873.60 21,719.22
II Liabilities
II.A Non-Current Liabilities
a) Financial Liabilities
i) Borrowings 15 0.00 0.00 6,392.31
ii) Lease Liabilities 16 176.23 176.23 7.85 7.85 0.00 6,392.31
b) Provisions 17 52.23 36.84 29.49
c) Deferred Tax Liabilities (Net) 18 0.00 0.00 117.57
TOTAL NON-CURRENT LIABILITIES 228.46 44.69 6,539.37
II.B Current Liabilities
a) Financial Liabilities
i) Borrowings 19 6,500.00 6,449.52 0.00
ii) Lease Liabilities 20 12.68 17.16 0.00
iii) Trade Payables 21
Total outstanding dues of micro enterprises
8.64 0.00 9.47
and small enterprises
Total outstanding dues of creditors other than
3,618.50 10,139.82 2,825.06 9,291.74 1,345.17 1,354.64
micro enterprises and small enterprises
b) Provisions 22 4.72 2.34 1.61
c) Other Current Liabilities 23 8,567.64 4,844.66 2,007.30
TOTAL CURRENT LIABILITIES 18,712.18 14,138.74 3,363.55
TOTAL LIABILITIES 18,940.64 14,183.42 9,902.92
TOTAL EQUITY AND LIABILITIES 49,040.91 39,057.02 31,622.14
See accompanying Notes to the Financial Statements

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants R. SRINIVASAN K.S. VISWANATHAN
Firm Regn No : 000511S Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575 RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385
36
 CHENNAI SUPER KINGS CRICKET LIMITED

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2023
(` Lakhs)
Figures for Figures for
the current the previous
Note
reporting period reporting period
No.
April 2022 - April 2021-
March 2023 March 2022
Revenue
a) Revenue from Operations 24 27,315.30 34,105.11
b) Other Income 25 1,919.06 809.55
Total Revenue 29,234.36 34,914.66
Expenses
a) Cost of Operations 26 20,161.58 28,149.21
b) Employee benefits expense 27 367.67 318.66
c) Finance costs 28 1,005.53 626.18
d) Depreciation and amortisation expense 29 363.30 250.74
e) Other expenses 30 283.63 1,495.06
Total Expenses 22,181.71 30,839.85
Profit Before Exceptional items and Tax 7,052.65 4,074.81
Exceptional Items - -
Profit Before Tax 7,052.65 4,074.81
Tax Expenses 31
a) Current Tax 1,864.47 1,102.38
b) Deferred Tax (29.26) (181.68)
Total Tax Expenses 1,835.21 920.70
Profit for the period 5,217.44 3,154.11
Other Comprehensive Income / (Loss)
Items that will not be reclassified to Profit or (Loss) 14
Remeasurement of net defined benefit Plan 12.35 0.36
Income tax relating to Items that will not be reclassified to Profit or Loss (3.11) (0.09)
Other Comprehensive Income / (loss) - Total 9.24 0.27
Total Comprehensive Income 5,226.68 3,154.38
Earnings per equity share for continuing operations
32
[Face value of ` 0.10 each]
a) Basic (in `) 1.70 1.02
b) Diluted (in `) 1.38 0.83
Earnings per equity share for discontinued operations
[Face value of ` 0.10 each]
a) Basic (in `) 0.00 0.00
b) Diluted (in `) 0.00 0.00
Earnings per equity share for continuing and discontinued operations
[Face value of ` 0.10 each]
a) Basic (in `) 1.70 1.02
b) Diluted (in `) 1.38 0.83
See accompanying Notes to the Financial Statements
As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants R. SRINIVASAN K.S. VISWANATHAN
Firm Regn No : 000511S Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575 RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

37
 CHENNAI SUPER KINGS CRICKET LIMITED

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2023
(` Lakhs)
A. Equity share capital (Refer Note No. 13)

Changes in Equity Share Capital

Balance as at April 01, 2022 Balance as at March 31, 2023
during 2022-23
308.15 0.00 308.15

Changes in Equity Share

Balance as at April 01, 2021 Balance as at March 31, 2022
Capital during 2021-22
308.15 0.00 308.15

B. Other Equity (Refer Note No. 14) (` In Lakhs)

Reserves and Surplus

Equity
Component
of Other
Debenture Total
Compound Retained General Compre-
Redemption
Financial Earnings Reserve hensive
Reserve
Instrument Income

Balance at the beginning of reporting period

258.05 22,682.13 975.00 650.00 0.27 24,565.45
(01.04.2022)

Total Comprehensive Income for the year 0.00 5,217.44 0.00 0.00 9.24 5,226.68

Balance at the end of reporting period

258.05 27,899.57 975.00 650.00 9.51 29,792.12
(31.03.2023)

Balance at the beginning of reporting period

258.05 19,528.02 975.00 650.00 0.00 21,411.07
(01.04.2021)

Total Comprehensive Income for the year 0.00 3,154.11 0.00 0.00 0.27 3,154.38
Balance at the end of reporting period
258.05 22,682.13 975.00 650.00 0.27 24,565.45
(31.03.2022)

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants R. SRINIVASAN K.S. VISWANATHAN
Firm Regn No : 000511S Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575 RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

38
 CHENNAI SUPER KINGS CRICKET LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2023
(` Lakhs)

April 2022 - March 2023 April 2021 - March 2022

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit before exceptional items and tax 7,052.65 4,074.81
Other Comprehensive Income 9.24 0.27
Adjustments for
Depreciation 363.30 250.74
Finance costs 1,005.53 626.18
Interest income (1,919.06) (809.55)
Loss on Assets Discarded 0.00 1,141.15
Net Adjustments (550.23) 1,208.52
Operating Profit before Working Capital Changes 6,511.66 5,283.60
Changes in Working Capital
Adjustments for (increase) / decrease in operating assets
Trade Receivables 3,170.13 (1,548.70)
Other Financial Assets (127.40) 9.14
Other Current Assets (1,330.58) (2,721.94)
Other Non-Current Assets 2,877.50 (2,423.75)
Liabilities
Trade payables 802.08 1,470.44
Other Current liabilities 3,722.98 2,837.36
Short-term provisions 2.38 0.73
Long-term provisions 15.39 7.36
Net Adjustments 9,132.48 (2,369.36)
Cash Generated From Operation 15,644.14 2,914.24
Direct Taxes (1,864.49) (1,102.38)
Net cash from Operating activities [A] 13,779.65 1,811.86

B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets/ Intangibles (2,208.78) (494.26)
Purchase of Investments (5,194.73) (10.00)
Loans (18,928.80) (192.79)
Interest income 1,919.06 809.55
Net cash from Investing activities [B] (24,413.25) 112.50

39
 CHENNAI SUPER KINGS CRICKET LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2023 (Contd.)

(` Lakhs)

April 2022 - March 2023 April 2021 - March 2022

C. CASH FLOW FROM FINANCING ACTIVITIES

(Repayment) / Proceeds from borrowings 50.48 57.20
Interest paid (1,005.53) (626.18)
Net cash from Financing Activities [C] (955.05) (568.98)

Net (decrease) / increase in cash and cash equivalents =

(11,588.65) 1,355.38
(A+B+C)

Cash and cash equivalents at the beginning of the period 13,534.90 12,179.52
Cash and cash equivalents at the end of the period
1,946.25 13,534.90
(Refer Note No. 9)

Components of Cash & Cash Equivalents:

Cash on hand 0.01 0.01
Balance(s) In current accounts (including debit balance(s) in
1,946.24 13,534.89
cash credit)
Total Cash and Cash Equivalents 1,946.25 13,534.90

Reconciliation of Cash and Cash Equivalents:

Cash and Cash Equivalents 1,946.25 13,534.90
Current Investments 0.00 0.00
Cash Credit 0.00 0.00
Total Cash and Cash Equivalents 1,946.25 13,534.90

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants
Firm Regn No : 000511S R. SRINIVASAN K.S. VISWANATHAN
Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575
RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

40
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
1. CORPORATE INFORMATION:
Chennai Super Kings Cricket Limited (hereinafter referred as “Company”) is a company incorporated in India under the
provisions of Companies Act, 2013 having its registered office at Dhun Building, 827, Anna Salai, Chennai-600002.
Company owns and operates the Chennai franchise namely “Chennai Super Kings” in the T20 cricket league "Indian
Premier League" organized by the Board of Control for Cricket in India (BCCI).

2. SIGNIFICANT ACCOUNTING POLICIES:

2.1. First Time Adoption of Ind AS financial statements
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind
AS) notified under Companies (Indian Accounting Standards) Rules, 2015. Upto the year ended March 31,2022, the
Company prepared its financial statements in accordance with the requirements of Generally Accepted Accounting
Principles in India (previous GAAP), which includes Standards notified under the Companies (Accounting Standards)
Rules,2006. During the year, the Company by virtue of becoming an associate entity to a Company for which
Ind AS is applicable, it has prepared its financial statements under Ind AS vide Rule 4 of Companies (Indian Accounting
Standards) Rules 2015 and its amendments thereto. The Company’s first Ind AS financial statements is for the FY
2022-23. The date of transition to Ind AS is April 1, 2021. Accordingly, the Company has prepared an opening Ind AS
Balance sheet as on 01.04.2021 and comparative figures for the year ending 31.03.2022 is also in compliance with Ind
AS. An Explanation as to how transition to Ind AS has effected to the previously reported financial position and financial
performance of the company is provided in Note No. 45 of the Notes to Standalone Financial Statements.

2.2. Basis of Preparation and Presentation:

The financial statements of the Company have been prepared on accrual basis under the historical cost convention
except for certain financial instruments that are measured at fair values at the end of each reporting period and
Employee defined benefit plan as per actuarial valuation, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange of goods and services.
Fair value is the price that would be received on sale of asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, regardless of whether that price is directly observable or
estimated in a reasonable and prudent manner. In estimating the fair value of an asset or a liability, the Company takes
into account the characteristics of the asset or a liability if market participants would have those characteristics into
account when pricing the asset or a liability at the measurement date. Fair value for measurement and/or disclosure
purposes in these Standalone financial statements is determined on such a basis and measurements that have some
similarities to fair value but are not fair value, such as net realizable value in Ind AS 2 or value in use in Ind AS 36.
In addition, for financial reporting purposes, fair value measurements are categorized into level 1, 2 or 3 based on the
degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
value measurement in its entirety, which are described as follows:
• Level 1 inputs are quoted prices (unadjusted ) in active markets for identical assets or liabilities that the entity can
access at the measurement date;
• Level 2 inputs other than quoted prices included within level 1,that are observable for the asset or liability, either
directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or a liability.
The Company has considered its operating cycle to be 12 months for the purpose of Current and Non-current
classification of assets and liabilities.
The financial statements are presented in Indian Rupees rounded to the nearest lakhs with two decimals
The principal accounting policies are set out below:

2.3. Revenue Recognition:

2.3.1 Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the
customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for

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NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements,
because it typically controls the goods or services before transferring them to the customer. The Company considers
whether there are other promises in the contract that are separate performance obligations to which a portion of
transaction price needs to be allocated. In determining the transaction price for contract, company considers the effects
of variable consideration and non cash consideration.
Revenue from performance of services are linked to the tournament and recognised in Statement of Profit and Loss
along with the associated costs on conclusion of the relevant tournament.
Revenue from Central rights is recognized over the period of the league season based on the confirmation from BCCI
in line with the terms of the agreement except expressly assessed or communicated otherwise.

2.4 Other Income:

Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Entity
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
Dividend income is accounted for when the right to receive income is established.

2.5 Leases:
Company as a lessee
The Company applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets
representing the right to use the underlying assets.

i) Right-of-use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for its use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes
the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line
basis over the shorter of the lease term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the
exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-
use assets are also subject to impairment.

ii) Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments (including in
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index
or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties
for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to
produce inventories) in the period in which the event or condition that triggers the payment occurs.

iii) Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease
payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis
over the lease term.

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NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
2.6 Functional and presentation currency:
Items included in the financial statements of the Company are measured using the currency of the primary economic
environment in which the entity operates. The financial statements are presented in Indian Rupee, the national currency
of India, which is the functional currency of the Company.

2.7 Foreign currency transactions:

In preparing the financial statements of the Company, transactions in currencies other than the entity’s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the
end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing
at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the
rates prevailing at the date when the fair value was determined.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise.

2.8 Borrowing costs:

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of
those assets, until such time as the assets are substantially ready for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognised in the Statement of profit or loss as finance costs in the period in which they
are incurred.

2.8.1 Defined benefit plans:

For defined benefit plans in the form of gratuity fund, the cost of providing benefits is determined using the projected
unit credit method, with actuarial valuations being carried out by an independent actuary at the end of each reporting
period. Defined benefit costs are categorised as follows:
• Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and
settlements);
• Net interest expense or income; and
• Re-measurement
The Company presents defined benefit costs in profit or loss in the line item ‘Employee benefits expense’. Net interest
is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Re-
measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and
the return on plan assets (excluding net interest), is reflected immediately in the balance sheet with a charge or credit
recognized in other comprehensive income in the period in which they occur. Re-measurement recognized in other
comprehensive income is reflected immediately in retained earnings and is not reclassified to profit or loss. Curtailment
gains and losses are accounted for as past service costs. Past service cost is recognized in profit or loss in the period
of a plan amendment.
The obligation recognized in the balance sheet represents the actual deficit or surplus in the Company’s defined benefit
plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the
form of refunds from the plans or reductions in future contributions to the plans.

2.8.2 Short-term employee benefits:

Short term employee benefits including accumulated compensated absences as at the Balance Sheet date are
recognised as an expense as per Company’s schemes based on expected obligation on an undiscounted basis.

2.8.3 Other long-term employee benefits:

Other Long term employee benefits comprise of leave encashment which is provided for based on the actuarial valuation
carried out as at the end of the year.

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NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated
future cash outflows expected to be made by the Company in respect of services provided by employees up to the
reporting date.

2.9 Earnings per share:

Basic earnings per share is computed by dividing the net profit / (loss) after tax by the weighted average number of
equity shares outstanding during the year. Diluted earnings per share is computed by dividing the net profit / (loss)
after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential
equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share
and the weighted average number of equity shares which could have been issued on the conversion of all dilutive
potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would
decrease the net profit per share from continuing ordinary operations.

2.10 Taxation:
Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
Current tax is determined as the amount of tax payable in respect of taxable income for the year as determined in
accordance with the applicable tax rates and the provisions of the Income-tax Act, 1961

Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities
are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all
deductible temporary differences to the extent that it is probable that taxable profits will be available against which
those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognised if the
temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in
a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.

Current and deferred tax for the year

Current and deferred tax are recognized in profit or loss,except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity respectively.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely
to give future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT
is recognised as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable
that the future economic benefit associated with asset will be realised

2.11 Property, Plant and Equipment:

During transition from Indian GAAP to Ind AS on 1 April, 2021, the fair value of Property, Plant and Equipments (PPE)
is considered as the deemed cost of acquisition.
Property, plant and equipment are stated in the Balance Sheet at cost less accumulated depreciation and accumulated
impairment losses, if any. Cost includes purchase price, attributable expenditure incurred in bringing the asset to its
working condition for the intended use and cost of borrowing till the date of capitalisation in the case of assets involving
material investment and substantial lead time.

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NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
Componentization:
If significant parts of an item of PPE have different useful lives, then they are accounted for as separate items (major
components) of PPE.

Expenditure during the Construction period:

Expenditure/Income during construction period (including financing cost related to borrowed funds for construction or
acquisition of qualifying PPE) is included under Capital Work-in-progress, and the same is allocated to the respective
PPE on the completion of their construction. Advances given towards acquisition or construction of PPE outstanding at
each reporting date are disclosed as Capital Advances under “Other non-current Assets”.
Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any
recognised impairment loss. Depreciation of these assets, on the same basis as other property assets, commences
when the assets are ready for their intended use.
Depreciation is provided on the straight-line method as per the useful life prescribed in Schedule II to the Companies
Act, 2013 except in respect of categories of assets in whose case the life of certain assets has been assessed based on
technical advice taking into account the nature of the asset, the estimated usage of the asset, the operating condition
of the asset, past history of replacement, maintenance support etc. Any Preliminary and Pre-operative expenditure
incurred during the construction of properties is charged off to Profit and Loss Account.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item
of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount
of the asset and is recognised in profit or loss.

2.12 Impairment of tangible assets:

The Company assesses at each reporting date whether there is an indication that an asset/cash generating unit may
be impaired. If any indication exists the Company estimates the recoverable amount of such assets and if carrying
amount exceeds the recoverable amount, impairment is recognised. The recoverable amount is the higher of the net
selling price and its value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using an appropriate discount factor. When there is indication that previously recognised impairment loss
no longer exists or may have decreased such reversal of impairment loss is recognised in the profit or loss.

Intangible Assets:
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation
and accumulated impairment loss, if any. Cost comprises the purchase price (net of tax / duty credits availed wherever
applicable) and any directly attributable cost of bringing the assets to its working condition for its intended use. The
Company determines the amortisation period as the period over which the future economic benefits will flow to the
Company after taking into account all relevant facts and circumstances. The estimated useful life and amortisation
method are reviewed periodically, with the effect of any changes in estimate being accounted for on a prospective
basis.

2.13 Cash and Cash Equivalents:

Cash and cash equivalents for the purpose of Cash Flow Statement comprise cash at bank, in hand (including cheques
in hand) and short term investment with an original maturity of three months or less.

2.14 Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognised only when there is a present obligation as a result of past events and when a reasonable
estimate of the amount of obligation can be made. The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the end of the reporting period, taking into account the risks
and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle
the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of
money is material).

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NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
Contingent liabilities are disclosed for (i) possible obligation which will be confirmed only by future events not wholly
within the control of the Company or (ii) present obligations arising from past events where it is not probable that an
outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot
be made. Contingent assets are neither recognised nor disclosed in the financial statements.

2.15 Financial instruments:

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions
of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at
fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or
financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

2.16 Financial assets:

All regular purchases or sales of financial assets are recognised and derecognized on a trade date basis. Regular
way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame
established by regulation or convention in the marketplace.
All recognised financial assets are subsequently measured in their entirety at either amortized cost or fair value,
depending on the classification of the financial assets.

2.17 Classification of financial assets:

Financial instruments that meet the following conditions are subsequently measured at amortized cost (except for debt
instruments that are designated as at fair value through profit or loss on initial recognition):
• the asset is held within a business model whose objective is to hold assets in order to collect contractual cash
flows; and
• the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial instruments that meet the following conditions are subsequently measured at fair value through other
comprehensive income (except for instruments that are designated as at fair value through profit or loss on initial
recognition):
• the asset is held within a business model whose objective is achieved both by collecting contractual cash flows and
selling financial assets; and
• the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Interest income is recognised in profit or loss for FVTOCI instruments. For the purposes of recognizing foreign exchange
gains and losses, FVTOCI instruments are treated as financial assets measured at amortized cost. Thus, the exchange
differences on the amortized cost are recognised in profit or loss and other changes in the fair value of FVTOCI financial
assets are recognised in other comprehensive income. When the investment is disposed off, the cumulative gain or
loss previously accumulated in this reserve is reclassified to profit or loss.
All other financial assets are subsequently measured at fair value.

2.18 Effective interest method:

The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest
income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction
costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a
shorter period, to the net carrying amount on initial recognition.
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as
at FVTPL. Interest income is recognised in profit or loss and is included in the “Other income” line item.

46
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
2.19 Investments in subsidiaries:
The Company has elected to carry its Investments in Subsidiaries & Associates at cost.

2.20 Investments in equity instruments at FVTOCI:

On initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument basis) to present
the subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments.
This election is not permitted if the equity investment is held for trading. These elected investments are initially measured
at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from
changes in fair value recognised in other comprehensive income’. The cumulative gain or loss is not reclassified to
profit or loss on disposal of the investments.
A financial asset is held for trading if:
• it has been acquired principally for the purpose of selling it in the near term; or
• on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together
and has a recent actual pattern of short-term profit-taking; or
• it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.
Dividends on these investments in equity instruments are recognised in profit or loss when the Company’s right to
receive the dividends is established, it is probable that the economic benefits associated with the dividend will flow to
the entity, the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can
be measured reliably. Dividends recognised in profit or loss are included in the ‘Other income’ line item.

2.21 Financial assets at fair value through profit or loss (FVTPL):

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial
recognition to present subsequent changes in fair value in other comprehensive income for investments in equity
instruments which are not held for trading.
Financial Instruments that do not meet the amortised cost criteria or FVTOCI criteria are measured at FVTPL. In
addition, financial instruments that meet the amortised cost criteria or the FVTOCI criteria but are designated as at
FVTPL are measured at FVTPL.
A financial asset that meets the amortised cost criteria or debt instruments that meet the FVTOCI criteria may be
designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement
or recognition inconsistency that would arise from measuring assets or liabilities or recognising the gains and losses on
them on different basis. The Company has not designated any financial instrument as at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses
arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any
dividend or interest earned on the financial asset and is included in the ‘Other income’ line item. Dividend on financial
assets at FVTPL is recognised when the Company’s right to receive the dividends is established, it is probable that the
economic benefits associated with the dividend will flow to the entity, the dividend does not represent a recovery of part
of cost of the investment and the amount of dividend can be measured reliably.

2.22 Impairment of financial assets:

Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of each reporting
period. The company recognizes a loss allowance for the expected credit losses on financial asset. In case of trade
receivables, the company follows the simplified approach permitted by Ind AS 109 – Financial instruments for recognition
of impairment loss allowance. The application of simplified approach does not require the company to track changes
in credit risk. The company calculates the expected credit losses on trade receivables using a provision matrix on the
basis of its historical credit loss experience.

2.23 De-recognition of financial assets:

The Company de-recognises a financial asset when the contractual rights to the cash flows from the asset expire, or
when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another
party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues

47
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for
amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred
financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing
for the proceeds received.

2.24 Foreign exchange gains and losses:

The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated
at the spot rate at the end of each reporting period.
• For foreign currency denominated financial assets measured at amortized cost and FVTPL, the exchange
differences are recognised in profit or loss except for those which are designated as hedging instruments in a
hedging relationship.
• Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign
currency rates are recognised in other comprehensive income.
For the purposes of recognizing foreign exchange gains and losses, FVTOCI instruments are treated as financial
assets measured at amortized cost. Thus, the exchange differences on the amortized cost are recognized in profit or
loss and other changes in the fair value of FVTOCI financial assets are recognised in other comprehensive income.

2.25 Financial liabilities and equity instruments:

Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance
with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.
Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.

Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.
However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when
the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments
issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific
accounting policies set out below.

Financial Liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is either contingent consideration recognised
by the Company as an acquirer in a business combination to which Ind AS 103 applies or is held for trading or it is
designated as at FVTPL.
A financial liability is classified as held for trading if:
• it has been incurred principally for the purpose of repurchasing it in the near term; or
• on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together
and has a recent actual pattern of short-term profit-taking; or
• it is a derivative that is not designated and effective as a hedging instrument.
A financial liability other than a financial liability held for trading or contingent consideration recognised by the Company
as an acquirer in a business combination to which Ind AS 103 applies, may be designated as at FVTPL upon initial
recognition if:

48
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
• such designation eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise;
• the financial liability forms part of group of financial assets or financial liabilities or both, which is managed and its
performance is evaluated on a fair value basis, in accordance with the Company's documented risk management
or investment strategy, and information about the grouping is provided internally on that basis; or
• it forms part of a contract containing one or more embedded derivatives, and Ind AS 109 permits the entire
combined contract to be designated as at FVTPL in accordance with Ind AS 109.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in
profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and
is included in the ‘Other income' line item.
However, for non-held-for-trading financial liabilities that are designated as at FVTPL, the amount of change in
the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in
other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other
comprehensive income would create or enlarge an accounting mismatch in profit or loss, in which case these effects of
changes in credit risk are recognised in profit or loss.
The remaining amount of change in the fair value of liability is always recognised in profit or loss. Changes in fair
value attributable to a financial liability’s credit risk that are recognised in other comprehensive income are reflected
immediately in retained earnings and are not subsequently reclassified to profit or loss.
Gains or losses on financial guarantee contracts and loan commitments issued by the Company that are designated by
the Company as at fair value through profit or loss are recognised in profit or loss.
Financial liabilities subsequently measured at amortized cost Financial liabilities that are not held-for-trading and are
not designated as at FVTPL are measured at amortized cost at the end of subsequent accounting periods. The carrying
amounts of financial liabilities that are subsequently measured at amortized cost are determined based on the effective
interest method. Interest expense that is not capitalized as part of costs of an asset is included in the 'Finance costs'
line item.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating
interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash payments (including all fees and points paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where
appropriate) a shorter period, to the net carrying amount on initial recognition.

Foreign Exchange Gains and Losses

For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of
each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the
instruments and are recognised in ‘Other income’.
The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and
translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the
foreign exchange component forms part of the fair value gains or losses and is recognised in profit or loss.

Derecognition of Financial Liabilities

The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged,
cancelled or have expired. An exchange between with a lender of debt instruments with substantially different terms
is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability.
Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the
financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition
of a new financial liability. The difference between the carrying amount of the financial liability derecognized and the
consideration paid and payable is recognised in profit or loss.

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NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
2.26 Critical accounting judgements and key sources of estimation uncertainty:
In the application of the Company's accounting policies the directors of the Company are required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are discussed below:

a. Useful lives of property, plant and equipment:

The Company reviews the estimated useful lives of property, plant and equipment at the end of each reporting
period. During the current year, there has been no change in life considered for the assets.

b. Provision for doubtful receivables:

The Company makes provision for doubtful receivables based on a provision matrix which takes into account
historical credit loss experience and adjusted for current estimates.

c. Provision for employee benefits:

The Company uses actuarial assumptions to determine the obligations for employee benefits at each reporting
period. These assumptions include the discount rate, expected long-term rate of return on plan assets, rate of
increase in compensation levels and mortality rates.

d. Provision for taxes:

Significant judgments are required in determining the provision for income taxes, including the amount expected to
be paid/ recovered for uncertain tax positions.

e. Estimation of net realisable value of inventories:

Inventories are stated at the lower of cost and net realisable value. In estimating the net realisable value of
inventories the Company makes an estimate of future selling prices and costs necessary to make the sale.

50
 NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
3 Property, Plant & Equipment, Intangible Assets and Captial Work in Progress

Gross Block Depreciation Block Net Block

Closing
Opening Opening Opening Opening Closing
Balance Net Block Net Block
Particulars Balance Balance Balance Depreciation Balance Depreciation Balance
Addition Deletion Addition Deletion as on Depreciation Depreciation as on as on
as on as on as on deduction as on deduction as on
2021-22 2021-22 2022-23 2022-23 31st 2021-22 2022-23 March 31 March 31
1st April 1st April 1st April 2021-22 1st April 2022-23 31st March
March 2022 2023
2021 2022 2021 2022 2023
2023
A) Property, Plant & Equipment
1) Own Assets
Land 12,941.99 0.00 0.00 12,941.99 444.01 0.00 13,386.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,941.99 13,386.00
Buildings 1,189.72 0.00 1,189.72 0.00 0.00 0.00 0.00 29.76 18.80 48.56 0.00 0.00 0.00 0.00 0.00 0.00
Furniture and Fixtures 0.54 0.00 0.00 0.54 8.07 0.00 8.61 0.00 0.05 0.00 0.05 0.28 0.00 0.33 0.49 8.28
Office Equipments and Computers 19.70 0.00 0.00 19.70 26.62 0.00 46.32 7.44 2.32 0.00 9.76 18.96 0.00 28.72 9.94 17.60
Vehicles 20.16 0.00 0.00 20.16 0.00 0.00 20.16 6.72 2.52 0.00 9.24 2.52 0.00 11.76 10.92 8.40
Sub Total 14,172.11 0.00 1,189.72 12,982.39 478.70 0.00 13,461.09 43.92 23.69 48.56 19.05 21.76 0.00 40.81 12,963.34 13,420.28

51
2) Right of Use Assets 0.00 35.61 0.00 35.61 187.62 0.00 223.23 0.00 10.39 0.00 10.39 31.88 0.00 42.26 25.22 180.96
Total (A)=(1)+(2) 14,172.11 35.61 1,189.72 13,018.00 666.32 0.00 13,684.32 43.92 34.08 48.56 29.44 53.63 0.00 83.07 12,988.56 13,601.25

B) Intangible Assets
Computer Software and Licences 922.18 483.65 0.00 1,405.83 5.28 0.00 1,411.11 572.85 216.66 0.00 789.51 309.67 0.00 1,099.18 616.32 311.93

C) Capital Work in Progress (CWIP) 0.00 0.00 0.00 0.00 1,701.11 0.00 1,701.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,701.11

Grand Total ( A + B + C) 15,094.29 519.26 1,189.72 14,423.83 2,372.71 0.00 16,796.54 616.77 250.74 48.56 818.95 363.30 0.00 1,182.24 13,604.88 15,614.30

CWIP Ageing Details ` in Lakhs CWIP Ageing Details ` in Lakhs

Less than Less than
FY 2022-23 1-2 Years 2-3 Years > 3 Years Total FY 2021-22 / FY 2020-21 1-2 Years 2-3 Years > 3 Years Total
1 Year 1 Year
Projects-in-progress 1,701.11 0.00 0.00 0.00 1,701.11 Projects-in-progress 0.00 0.00 0.00 0.00 0.00
Projects suspended 0.00 0.00 0.00 0.00 0.00 Projects suspended 0.00 0.00 0.00 0.00 0.00
Total 1,701.11 0.00 0.00 0.00 1,701.11 Total 0.00 0.00 0.00 0.00 0.00
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021
4 Other Non-Current Investments
Non-Current Investments
Unquoted Investments
Investments classified at FVTOCI
a) Investments in preference shares at FVTOCI
Tvasta Manufacturing Solutions Private Limited,
(1,371 Compulsorily Convertible Preference Shares of 151.37 0.00 0.00
` 1 each fully paid)
Investments in Compulsorily Convertible Debentures at
b)
FVTOCI
Abhinava Metaliks Private Limited, (500 Compulsorily
500.00 0.00 0.00
Convertible Debentures -CCDs of ` 1,00,000 each)
Total Aggregate of Investments at FVTOCI -
651.37 0.00 0.00
Unquoted investments (a+b)
Investments in Wholly Owned Subsidiaries carried at Cost
c) Investment in equity shares of wholly owned subsidiary
i Superking Ventures Private Limited 10.00 10.00 0.00
(1,00,000 equity shares of ` 10 each)
ii Joburg Super Kings (Pty) Ltd 4,543.36 0.00 0.00
(9,46,000 equity shares of ` 480.27 each equivalent face
value of ZAR 100/-)
Total Aggregate Investment in equity shares of wholly
4,553.36 10.00 0.00
owned subsidiary
Total Investments (a+b+c) 5,204.73 10.00 0.00
Aggregate carrying value of unquoted investments (a+b+c) 5,204.73 10.00 0.00
Aggregate amount of impairment in value of investments 0.00 0.00 0.00

5 Other Financial Assets

Non -Current
Security deposits 10.20 7.98 0.00
Total Other Financial Assets 10.20 7.98 0.00

6 Deferred Tax Assets

Tax Effect of Items Constituting Assets
Property, Plant & Equipment 79.93 54.26 0.00
Provisions for Compensated absences and Gratuity 13.44 9.86 0.00
Net Deferred Tax Assets 93.37 64.12 0.00

52
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021
7 Other Non-Current Assets
Others
Capital advances* 718.99 1,144.78 604.53
Advance tax (Net of provision for tax) 1,040.32 3,492.03 1,608.53
Total Other Non-Current Assets 1,759.31 4,636.81 2,213.06

* Includes advance given to related party, towards purchase

of property amounting to ` 604.53 Lakhs.

8 Trade Receivables
Current:
Unsecured considered good* 570.45 3,740.58 2,191.88
Total Trade Receivables 570.45 3,740.58 2,191.88

* Includes dues from Related Parties amounting to ` 13.64

Lakhs in the FY 22-23 (previous year: Nil).

Trade Receivables Ageing Schedule March 2023 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months 2-3 More than
1 - 2 Year Total
6 Months - 1 Year Years 3 Years
Undisputed Trade receivables - considered
534.22 36.23 0.00 0.00 0.00 570.45
good
Undisputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
doubtful
Disputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
good
Disputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
doubtful
Total 534.22 36.23 0.00 0.00 0.00 570.45

March 2022 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months More than
1 - 2 Year 2-3 Years Total
6 Months - 1 Year 3 Years
Undisputed Trade receivables - considered
3,740.58 0.00 0.00 0.00 0.00 3,740.58
good
Undisputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
doubtful
Disputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
good
Disputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
doubtful
Total 3,740.58 0.00 0.00 0.00 0.00 3,740.58

53
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

1st April 2021 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months More than
1 - 2 Year 2-3 Years Total
6 Months - 1 Year 3 Years
Undisputed Trade receivables - considered
2,191.88 0.00 0.00 0.00 0.00 2,191.88
good
Undisputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
doubtful
Disputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
good
Disputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
doubtful
Total 2,191.88 0.00 0.00 0.00 0.00 2,191.88

(` Lakhs)
As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021
9 Cash and Cash Equivalents
Balances with Banks:
In current accounts 1,946.24 13,534.89 12,179.51
Cash on hand 0.01 0.01 0.01
Cash and Cash Equivalents 1,946.25 13,534.90 12,179.52

10 Loans
Loans to Related Parties 19,056.59 190.79 0.00
Others:
Loans and advances to employees 69.00 6.00 4.00
Total Loans 19,125.59 196.79 4.00

11 Other Financial Assets

Interest Accrued on Deposits 125.18 0.00 18.86
Security Deposits 5.72 5.72 3.98
Total Other Financial Assets 130.90 5.72 22.84

12 Other Current Assets

Advances given to vendors 501.32 538.87 3.49
Prepaid expenses 3,795.92 2,566.37 529.83
Balances with Government authorities
GST Credit receivable 288.58 0.00 0.00
Other Advances 0.00 150.00 0.00
Total Other Current Assets 4,585.82 3,255.24 533.32

54
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
As at As at As at
Par value st Par value Par value per st
No. of 31 March No. of 31st March No. of 1 April
per share per share share
shares 2023 shares 2022 shares 2021
(`) (`) (`)
` Lakhs ` Lakhs ` Lakhs
13 Equity share capital
Authorised share capital
Share capital at the beginning of the year 600,000,000 0.10 600.00 600,000,000 0.10 600.00 600,000,000 0.10 600.00

Issued, Subscribed and paid up

Fully paid up Equity Share capital 308,153,074 0.10 308.15 308,153,074 0.10 308.15 308,153,074 0.10 308.15
Shares issued during the year 0 0.10 0.00 0 0.10 0.00 0 0.10 0.00
Total Issued, Subscribed and paid up 308,153,074 0.10 308.15 308,153,074 0.10 308.15 308,153,074 0.10 308.15

Reconciliation of number of shares

outstanding
Outstanding at the beginning of the year 308,153,074 0.10 308.15 308,153,074 0.10 308.15 308,153,074 0.10 308.15
Issued / Forfeited during the year 0 0.10 0.00 0 0.10 0.00 0 0.10 0.00
Outstanding at the end of the year 308,153,074 0.10 308.15 308,153,074 0.10 308.15 308,153,074 0.10 308.15

Par value Total face Par value Total face Par value per Total face
Details of shareholders holding more than 5% shares No. of No. of No. of
per share value % held per share value % held share value % held
in the company shares shares shares
(`) (` Lakhs) (`) (` Lakhs) (`) (` Lakhs)

EWS Finance and Investments Private Ltd 66,168,057 0.10 66.17 21.47% 0.00 0.10 0.00 0.00% 0.00 0.10 0.00 0.00%
Sri Saradha Logistics Private Limited 21,241,593 0.10 21.24 6.89% 21,241,593 0.10 21.24 6.89% 21,241,593 0.10 21.24 6.89%
Mrs. Rupa Gurunath, Trustee * 19,954,024 0.10 19.95 6.48% 0.00 0.10 0.00 0.00% 0.00 0.10 0.00 0.00%
Life Insurance Corporation of India; Life Insurance
Corporation of India P & GS Fund; LIC of India Market 18,609,745 0.10 18.61 6.04% 18,609,745 0.10 18.61 6.04% 18,609,745 0.10 18.61 6.04%
Plus Growth Fund
Trustees, India Cements Shareholders Trust 5,428,955 0.10 5.42 1.76% 92,540,210 0.10 92.54 30.03% 92,632,408 0.10 92.63 30.06%
Shares held by promoters at the end of the year
Promoter Name No. of Shares % of Total Shares % Change during the year
EWS Finance and Investments Private Ltd 66,168,057 21.47 100%
Mrs.Rupa Gurunath, Trustee * 19,954,024 6.48 100%
Mr. N Srinivasan 427,400 0.14 100%
Mrs. Chitra Srinivasan 78,580 0.02 100%
Mrs.Rupa Gurunath 36,440 0.01 100%
Mr. S.K. Asokh Baalaje 59,932 0.02 100%
Mrs. Rajam Krishnamoorthy 1,940 0.00 100%
Total 86,726,373 28.14
* Shares are held in the capacity as a Trustee of Financial Service Trust and Securities Services Trust.

Terms / rights attached to equity shares

The company has one class of shares referred to as equity shares having a Face value of ` 0.10. In the event of repayment
of Share Capital, the same will be in proportion to the number of equity shares held. Each fully paid up equity share holders
is entitled to one vote per share and carry a right to dividends.
During the year, The India Cements Shareholders Trust distributed 3,84,882 (FY 2021-22: 92,198) shares to the eligible
non-promoter shareholders of The India Cements Limited, and distributed 8,67,26,373 shares to promoters of The India
Cements Limited pursuant to the relevant consent from BCCI.

55
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

As at As at As at
31st March 2023 31st March 2022 1st April 2021
` Lakhs ` Lakhs ` Lakhs
14 Other Equity
Equity Component of Compound Financial Instrument
Opening Balance 258.05 258.05 0.00
Add: Addition during the year 0.00 0.00 258.05
Closing Balance 258.05 258.05 258.05
Retained Earnings
Opening Balance 22,682.13 19,528.02 15,652.16
Add: Profit for the Year 5,217.44 3,154.11 4,026.22
Less : Transition adjustments (Refer Note No. 45) 0.00 0.00 (150.36)
Closing Balance 27,899.57 22,682.13 19,528.02

General Reserve 975.00 975.00 975.00

Debenture Redemption Reserve 650.00 650.00 650.00

Other Comprehensive Income (OCI) - items that will not be

reclassified to profit or loss account
Opening Balance 0.27 0.00 0.00
Add: Movement in OCI (Net) during the year 9.24 0.27 0.00
Total Other Comprehensive Income (OCI) - items that will
9.51 0.27 0.00
not be reclassified to profit or loss account

Total Other Equity 29,792.12 24,565.45 21,411.07

As at As at As at
31st March 2023 31st March 2022 1st April, 2021
` Lakhs ` Lakhs ` Lakhs
Financial Liabilities
Unsecured
15 Long-Term Borrowings
Optionally Convertible Debentures
Note - Terms of the Optionally Convertible Debentures : 650 - 8%
Optionally Convertible Debentures (OCD) of the face value of
`10,00,000/- each issued on 23.01.2018. The OCDs shall mature
and due for redemption at par at the end of 60 months from the 0.00 0.00 6,392.31
date of issue, with an option to convert into equity shares after
expiry of 2 years from the issue date. However the said instrument
was rolled over with the revised maturity date being 23.12.2023

16 Lease Liabilities - Non Current 176.23 7.85 0.00

56
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

As at As at As at
31st March 2023 31st March 2022 1st April, 2021
` Lakhs ` Lakhs ` Lakhs
17 Non-Current Provisions
Employee Benefits
Post employment benefits - Gratuity 14.44 20.01 14.76
Compensated absences 37.79 16.83 14.73
Total Non-Current Provisions 52.23 36.84 29.49

18 Deferred Tax Liabilties (Net) 0.00 0.00 117.57

19 Current Borrowings
Unsecured
Short-Term Borrowings
Optionally Convertible Debentures 6,500.00 6,449.52 0.00
Note - Terms of the Optionally Convertible Debentures : 650 - 8%
Optionally Convertible Debentures (OCD) of the face value of `
10,00,000/- each issued on 23.01.2018. The OCDs shall mature
and due for redemption at par at the end of 60 months from the
date of issue, with an option to convert into equity shares after
expiry of 2 years from the issue date. However the said instrument
was rolled over with the revised maturity date being 23.12.2023.
Total current borrowings 6,500.00 6,449.52 0.00

20 Lease Liabilities - Current 12.68 17.16 0.00

21 Trade Payables
Due to Micro, small and medium enterprises 8.64 0.00 9.47
Due to Other than Micro, small and medium enterprises
Due to Related Parties 0.00 0.00 0.00
Due to Others 3,618.50 2,825.06 1,345.17
Sub Total 3,618.50 2,825.06 1,345.17
Total Trade Payables (A+B) 3,627.14 2,825.06 1,354.64

Trade Payables Ageing Schedule March 2023 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months 2-3 More than
1 - 2 Year Total
6 Months - 1 Year Years 3 Years
MSME 8.64 0.00 0.00 0.00 0.00 8.64
Others 3,616.22 0.00 0.00 2.28 0.00 3,618.50
Disputed Dues - MSME 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Dues - Others 0.00 0.00 0.00 0.00 0.00 0.00
Total 3,624.86 0.00 0.00 2.28 0.00 3,627.14

57
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

March 2022 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months More than
1 - 2 Year 2-3 Years Total
6 Months - 1 Year 3 Years
MSME 0.00 0.00 0.00 0.00 0.00 0.00
Others 2,822.78 0.00 2.28 0.00 0.00 2,825.06
Disputed Dues - MSME 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Dues - Others 0.00 0.00 0.00 0.00 0.00 0.00
Total 2,822.78 0.00 2.28 0.00 0.00 2,825.06

1st April 2021 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months More than
1 - 2 Year 2-3 Years Total
6 Months - 1 Year 3 Years
MSME 9.47 0.00 0.00 0.00 0.00 9.47
Others 1,345.17 0.00 0.00 0.00 0.00 1,345.17
Disputed Dues - MSME 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Dues - Others 0.00 0.00 0.00 0.00 0.00 0.00
Total 1,354.64 0.00 0.00 0.00 0.00 1,354.64

As at As at As at
31st March 2023 31st March 2022 1st April, 2021
` Lakhs ` Lakhs ` Lakhs
22 Current Provisions
Employee benefits
Gratuity 0.10 0.40 0.03
Compensated absences 4.62 1.94 1.58
Total Current Provisions 4.72 2.34 1.61

23 Other Current Liabilities

Other advances
Advance received from customers for next IPL season * 5,171.41 3,943.48 1,851.63
Others
Statutory remittances (Contributions to PF and ESIC, Witholding
394.75 853.12 105.37
taxes, GST, ED, VAT, Service Tax, etc.)
Other Current Liabilities 3,001.50 48.06 50.30
Total Other Current Liabilities 8,567.66 4,844.66 2,007.30
* Includes advance received from related party ` 60.59 Lakhs (previous year: Nil)

58
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
April 2022 - April 2021 -
March 2023 March 2022
(` Lakhs) (` Lakhs)
24 Revenue from Operations
a) Income from grant of central rights 19,152.37 24,227.52
b) Sponsorship Income 7,775.50 6,502.72
c) Other Tournament Related Income 387.43 3,374.87
Total Revenue from Operations 27,315.30 34,105.11

25 Other Income
Interest income
Bank deposits 33.01 81.67
Inter-corporate deposits 1,599.39 727.48
Others 286.66 0.40
Total Other Income 1,919.06 809.55

26 Cost of Operations
a) Player and Support Staff Remuneration 9,209.72 14,822.54
b) Franchisee Fee 5,038.29 6,156.58
c) Tournament Expenditure 3,808.83 4,371.22
d) Administration Expenses 1,598.12 2,067.08
e) Rent 0.63 145.01
f) Rates & Taxes 12.63 16.25
g) Printing & Stationary 2.14 0.15
h) Postage & Telephone 5.18 6.81
i) Advertisement and Sponsorship related expenses 293.06 367.19
j) Insurance 192.97 196.38
Total Cost of Operations 20,161.58 28,149.21

27 Employee Benefits Expenses

Salaries and Wages 197.46 198.81
Contribution to provident and other funds 10.62 3.94
Post-Employment benefits 6.47 0.00
Other Employee Benefits (Including Compensated Absences) 33.02 8.45
Staff welfare expenses 12.27 2.40
Managerial Remuneration to Wholetime Director & CEO
Salary 107.83 105.06
Total Employee Benefits Expenses 367.67 318.66

28 Finance Costs
Interest on working capital demand loans 421.60 41.15
Finance Cost on Debentures 570.91 583.71
Finance Cost on Lease under Ind AS 116 13.02 1.32
Total Finance Costs 1,005.53 626.18

29 Depreciation and Amortisation Expenses

Depreciation of property, plant and equipment 53.63 34.08
Amortisation of Intangible Assets 309.67 216.66
Total Depreciation and Amortisation Expenses 363.30 250.74

59
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
April 2022 - April 2021 -
March 2023 March 2022
(` Lakhs) (` Lakhs)

30 Other Expenses
a) Expenditure on Corporate Social Responsibility 125.19 202.80
b) Payment to Statutory Auditors:
i) Statutory Audit 10.00 10.00
ii) Certification and Others 0.00 5.66
c) Office Administrative Expenses 120.64 120.98
d) Bank Charges 27.80 14.47
e) Loss on Assets Discarded 0.00 1,141.15
Total Other Expenses 283.63 1,495.06

31 Income Tax recognised in Profit & Loss

Current Tax
In respect of current year 1,864.47 1,102.38
Deferred Tax
In respect of current year (29.26) (181.68)
Total Tax Expenses 1,835.21 920.70

Reconciliation of Effective Tax Rate:

Profit Before Tax and Exceptional Items from Continuing Operations and
7,052.65 4,074.81
Discontinued Operations
Applicable tax rate (%) 25.17% 25.17%
Computed Tax Expense 1,775.15 1,025.63
Tax Effect of:
- Expenses Disallowed 89.32 76.75
Current Tax Provision (A) 1,864.47 1,102.38
Incremental Deferred tax asset (net) (Refer Note No.6) (29.26) (181.68)
Deferred Tax Provision (B) (29.26) (181.68)
Tax Expenses Recognised in the Statement of Profit and Loss (A+B) 1,835.21 920.70
Effective Tax Rate (%) 26.02% 22.59%

32 Earnings Per Share (EPS)

The following reflects the profit and shares related data used in the Basic EPS
computations:
Total Comprehensive Income for the period 5,226.68 3,154.38
No. of Shares used in computing basic earnings per share 308,153,074 308,153,074
Earnings Per Share - Basic (in Rupees) 1.70 1.02
No. of Shares used in computing diluted earnings per share 379,425,004 379,425,004
Earnings Per Share - Diluted (in Rupees) 1.38 0.83
Face Value Per share (in Rupees) 0.10 0.10

33 Segment Reporting (IND AS 108):

The Company is exclusively engaged in the business of conducting sports and sport related activities. As per Ind AS
108 "Operating Segments" specified under Section 133 of the Companies Act, 2013, there are no reportable segments
applicable to the Company.

60
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
34 Contingent Liabilities (IND AS 37)
a) Claims against Company not acknowledged as debt
Forum before which the Period to which As at As at As at
Nature of the Dues
dispute is pending it relates 31st March, 2023 31st March, 2022 1st April, 2021
Service Tax High Court of Madras FY 2015-17 678.29 678.29 678.29
Disputed Service Tax
678.29 678.29 678.29
Demand

b) Capital and other Commitments

As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021
Estimated amount of contracts remaining to be executed
5,725.33 7,933.25 6,900.00
(net of advances towards capital expenditures):
Total Commitments 5,725.33 7,933.25 6,900.00

As at As at As at
35 Payable to MSME
31st March, 2023 31st March, 2022 1st April, 2021
Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
As at Balance Sheet date, amounts aggregating to ` 8.64 lakhs
were due to Micro, Small Enterprises as per the provisions of
the Micro Small Enterprises Development Act,2006 (as per the
defintion prior to the amendment 2020).
The Principal amount remaining unpaid to any supplier at the
8.64 0.00 9.47
end of each accounting year
The interest payable thereon
The amount of interest paid by the buyer along with the amount
of the payment made to the supplier beyond the due date (as
0.00 0.00 0.00
per PO or 45 days whichever is earlier) during each accounting
year
The amount of interest due and payable for the period of delay
in making payment (which has been paid but beyond the
appointed day during the year) but without adding the interest 0.00 0.00 0.00
specified under the Micro, Small and Medium Enterprises
Development Act, 2006;
The amount of interest accrued and remaining unpaid at the
end of each accounting year
The amount of further interest remaining due and payable even
in the succeeding years, until such date when the interest dues
above are actually paid to the small enterprise, for the purpose
0.00 0.00 0.00
of disallowance of a deductible expenditure under section 23
of the Micro, Small and Medium Enterprises Development Act,
2006
The above information regarding Micro, Small and Medium
Enterprises has been determined to the extent such parties
have been identified on the basis of information available
with the Company and the same has been relied upon by the
auditors.

61
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)

As at As at
Particulars
31st March, 2023 31st March, 2022
36 Expenditure in Foreign Currency
Foreign Exchange Used 3,764.32 7,136.02
Foreign Exchange Earned 237.55 23.61
Total 4,001.87 7,159.63

37 Payment to Auditors
Audit Fee 10.00 10.00
Audit Certification and Other Expenses 0.00 5.66
Total 10.00 15.66

38 Corporate Social Responsibility (CSR) Initiatives of the Company

The company is covered under section 135 of the Companies Act, the
following disclosure is made with regard to CSR activities:-
(i) amount required to be spent by the company during the year, 125.19 202.22
(ii) amount of expenditure incurred, 125.19 202.80
(iii) shortfall at the end of the year, Nil Nil
(iv) total of previous years shortfall, Nil Nil
(v) reason for shortfall, NA NA
(vi) nature of CSR activities, Promotion of Promotion of
Education Education /
Promoting
Healthcare
and Disaster
Management
(vii) details of related party transactions, e.g., contribution to a trust NA NA
controlled by the company in relation to CSR expenditure as per
relevant Accounting Standard,
(viii) where a provision is made with respect to a liability incurred by entering NA NA
into a contractual obligation, the movements in the provision during the
year shall be shown separately.

39 Employee Benefits

39.1 Defined Contribution Plans

Contribution to Provident Funds 10.62 3.94
Total 10.62 3.94

39.2 Information about the characteristics of defined benefit plan - Gratuity benefit plan.
The benefit is governed by the Payment of Gratuity Act, 1972. The Key features are as under:
Features of the defined benefit plan Remarks
Benefit offered 15 / 26 × Salary × Duration of Service
Salary definition Basic Salary including Dearness Allowance (if any)
Benefit ceiling Benefit ceiling of INR 20,00,000 was applied
Vesting conditions 5 years of continuous service (Not applicable in case of death / disability)
Benefit eligibility Upon Death or Resignation / Withdrawal or Retirement

62
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
39.3 The company is responsible for the governance of the plan as the plan is not funded.

39.4 Risk to the Plan

Following are the risk to which the plan exposes the entity :
A Actuarial Risk:
It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:
Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into
an increase in Obligation at a rate that is higher than expected.
Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the
Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the
acceleration of cash flow will lead to an actuarial loss or gain depending on the relative values of the assumed salary
growth and discount rate.
Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than
the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are
vested as at the resignation date.

B Liquidity Risk:
Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of benefits.
If some of such employees resign / retire from the company there can be strain on the cash flows.

C Market Risk:
Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One
actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money.
An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This
assumption depends on the yields on the corporate / government bonds and hence the valuation of liability is exposed
to fluctuations in the yields as at the valuation date.

D Legislative Risk:
Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation /
regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher
benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same
will have to be recognized immediately in the year when any such amendment is effective.

39.5 The present value of obligation in respect of gratuity is determined based on actuarial valuation using the Projected
Unit Credit Method as prescribed by the Indian Accounting Standard - 19. Gratuity has been recognised in the financial
statements as per details given below:

As at As at
March 31, 2023 March 31, 2022
A. Defined benefit obligations as at beginning of the year 20.41 14.78
Cost charged to statement of profit and loss
B. Current service cost 5.08 4.97
Interest cost 1.38 1.03
Sub-total 6.46 6.00
C. Remeasurement gains/(losses) in other comprehensive income
Actuarial Loss/(Gain) due to change in financial assumptions (0.67) 0.12
Actuarial Loss/(Gain) due to change in demographic assumptions 0.00 0.00
Actuarial Loss/(Gain) due to experience (11.67) (0.49)
Sub-total (12.34) (0.37)
past service cost 0.00 0.00
Benefits paid by company 0.00 0.00

63
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}

As at As at
March 31, 2023 March 31, 2022
D. Defined benefit obligations as at end of the year (A+B+C) 14.53 20.41

Plan assets as at beginning of the year

Interest Income 0.00 0.00
Return on plan assets excluding amounts included interest income 0.00 0.00
Contribution by employer 0.00 0.00
Contribution by plan participants 0.00 0.00
Benefits paid 0.00 0.00
Closing value of Plan assets at the end of the year 0.00 0.00

Net Defined Benefit Liability/(Assets) 14.53 20.41

The principal assumptions used in determining above defined benefit

obligations for the Company’s plans are shown below:
Salary Growth Rate 3.00% 3.00%
Discount Rate 7.21% 6.79%
Indian Assured Indian Assured
Mortality rate Lives Mortality Lives Mortality
(2006-08) (2006-08)

A quantitative sensitivity analysis for significant assumption is as shown below:

As at As at
Particulars Sensitivity level
March 31, 2023 March 31, 2022
Discount rate 0.50% increase 13.78 20.00
0.50% decrease 15.34 20.84
Salary Growth Rate 0.50% increase 15.37 20.85
0.50% decrease 13.74 19.98

Maturity Profile of the Defined Benefit Obligation

As at As at
Particulars
March 31, 2023 March 31, 2022
Year 1 0.10 0.41
Year 2 0.11 15.93
Year 3 0.13 0.04
Year 4 0.14 0.05
Year 5 0.16 0.05
Next 5 Years 7.84 3.97

Other employee benefit:

The Company has paid leave of absence plans and encashment of leave plans for employees at different grades and
provision has been made in accordance with Ind AS 19. The total amount of provision available for the un-availed leave
balances as at 31st March 2023 is ` 42.41 Lakhs (as at 31st March 2022: ` 18.77 Lakhs). Liability has been created based
on actuarial valuation done during the year, with the Discount rate of 7.16% (previous year: 6.95%).

64
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}
40 Related Party Disclosures (Ind AS 24):
Related party disclosures as required under the Indian Accounting Standard (Ind AS) – 24 on “Related Party Disclosures”
are given below:

40.1 List of Related Parties

S.No. Name of the Related Party Nature of Relationship
1 Superking Ventures Private Limited Wholly-Owned Subsidiary
2 Joburg Super Kings (Pty) Ltd Wholly-Owned Subsidiary
3 The India Cements Limited (w.e.f. 15.11.2022) Enterprise in which promoter is interested
4 EWS Finance and Investments Private Limited
Shareholder exercising significant influence
(w.e.f. 15.11.2022)
5 Mr. K.S. Viswanathan Key Managerial Employee as defined under Ind AS 24

40.2 Transactions with Related Parties

S.No. Particulars March 2023 March 2022 April 2021
1 Investments Made
Joburg Super Kings (Pty) Ltd 4,543.36 0.00 0.00
Superking Ventures Private Limited 0.00 10.00 0.00
2 Loans given during the year
Superking Ventures Private Limited 865.80 190.79 0.00
The India Cements Limited (w.e.f 15.11.2022) 18,000.00 0.00 0.00
3 Interest Received
The India Cements Limited (w.e.f 15.11.2022) 819.07 0.00 0.00
4 Salary and other employee benefits paid
Mr. K.S. Viswanathan 106.56 105.06 97.88

40.3 Outstanding Balances

1 Capital Advances
EWS Finance and Investments Private Limited
604.53 0.00 0.00
(w.e.f 15.11.2022)
2 Loans
Superking Ventures Private Limited 1,056.59 190.79 0.00
The India Cements Limited (w.e.f 15.11.2022) 18,000.00 0.00 0.00
3 Trade Receivables
Joburg Super Kings (Pty) Ltd 13.64 0.00 0.00
4 Customer Credit Balances
The India Cements Limited (w.e.f 15.11.2022) 60.59 0.00 0.00
5 Investments
Superking Ventures Private Limited 10.00 10.00 0.00
Joburg Super Kings (Pty) Ltd 4,543.36 0.00 0.00

65
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}

40.4 Maximum Outstanding Balances

S.No. Particulars March 2023 March 2022 April 2021
1 Capital Advances
EWS Finance and Investments Private Limited
604.53 0.00 0.00
(w.e.f 15.11.2022)
2 Loans
Superking Ventures Private Limited 1,056.59 190.79 0.00
The India Cements Limited (w.e.f 15.11.2022) 18,000.00 0.00 0.00
3 Trade Receivables
Joburg Super Kings (Pty) Ltd 13.64 0.00 0.00
4 Customer Credit Balances
The India Cements Limited (w.e.f 15.11.2022) 60.59 0.00 0.00
5 Investments
Superking Ventures Private Limited 10.00 10.00 0.00
Joburg Super Kings (Pty) Ltd 4,543.36 0.00 0.00

40.5 Guarantees Given

The India Cements Limited had issued guarantee to the Board of Control for Cricket in India (BCCI) towards performance /
compliance of the Company’s obligations under the franchise agreement. The Company has given a counter guarantee
to The India Cements Limited.

41 Operating Leases (Excluding short-term leases)

S.No. Particulars March 2023 March 2022
a) Weighted average lessee’s incremental borrowing rate 9% 9%
b) Lease liabilities as at the end of the year 188.91 25.01
c) Depreciation charged during the year 31.88 10.39
d) Interest expense on lease liabilities 13.02 1.32
e) Carrying amount of right-of-use assets at the end of the reporting period 180.96 25.22
f) Total cash outflow for Operating leases 36.73 10.50

42 Capital Management (Ind AS 1):

The objective of the Company’s capital management structure is to ensure sufficient liquidity to support its business
and provide adequate return to shareholders. Management monitors the long term cash flow requirements including
externally imposed capital requirements of the business in order to assess the requirement for changes to the capital
structure to meet the said objective. As part of this monitoring, the management considers the cost of capital and the
risks associated with each class of capital and makes adjustments to the capital structure, where appropriate, in light of
changes in economic conditions and the risk characteristics of the underlying assets. The funding requirement is met
through a combination of equity, internal accruals and working capital borrowings.
No changes were made in the objectives, policies or processes during the year ended 31 March 2023
The Company's capital and net debt were made up as follows:
Particulars March 2023 March 2022 April 2021
Net debt (Long term debt less Cash and Cash equivalent) - - -
Total equity 30,100.27 24,873.60 21,719.22

66
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}
43 Financial Risk Management Objectives and Policies (IND AS 107):
Financial Risk Management Framework
Company’s principal financial liabilities comprise borrowings, trade payables and Other financial liabilities. The main
purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets
include Investments, Trade receivables, loans, cash and bank balances and other financial assets.
Risk Exposures and Responses
The Company is exposed to market risk, credit risk and liquidity risk. The Board of Directors reviews policies for managing
each of these risks, which are summarised below.
i) Market Risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in
the price of a financial instrument. The value of a financial instrument may change as a result of changes in the
interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect
market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including
investments and deposits, foreign currency receivables, payables and borrowing.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates
primarily to the Company’s short term borrowing with floating interest rates. The Company constantly monitors the
credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.
The Company`s exposure to interest rate risk relates primarily to interest bearing financial liabilities. Interest rate risk
is managed by the company on an on-going basis with the primary objective of limiting the extent to which interest
expense could be affected by an adverse movement in interest rates.

Sensitivity Analysis
The Company does not have any outstanding borrowings as at the balance sheet date that carry variable interest
rates.

ii. Credit risk management

Credit risk arises when a customer or counterparty does not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities
(primarily trade receivables) and from its financing/ investing activities, including deposits with banks, mutual fund
investments and foreign exchange transactions
Trade Receivables:
Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for each
customer and based on the evaluation credit limit of each customer is defined.
Total Trade receivable as on March 31, 2023 is ` 692.98 Lakhs (March 31, 2022 ` 3,740.58 Lakhs, April 01, 2021
` 2,191.88 Lakhs).
As per simplified approach, the Company makes provision of expected credit losses, if any, on trade receivables using
a provision matrix to mitigate the risk of default in payments and makes appropriate provision at each reporting date
wherever outstanding is for longer period and involves higher risk.
Investments, Cash and Cash Equivalents and Bank Deposits:
Credit risk on cash and cash equivalents, balances with Banks and Current Investments is considered to be minimal
as the counterparties are all substantial banks with high credit ratings. The Directors are unaware of any factors
affecting the recoverability of outstanding balances at 31 March 2023.

67
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}
iii. Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and
the availability of funding through an adequate amount of credit facilities to meet obligations when due. The Company’s
treasury team is responsible for liquidity, funding as well as settlement management. In addition, processes and
policies related to such risks are overseen by senior management. Management monitors the Company’s liquidity
position through rolling forecasts on the basis of expected cash flows.
The table below provides details regarding the remaining contractual maturities of financial liabilities and investments
at the reporting date based on contractual undiscounted payments.

March 2023
Particulars
Up to 1 year 1 to 2 years 2 to 5 years Total
Lease Liabilities 12.68 7.38 168.85 188.91
Borrowings 6,500.00 - - 6,500.00
Trade and other payables 3,627.14 - - 3,627.14
Total 10,139.82 7.38 168.85 10,316.05

Particulars March 2022

Up to 1 year 1 to 2 years 2 to 5 years Total
Lease Liabilities 17.16 7.85 - 25.01
Borrowings 6,449.52 - - 6,449.52
Trade and other payables 2,825.06 - - 2,825.06
Total 9,291.74 7.85 - 9,299.59

Particulars April 2021

Up to 1 year 1 to 2 years 2 to 5 years Total
Lease Liabilities 0.00 0.00 0.00 0.00
Borrowings 0.00 6392.31 0.00 6,392.31
Trade and other payables 1,354.64 0.00 0.00 1,354.64
Total 1,354.64 6392.31 0.00 7,746.95

68
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}
44 A) Classification of Financial Assets and Liabilities (IND AS 107):
Particulars March 2023 March 2022 April 2021
Financial assets
At Cost
Equity Shares of Wholly owned subsidiaries 4,553.36 10.00 0.00
Fair Value through Other Comprehensive Income
Equity Shares 651.37 - -
Amortised Cost
Trade receivables 570.45 3,740.58 2,191.88
Loans 19,125.59 196.79 4.00
Cash and cash equivalents 1,946.25 13,534.90 12,179.52
Other Financial Assets 141.10 13.70 22.84
Total 26,988.12 17,495.97 14,398.24
Financial liabilities
Amortised Cost
Borrowings 6,500.00 6,449.52 6,392.31
Lease Liabilities 188.91 25.01 0.00
Trade payables 3,627.14 2,825.06 1,354.64
Total 10,316.05 9,299.59 7,746.95

B) Fair value measurements (Ind AS 113):

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The Company has established the following fair value hierarchy that categorises the values into 3 levels. The inputs
to valuation techniques used to measure fair value of financial instruments are:
Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair
value of all bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations as
at the reporting date.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximize the use of observable market data and rely as little as possible on company specific
estimates.The mutual fund units are valued using the closing Net Asset Value. If all significant inputs required to fair
value an instrument are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
Level 3.
The details of financial instruments that are measured at fair value on recurring basis are given below:
Particulars Level 1 Level 2 Level 3
Financial Instruments classified at FVTOCI
As at 31-03-2023 0 0 651.37
As at 31-03-2022 0 0 0
As at 01-04-2021 0 0 0

69
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}
45 First Time Adoption of Ind AS (Ind AS 101)
These financial statements, for the year ended 31 March 2023, are the first financial statements the Company has prepared
in accordance with Ind AS. For periods up to and including the year ended 31 March 2022, the Company prepared its
financial statements in accordance with accounting standards notified under Section 133 of the Companies Act 2013, read
together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).
Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on
31 March 2023, together with the comparative period data as at and for the year ended 31 March 2022, as described in
the summary of significant accounting policies. In preparing these financial statements, the Company’s opening Balance
Sheet was prepared as at 1 April 2021, the Company’s date of transition to Ind AS. An explanation of how the transition
from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows is set
out below:
i) Transition election
ii) Reconciliation of Equity as at April 01, 2021 and March 31, 2022
iii) Reconciliation of Total Comprehensive Income for year ended March 31, 2022
i) Transition election
a) Optional Exemptions
The Company applying Ind AS principle for measurement of recognised assets and liabilities is subject to
availment of certain optional exemptions, apart from mandatory exceptions, availed by the Company as detailed
below.
1 Deemed Cost for property, plant and equipment, investment property, and intangible assets
2 Investments in Subsidiaries
1 Deemed Cost for property, plant and equipment, investment property, and intangible assets
The Company has elected to avail exemption under Ind AS 101 to use Indian GAAP carrying value as
deemed cost at the date of transition for all items of property, plant and equipment.
2 Investments in subsidiaries in Standalone financial statements
The Company has elected to carry its investment in subsidiary at deemed cost which is its previous GAAP
carrying amount at the date of transition to Ind AS.
b) Mandatory Exceptions
The Mandatory exceptions applicable to the Company are given below:
1 Estimates
2 Derecognition of assets and liabilities
3 Classification and measurement of financial assets and liabilities
4 Impairment of Financial assets
1 Estimates
The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions
at 1 April 2021, the date of transition to Ind AS and as of March 31, 2022.
2 Derecognition of assets and liabilities
Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively
for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-
time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the
entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial
liabilities derecognised as a result of past transactions was obtained at the time of initial accounting of those
transactions.
The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date
of transition to Ind AS.
3 Classification and measurment of financial assets and liabilities
Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in
debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

70
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

4 Impairment of Financial assets

The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted
by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or
effort to determine the credit risk at the date that financial instruments were initially recognised in order to
compare it with the credit risk at the transition date.
ii) Reconciliation of Other equity as previously reported under previous GAAP to Ind AS
Particulars (` Lakhs)
Other Equity as of April 01, 2021 - as per IGAAP 21,303.38
Notional Interest on Compound Financial Instrument (150.36)
Equity Component of Compound Financial Instrument 258.05
Other Equity as of April 01, 2021 - as per Ind AS 21,411.07
Profit as per previous GAAP 3,212.49
Notional Interest on Compound Financial Instrument and Lease Liability (58.53)
Ind AS 116 - Lease Adjustment 0.51
Change in defined benefit plans (0.36)
OCI - Defined Benefit Obligation 0.27
Other Equity as of March 31, 2022 - as per Ind AS 24,565.45

iii) Reconciliation of Profits as previously reported under previous GAAP to Ind AS

Particulars (` Lakhs)
Profit after Tax for the year ended 31 March 2022 3,212.49
Notional Interest on Security Deposits / Impact of Defined Benefit Obligation 0.04
Notional Interest on Compound Financial Instrument and Lease Liability (58.53)
Ind AS 116 - Lease Adjustment 0.11
Profit for the period for the year ended 31 March 2022 as per Ind AS 3,154.11

Notes to the Reconciliation of equity as at April 1, 2021 and March 31, 2022 and Total Comprehensive Income for
the year ended March 31, 2022:
1 Compound Financial Instruments
The Company had issued optionally convertible debentures which are in the nature of compound financial instruments.
Hence, the Company has applied the principles of Ind AS 109 whereby the equity portion of the debenture amounting
to ` 258.05 Lakhs has been classified as “equity component of compound financial instrument” and the same is
presented as a part of the other equity.
The financial liability is discounted and presented at its present value with an outstanding liability of ` 6392.31 Lakhs
(FY 20-21), ` 6449.52 Lakhs (FY 21-22) and ` 6500 Lakhs (FY 22-23)
2 Ind AS 116 - Leases Impact
The Company has applied Ind AS 116 ‘Leases’ to its leases, pursuant to which it has reclassified its leased assets
as Right-of-Use Assets. Further, additions include recognition of leasing arrangement towards Right-of-use Assets of
` 187.62 Lakhs (FY 22-23), ` 35.61 Lakhs (FY 21-22) and an outstanding Lease Liability of ` 188.91 Lakhs (FY 22-23)
and ` 25.01 Lakhs (FY 21-22).
3 Loans/Other Financial Assets/ Other Current Assets:
In line with the Ind AS and Schedule III - Division II
a) Rental Deposits have been regrouped from Other Non-Current Assets (Under IGAAP ) to Other Financial Assets
b) Advance to Contractors have been regrouped from Loans and Advances (Under IGAAP) to Other Current Assets

71
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
46 Additional Regulatory Information:
i) Title Deeds of Immovable Property not held in the name of the Company
There are no title deed of immovable property not held in the name of the Company.
ii) Fair Valuation of Investment Property
The Company has no Investment Property that is fair valued
iii) Revaluation of Property, Plant and Equipment and Right-of-Use Assets
During the year, no revaluation of Property, Plant and Equipment and Right-of-Use Assets has been done by the
Company.
iv) Revaluation of Intangible Assets
During the year, no revaluation of Intangible Assets has been done by the Company.
v) Details of Benami Properties held
No proceedings have been initiated or pending against the Company for holding any Benami Property under the
Benami Transactions (Prohibitions) Act, 1988 and the rules made thereunder.
vi) Borrowings secured against Current Assets
The Company has borrowings from banks on the basis of security of its current assets. The Company has been
submitting trade receivables, cash flow statements and other financial information to the banks on a periodic basis
which are in agreement with the books of accounts.
vii) Wilful Defaulter
The Company has not been declared as wilful defaulter by any bank or financial institution or other lender during the
year.
viii) Relationship with Struck off Companies
The Company had no transactions with Companies struck off under section 248 of the Companies Act, 2013 or
section 560 of the Companies Act, 1956 during the year.
ix) Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company has filed registration and modification of charges relating to the year under review with the Registrar
of Companies (RoC) within the prescribed time. There were no satisfaction of charges due for filing during the year.
x) Compliance with number of layers of Companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act
read with Companies (Restriction on number of layers) Rules, 2017 during the year.
xi) Compliance with approved Schemes of Arrangements
During the year, the Company has no Scheme of Arrangements approved by the Competent Authority to be
implemented in the books of accounts.
xii) Utilisation of Borrowed funds and Share Premium
a) During the year, no funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including
foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
b) During the year, no funds have been received by the Company from any persons or entities, including foreign
entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
xiii) Disclosure in relation to Undisclosed Income
The Company does not have any transaction not recorded in the books of accounts that has been surrendered or
disclosed as Income during the year in the tax assessments under the Income Tax Act, 1961.
xiv) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

72
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
47 Ratios as per Schedule III of the Companies Act, 2013
S. Times / Explanation for any changes more then
Ratio Numerator Denomiator Mar-2023 Mar-2022 % Change
No. Percentage 25%
1 Current Ratio In Times Current Assets Current 1.41 1.47 (3.94)
Liabilities
2 Debt equity ratio In Times Short term debt + Long Shareholders 0.22 0.26 (16.72)
term debt + Interest Equity
paybale on borrowings
3 Debt service In Times Earnings before Finance Costs 8.08 7.78 3.89
coverage ratio Interest, Depreciation + Principal
and Tax/Debt Service Repayments +
Lease Payments
4 Return on Equity Percentage Net Profit after tax Average Share 0.19 0.14 40.43 Due to higher profitablity during the year as
Ratio holders' Equity compared to previous year
5 Net capital turnover In Times Revenue from operation Working capital 3.57 5.17 (30.93) During the year, the revenue from operations
Ratio has decreased and there was also an
increase in working capital needs of the
Company
6 Net Profit Ratio Percentage Net Profit after Tax Revenue 0.19 0.09 106.88 Due to reduced cost of operation as the IPL
Season XV was conducted in India completely
vis-à-vis Season XIV which was conducted
overseas that added to the increased cost of
operations.
7 Return on Capital Percentage EBIT Capital 0.22 0.15 45.12 Due to reduced cost of operation as the IPL
employed Employed Season XV was conducted in India completely
vis-à-vis Season XIV which was conducted
overseas that added to the increased cost of
operations.
8 Return on Percentage Income from Cost of the - - -
investment Investments Investment
9 Inventory turnover In Times Not Applicable - - - -
Ratio
10 Trade Receivables In Times Revenue from operation Average Trade 12.67 11.50 10.21
turnover Ratio receivables
11 Trade Payables In Times Purchases Average Trade 6.34 14.18 (55.32) Due to reduced cost of operation as the IPL
turnover Ratio payables Season XV was conducted in India completely
vis-à-vis Season XIV which was conducted
overseas that added to the increased cost of
operations which in turn has led to reduced
purchases.

48 The debentures as referred in Note No. 19 were due for redemption in January 2023. On mutual consent the maturity
date has been extended to 23.12.2023 without any change in rights / obligations of both the parties. Accordingly, backed
by sufficient legal opinion, the Company has not invested the Debenture Redemption Fund as contemplated under
Rule 18 (7) (vi) of Companies (Share Capital and Debenture) Rules.

49 Regrouping
Previous year’s figures have been regrouped / reclassified wherever necessary.

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants R. SRINIVASAN K.S. VISWANATHAN
Firm Regn No : 000511S Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575 RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

73
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
INDEPENDENT AUDITOR’S REPORT
To the Members of
Chennai Super Kings Cricket Limited

Report on the Audit of the Consolidated Ind AS financial statements

Opinion
We have audited the accompanying Consolidated Ind AS Financials Statements of Chennai Super Kings Cricket
Limited (“the Company”) and its subsidiaries (the company and its subsidiaries together referred to as “the
Group”), which comprises the consolidated Balance Sheet as at March 31, 2023, the consolidated statement of
Profit and Loss (including Other Comprehensive Income), the consolidated statement of changes in equity and
the consolidated statement of cash flows for the year then ended, and notes to the Consolidated Ind AS financial
statements, including a summary of significant accounting policies and other explanatory information (hereinafter
referred to as the “Consolidated Ind AS financial statements”).
In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of reports of other auditor on standalone financial statements of one overseas subsidiary as audited
by the other auditor, the aforesaid Consolidated Ind AS financial statements give the information required by the
Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules 2015, as amended,(“Ind AS”) and other accounting principles generally accepted in India, of the
consolidated state of affairs of the Group as at March 31, 2023, and its consolidated Profit and Loss (Including
Other Comprehensive Income), Consolidated Statement of Changes in Equity, its Consolidated statement of cash
flows for the year ended on that date, and notes to the consolidated financial statements, including a summary of
significant accounting policies and other explanatory information (hereinafter referred to as “the consolidated Ind
AS financial statements”).

Basis for Opinion

We conducted our audit of the Consolidated Ind AS financial statements in accordance with the Standards on
Auditing (“SAs”) specified under section 143(10) of the Act. Our responsibilities under those standards are further
described in the “Auditor’s Responsibilities for the Audit of the Consolidated Ind AS financial statements” section
of our report.
We are independent of the group in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Consolidated
Ind AS financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe
that the audit evidence obtained by us and the audit evidence obtained by the other auditor in terms of their report
referred to in the other matters section below is sufficient and appropriate to provide a basis for our audit opinion
on the Consolidated Ind AS financial statements.

Emphasis of Matter
Without qualifying our report, we draw attention to Note No. 49 to the Consolidated Ind AS financial statements
which explains the Company’s stand on the requirement of maintaining earmarked deposits in respect of 8%
unsecured optionally convertible debentures maturing during the year, which have been since extended. In this
regard, the view taken by the Company is based on the legal opinion obtained by the Management.

Information Other than the Consolidated Ind AS financial statements and Auditor’s Report Thereon
The Company’s management and Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the annual report but does not include the Consolidated
Ind AS financial statements and our auditor’s report thereon. The other information is expected to be made
available to us after the date of this auditor’s report.

74
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
Our opinion on the Consolidated Ind AS financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the Consolidated Ind AS financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with the
Consolidated Ind AS financial statements, or our knowledge obtained during the course of our audit or otherwise
appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibilities for the Consolidated Ind AS financial statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to
the preparation of these Consolidated Ind AS financial statements that give a true and fair view of the consolidated
financial position, consolidated financial performance including Other Comprehensive Income, consolidated cash
flows and consolidated statement of changes in equity of the Group in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (IND AS) specified under section 133
of the Act read with relevant rules issued thereunder. The respective Board of Directors of the Companies
included in the Group are responsible for maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the group for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and the estimates
that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the Consolidated Ind AS financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error, which have been used for the
purpose of preparation of the Consolidated Ind AS financial statements by the Directors of the Holding Company,
as aforesaid.
In preparing the Consolidated Ind AS financial statements, the respective management and Board of Directors
of the companies included in the Group are responsible for assessing the ability of the Group to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company/Group or to cease operations, or has no
realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group is responsible for overseeing the
financial reporting process of each company.

Auditor’s Responsibilities for the Audit of the Consolidated Ind AS financial statements
Our objectives are to obtain reasonable assurance about whether the Consolidated Ind AS financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these Consolidated Ind AS financial
statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Consolidated Ind AS financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
75
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
expressing our opinion on whether the Company has an adequate internal financial controls system in place
and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made in the Consolidated Ind AS financial statements made by Management and
Board of Directors.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparation
of Consolidated Ind AS financial statements and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the Consolidated Ind AS financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Consolidated Ind AS financial statements,
including the disclosures, and whether the Consolidated Ind AS financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated Ind AS financial statements. We are
responsible for the direction, supervision and performance of the audit of the Consolidated Ind AS financial
statements of such entities or business activities included in the consolidated Ind AS financial statements
of which we are the independent auditors. For the other entities or business activities included in the
consolidated Ind AS financial statements, which have been audited by the other auditor, such other auditor
remain responsible for the direction, supervision and performance of the audits carried out by them. We
remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in the
section titled ‘Other Matters’ in this audit report.
We believe that the audit evidence obtained by us along with the consideration of audit reports of the other
auditors as noted in ‘Other Matters’ paragraph below, is sufficient and appropriate to provide a basis for our audit
opinion on the Consolidated Ind AS financial statements.
We communicate with those charged with governance of the company and such other entities included in the
consolidated Ind AS Financial Statements of which we are the independent auditors regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters
We did not audit the financial statements of one overseas subsidiary, whose financial statements reflect total
assets of Rs. 1751.79 Lakhs and Group’s share of net profit of Rs. -3302.29 Lakhs as at March 31, 2023, Group’s
share of total revenues of Rs. 3039.4 Lakhs and Group’s share of net cash flows amounting to Rs. 560.93 Lakhs
for the year ended on that date, as considered in the Consolidated Ind AS financial statements. These financial
statements have been audited by another auditor whose reports have been furnished to us by the management
and our opinion on the Consolidated Ind AS financial statements, in so far as it relates to the aforesaid subsidiary
is based solely on the reports of the other auditor.
Our opinion on the Consolidated Ind AS financial statements, and our report on Other Legal and Regulatory
Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done
and reports of the other auditor.

76
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, we report, based on our audit and on the consideration of reports of
the other auditor on financial statements of a subsidiary as noted in the other matters paragraph, we report
to the extent applicable that:
a) We/ the other auditor have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated
financial statements.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books and the reports of the other auditors.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including other
comprehensive income, the Consolidated Cash Flow Statement and the consolidated Statement
of Changes in Equity dealt with by this Report are in agreement with the relevant books of accounts
maintained for the purpose of preparation of the consolidated Ind AS Financial Statements.
d) In our opinion, the aforesaid Consolidated Ind AS financial statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act read with the rules issued there under.
e) On the basis of the written representations received from the directors as on March 31, 2023, taken on
record by the Board of Directors of the holding Company and its subsidiary incorporated in India, none
of the directors of the group companies incorporated in India is disqualified as on March 31, 2023, from
being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company, with
reference to these Consolidated Ind AS financial statements of the holding company and its subsidiary
incorporated in India and the operating effectiveness of such controls, refer to our separate Report in
“Annexure A”.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the
requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information
and according to the explanations given to us, the remuneration paid by the Group to its directors during
the year is in accordance with the provisions of section 197 read with Schedule V of the Act as applicable.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our
information and according to the explanations given to us and based on the consideration of the reports
of the other auditor on consolidated financial statements of the subsidiary, as noted in the other matters
paragraph:
i. The Consolidated Ind AS financial statements has disclosed the impact of pending litigations which
would impact on its financial position - Refer Note 34 to the Consolidated Ind AS financial statements.
ii. The Group did not have any long-term contracts including derivative contracts as at March 31, 2023
for which there were any material foreseeable losses.
iii. There are no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company or its subsidiary incorporated in India during the year ended March 31, 2023.
iv. (a) The respective managements of the Holding Company and its subsidiary which is a company
incorporated in India whose Consolidated Ind AS financial statements have been audited under
the act have represented to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Holding
Company or any of such subsidiaries to or in any other persons or entities, including foreign
entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the respective holding company or any of
its subsidiary (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries;
77
 (b) The respective managements of the Holding Company and its subsidiary which is a company
incorporated in India whose Consolidated Ind AS financial statements have been audited under
the act have represented, to the best of its knowledge and belief, no funds (which are material
either individually or in the aggregate) have been received by the respective Holding Company
or any of such subsidiaries Company from any persons or entities, including foreign entities
(“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the
holding Company or any of such subsidiary shall, whether, directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(c) Based on the audit procedures performed that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) above, contain any material misstatement.

v) The Company has not declared or paid any dividend in the year under audit and hence the reporting
requirements for compliance with Section 123 of the Act is not applicable.

2. As required by the Companies (Auditor’s report) Order,2020 (the ‘Order’) issued by the Central Government
of India in terms of Section 143(11) of the Act, based on our audit of the Company and subsidiary incorporated
in India, as noted in the other matter paragraph, we give in Annexure ‘B’ to this Report, a statement on the
matters specified in para 3 and 4 of the said order, to the extent applicable.

For Brahmayya & Co.

Chartered Accountants
Firm Regn No: 000511S
N. Sri Krishna
Partner
Membership No.026575
UDIN: 23026575BGRIJP5052
Place: Chennai
Date: 14th August, 2023

78
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
Annexure A - Report on the Internal Financial Controls over Financial Reporting under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Chennai Super Kings Cricket Limited
(“the Company”) and its subsidiary incorporated in India as of March 31, 2023 in conjunction with our audit of the
Consolidated Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on
the internal control over financial reporting criteria established by the holding company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting issued by the Institute of Chartered Accountants of India (the “ICAI”).
These responsibilities include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence
to the company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable financial information,
as required under the Companies Act, 2013.

Auditors’ Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the holding
company along with its subsidiary incorporated in India based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (“the Guidance Note”)
issued by the ICAI and the Standards on Auditing prescribed under section 143(10) of the Companies Act, 2013,
to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial reporting were established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the Consolidated Ind AS financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the internal financial controls system over financial reporting of holding company along with its
subsidiary incorporated in India.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of Consolidated Ind AS financial statements for
external purposes in accordance with generally accepted accounting principles. A company’s internal financial
control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
Consolidated Ind AS financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the
Consolidated Ind AS financial statements.

79
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur
and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting
to future periods are subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.

Opinion
In our opinion and to the best of our information and according to the explanations given to us, the Company
and such other company incorporated in India which is its subsidiary, have, in all material respects, adequate
internal financial controls with reference to Consolidated Ind AS financial statements and such internal financial
controls were operating effectively as at 31 March 2023, based on the internal financial controls with reference
to Consolidated Ind AS financial statements criteria established by such companies considering the essential
components of such internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India.

For Brahmayya & Co.

Chartered Accountants
Firm Regn No: 000511S
N. Sri Krishna
Partner
Membership No.026575
UDIN: 23026575BGRIJP5052
Place: Chennai
Date: 14th August, 2023

80
 Brahmayya & Co.
Chartered Accountants
No. 48, Masilamani Road
Balaji Nagar, Royapettah
Chennai - 600 014.
The “Annexure B” Referred to in Para 2 of “Report on Other Legal and Regulatory
Requirements” Paragraph of the Independent Auditor’s Report of even date to the members
of Chennai Super Kings Cricket Limited on the Consolidated Ind AS financial statements as of
and for the year ended March 31, 2023.

(xxi) In our opinion and according to the information and explanations given to us, and based on the CARO reports issued for
the Company and its subsidiaries which are included in the Consolidated Ind AS financial statements of the Company,
to which reporting under CARO is applicable, we report that there are no qualifications or adverse remarks in these
CARO reports, except to the extent stated herein below::

Holding /
S. Clause number of the CARO report
Company CIN Subsidiary /
No. which is qualified or adverse
Associate
1 Superking Ventures U92490TN2022PTC149963 Subsidiary (ix)(d) – Short term funds used for long
Private Limited term purposes.
(xvii)-Cash Loss

For Brahmayya & Co.

Chartered Accountants
Firm Regn No: 000511S
N. Sri Krishna
Partner
Membership No.026575
UDIN: 23026575BGRIJP5052
Place: Chennai
Date: 14th August, 2023

81
 CHENNAI SUPER KINGS CRICKET LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2023

` Lakhs
Figures as at the end Figures as at the end Figures as at the
Note of current reporting of previous reporting beginning of the
No period period transition date
31st March, 2023 31st March, 2022 1st April, 2021 (opening)
A. ASSETS
I Non Current Assets
a) Property, Plant and Equipment 3 14,285.83 12,988.56 14,128.19
b) Capital work-in-progress 3 1,701.11 0.00 0.00
c) Intangible Assets 3 311.93 616.32 349.33
d) Financial Assets:
i) Investments 4 651.37 0.00 0.00
ii) Other Financial Assets 5 12.34 663.71 7.98 7.98 0.00 0.00
e) Deferred Tax Assets 6 93.37 64.12 0.00
f) Other Non-Current Assets 7 1,797.52 4,636.81 2,213.06
TOTAL NON-CURRENT ASSETS 18,853.47 18,313.79 16,690.58
II Current Assets
a) Financial Assets:
i) Trade Receivables 8 648.23 3,740.58 2,191.88
ii) Cash and Cash Equivalents 9 2,552.37 13,544.90 12,179.52
iii) Loans 10 18,069.00 6.00 4.00
iv) Other Financial Assets 11 130.90 21,400.50 5.72 17,297.20 22.84 14,398.24
b) Other Current Assets 12 5,811.86 3,446.03 533.30
TOTAL CURRENT ASSETS 27,212.36 20,743.23 14,931.54
TOTAL ASSETS 46,065.83 39,057.02 31,622.12
B. EQUITY AND LIABILITIES
I Equity
a) Equity Share Capital 13 308.15 308.15 308.15
b) Other Equity 14 25,844.66 24,565.45 21,411.07
TOTAL-EQUITY 26,152.81 24,873.60 21,719.22
II Liabilities
II.A Non-Current Liabilities
a) Financial Liabilities
i) Borrowings 15 0.00 0.00 6,392.31
ii) Lease Liabilities 16 411.97 411.97 7.85 7.85 0.00 6,392.31
b) Provisions 17 63.20 36.84 29.49
c) Deferred Tax Liabilities (Net) 18 0.00 0.00 117.57
TOTAL NON-CURRENT LIABILITIES 475.17 44.69 6,539.37
II.B Current Liabilities
a) Financial Liabilities
i) Borrowings 19 6,500.00 6,449.52 0.00
ii) Lease Liabilities 20 71.63 17.16 0.00
iii) Trade Payables 21
Total outstanding dues of micro enterprises
10.15 0.00 9.47
and small enterprises
Total outstanding dues of creditors other than
3,918.59 10,500.37 2,825.06 9,291.74 1,345.17 1,354.64
micro enterprises and small enterprises
b) Provisions 22 4.81 2.34 1.61
c) Other Current Liabilities 23 8,932.67 4,844.65 2,007.28
TOTAL CURRENT LIABILITIES 19,437.85 14,138.73 3,363.53
TOTAL LIABILITIES 19,913.02 14,183.42 9,902.90
TOTAL EQUITY AND LIABILITIES 46,065.83 39,057.02 31,622.12
See accompanying Notes to the Financial Statements

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants R. SRINIVASAN K.S. VISWANATHAN
Firm Regn No : 000511S Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575 RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385
82
 CHENNAI SUPER KINGS CRICKET LIMITED

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31STMARCH 2023
(` Lakhs)
Figures for Figures for
the current the previous
Note
reporting period reporting period
No.
April 2022 - April 2021-
March 2023 March 2022
Revenue
a) Revenue from Operations 24 30,585.81 34,105.11
b) Other Income 25 1,944.30 809.55
Total Revenue 32,530.11 34,914.66
Expenses
a) Cost of Operations 26 26,804.93 28,149.21
b) Employee benefits expense 27 380.44 318.66
c) Finance costs 28 1,029.85 626.18
d) Depreciation and amortisation expense 29 503.38 250.74
e) Other expenses 30 597.78 1,495.06
Total Expenses 29,316.38 30,839.85
Profit Before Exceptional items and Tax 3,213.73 4,074.81
Exceptional Items - -
Profit Before Tax 3,213.73 4,074.81
Tax Expenses 31
a) Current Tax 1,864.48 1,102.38
b) Deferred Tax (29.26) (181.68)
Total Tax Expenses 1,835.22 920.70
Profit for the period 1,378.51 3,154.11
Other Comprehensive Income / (Loss) 14
Items that will not be reclassified to Profit or (Loss)
Remeasurement of net defined benefit Plan 1.49 0.36
Income tax relating to Items that will not be reclassified to Profit or Loss (3.11) (0.09)
Items that will be reclassified to Profit or (Loss)
Exchange difference in translating the financial statements of a foreign operation (97.68) -
Other Comprehensive Income / (Loss) - Total (99.30) 0.27
Total Comprehensive Income 1,279.21 3,154.38
Earnings per equity share for continuing operations
32
[Face value of ` 0.10 each]
a) Basic (in `) 0.42 1.02
b) Diluted (in `) 0.34 0.83
Earnings per equity share for discontinued operations
[Face value of ` 0.10 each]
a) Basic (in `) 0.00 0.00
b) Diluted (in `) 0.00 0.00
Earnings per equity share for continuing and discontinued operations
[Face value of ` 0.10 each]
a) Basic (in `) 0.42 1.02
b) Diluted (in `) 0.34 0.83
See accompanying Notes to the Financial Statements

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants R. SRINIVASAN K.S. VISWANATHAN
Firm Regn No : 000511S Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575 RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

83
 CHENNAI SUPER KINGS CRICKET LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2023
(` Lakhs)
A. Equity share capital (Refer Note No. 13)

Changes in Equity Share Capital

Balance as at April 01, 2022 Balance as at March 31, 2023
during 2022-23
308.15 0.00 308.15
For the year ended 31st March 2022
Changes in Equity Share
Balance as at April 01, 2021 Balance as at March 31, 2022
Capital during 2021-22
308.15 0.00 308.15

B. Other Equity (Refer Note No. 14)

Statement of changes in Other Equity (2022-23)

Reserves and Surplus

Equity Other Comprehensive Income

Component
of Debenture Exchange
Retained General Total
Compound Redemption Difference in Remeasure-
Financial Earnings Reserve Translating the ment of
Reserve
Instrument Financial statement net defined
of a foreign benefit plan
operation
Balance at the beginning of reporting
258.05 22,682.13 975.00 650.00 0.00 0.27 24,565.45
period (01.04.2022)
Total Comprehensive Income for the
0.00 1,378.51 0.00 0.00 (97.68) (1.62) 1,279.21
year
Balance at the end of reporting
258.05 24,060.64 975.00 650.00 (97.68) (1.35) 25,844.66
period (31.03.2023)

Balance at the beginning of reporting

258.05 19,528.02 975.00 650.00 0.00 0.00 21,411.07
period (01.04.2021)
Total Comprehensive Income for the
0.00 3,154.11 0.00 0.00 0.00 0.27 3,154.38
year
Balance at the end of reporting
258.05 22,682.13 975.00 650.00 0.00 0.27 24,565.45
period (31.03.2022)

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants R. SRINIVASAN K.S. VISWANATHAN
Firm Regn No : 000511S Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575 RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

84
 CHENNAI SUPER KINGS CRICKET LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2023
(` Lakhs)

April 2022 - March 2023 April 2021 - March 2022

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit before exceptional items and tax 3,213.73 4,074.81
Other Comprehensive Income (99.30) 0.27
Adjustments for
Depreciation 503.38 250.74
Finance costs 1,029.85 626.18
Interest income (1,944.30) (809.55)
Loss on Assets Discarded 0.00 1,141.15
Net Adjustments (411.07) 1,208.52
Operating Profit before Working Capital Changes 2,703.36 5,283.60
Changes in Working Capital
Adjustments for (increase) / decrease in operating assets
Trade Receivables 3,092.35 (1,548.70)
Other Financial Assets (129.54) 9.14
Other Current Assets (2,365.83) (2,912.73)
Other Non-Current Assets 2,839.29 (2,423.75)
Adjustments for increase / (decrease) in operating liabilities
Trade payables 1,103.68 1,470.44
Other Current liabilities 4,088.02 2,837.37
Short-term provisions 2.47 0.73
Long-term provisions 26.36 7.36
Net Adjustments 8,656.80 (2,560.14)
Cash Generated From Operation 11,360.16 2,723.46
Direct Taxes (1,864.50) (1,102.38)
Net cash from Operating activities [A] 9,495.66 1,621.08

B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets/ Intangibles (2,738.76) (494.27)
Purchase of Investments (651.37) 0.00
Loans (18,063.00) (2.00)
Interest income 1,944.30 809.55
Net cash from Investing activities [B] (19,508.83) 313.28

85
 CHENNAI SUPER KINGS CRICKET LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2023 (Contd.)

(` Lakhs)

April 2022 - March 2023 April 2021 - March 2022

C. CASH FLOW FROM FINANCING ACTIVITIES

(Repayment) / Proceeds from borrowings 50.49 57.20
Interest paid (1,029.85) (626.18)
Net cash from Financing Activities [C] (979.36) (568.98)

Net (decrease) / increase in cash and cash equivalents =

(10,992.53) 1,365.38
(A+B+C)

Cash and cash equivalents at the beginning of the period 13,544.90 12,179.52
Cash and cash equivalents at the end of the period (Refer
2,552.37 13,544.90
Note No. 9)

Components of Cash & Cash Equivalents:

Cash on hand 0.01 0.01
Balance(s) In current accounts (including debit balance(s) in
2,552.36 13,544.89
cash credit)
Total Cash and Cash Equivalents 2,552.37 13,544.90

Reconciliation of Cash and Cash Equivalents:

Cash and Cash Equivalents 2,552.37 13,544.90
Current Investments 0.00 0.00
Cash Credit 0.00 0.00
Total Cash and Cash Equivalents 2,552.37 13,544.90

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants
Firm Regn No : 000511S R. SRINIVASAN K.S. VISWANATHAN
Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575
RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

86
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
1. CORPORATE INFORMATION
Chennai Super Kings Cricket Limited (hereinafter referred as “Company”) is a company incorporated in India under the
provisions of Companies Act, 2013 having its registered office at Dhun Building, 827, Anna Salai, Chennai-600002.
The consolidated Financial statements includes the results of the Company along with its subsidiaries viz. Superking
Ventures Private Ltd & Joburg Super Kings (Pty) Ltd.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1. First Time Adoption of Ind AS financial statements:
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind
AS) notified under Companies (Indian Accounting Standards) Rules, 2015. Upto the year ended March 31,2022, the
Company prepared its financial statements in accordance with the requirements of Generally Accepted Accounting
Principles in India (previous GAAP), which includes Standards notified under the Companies (Accounting Standards)
Rules,2006. During the year, the Company by virtue of becoming an associate entity to a Company for which
Ind AS is applicable, it has prepared its financial statements under Ind AS vide Rule 4 of Companies (Indian Accounting
Standards) Rules 2015 and its amendments thereto. The Company’s first Ind AS financial statements is for the
FY 2022-23. The date of transition to Ind AS is April 1, 2021. Accordingly, the Company has prepared an opening Ind
AS Balance sheet as on 01.04.2021 and comparative figures for the year ending 31.03.2022 is also in compliance with
Ind AS. An Explanation as to how transition to Ind AS has effected to the previously reported financial position and
financial performance of the company is provided in Note No. 45 of the Notes to Consolidated Financial Statements.

2.2. Basis of Preparation and Presentation:

The financial statements of the Company have been prepared on accrual basis under the historical cost convention
except for certain financial instruments that are measured at fair values at the end of each reporting period and
Employee defined benefit plan as per actuarial valuation, as explained in the accounting policies below.
Historical cost is generally based on the fair value of the consideration given in exchange of goods and services.
Fair value is the price that would be received on sale of asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, regardless of whether that price is directly observable or
estimated in a reasonable and prudent manner. In estimating the fair value of an asset or a liability, the Company takes
into account the characteristics of the asset or a liability if market participants would have those characteristics into
account when pricing the asset or a liability at the measurement date. Fair value for measurement and/or disclosure
purposes in these Consolidated financial statements is determined on such a basis and measurements that have some
similarities to fair value but are not fair value, such as net realizable value in Ind AS 2 or value in use in Ind AS 36.
In addition, for financial reporting purposes, fair value measurements are categorized into level 1, 2 or 3 based on the
degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
value measurement in its entirety, which are described as follows:
• Level 1 inputs are quoted prices (unadjusted ) in active markets for identical assets or liabilities that the entity can
access at the measurement date;
• Level 2 inputs other than quoted prices included within level 1,that are observable for the asset or liability, either
directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or a liability.
The Company has considered its operating cycle to be 12 months for the purpose of Current and Non-current
classification of assets and liabilities.
The financial statements are presented in Indian Rupees rounded to the nearest lakhs with two decimals
The principal accounting policies are set out below:

2.3. Revenue Recognition:

2.3.1 Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the
customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for

87
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements,
because it typically controls the goods or services before transferring them to the customer. The Company considers
whether there are other promises in the contract that are separate performance obligations to which a portion of
transaction price needs to be allocated. In determining the transaction price for contract, company considers the effects
of variable consideration and non cash consideration.
Revenue from performance of services are linked to the tournament and recognised in Statement of Profit and Loss
along with the associated costs on conclusion of the relevant tournament.
Revenue from Central rights is recognized over the period of the league season based on the confirmation from BCCI
in line with the terms of the agreement except expressly assessed or communicated otherwise.

2.4 Other Income:

Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Entity
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
Dividend income is accounted for when the right to receive income is established.

2.5 Leases:
Company as a lessee
The Company applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets
representing the right to use the underlying assets.

i) Right-of-use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for its use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes
the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line
basis over the shorter of the lease term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the
exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-
use assets are also subject to impairment.

ii) Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments (including in
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index
or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties
for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to
produce inventories) in the period in which the event or condition that triggers the payment occurs.

iii) Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease
payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis
over the lease term.

88
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
2.6 Functional and presentation currency:
Items included in the financial statements of the Company are measured using the currency of the primary economic
environment in which the entity operates. The financial statements are presented in Indian Rupee, the national currency
of India, which is the functional currency of the Company.

2.7 Foreign currency transactions:

In preparing the financial statements of the Company, transactions in currencies other than the entity’s functional
currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the
end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing
at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the
rates prevailing at the date when the fair value was determined.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise.

2.8 Borrowing costs:

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of
those assets, until such time as the assets are substantially ready for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying
assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognised in the Statement of profit or loss as finance costs in the period in which they
are incurred.

2.8.1 Defined benefit plans:

For defined benefit plans in the form of gratuity fund, the cost of providing benefits is determined using the projected
unit credit method, with actuarial valuations being carried out by an independent actuary at the end of each reporting
period. Defined benefit costs are categorised as follows:
• Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and
settlements);
• Net interest expense or income; and
• Re-measurement
The Company presents defined benefit costs in profit or loss in the line item ‘Employee benefits expense’. Net interest
is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Re-
measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and
the return on plan assets (excluding net interest), is reflected immediately in the balance sheet with a charge or credit
recognized in other comprehensive income in the period in which they occur. Re-measurement recognized in other
comprehensive income is reflected immediately in retained earnings and is not reclassified to profit or loss. Curtailment
gains and losses are accounted for as past service costs. Past service cost is recognized in profit or loss in the period
of a plan amendment.
The obligation recognized in the balance sheet represents the actual deficit or surplus in the Company’s defined benefit
plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the
form of refunds from the plans or reductions in future contributions to the plans.

2.8.2 Short-term employee benefits:

Short term employee benefits including accumulated compensated absences as at the Balance Sheet date are
recognised as an expense as per Company’s schemes based on expected obligation on an undiscounted basis.

2.8.3 Other long-term employee benefits:

Other Long term employee benefits comprise of leave encashment which is provided for based on the actuarial valuation
carried out as at the end of the year.

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CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated
future cash outflows expected to be made by the Company in respect of services provided by employees up to the
reporting date.

2.9 Earnings per share:

Basic earnings per share is computed by dividing the net profit / (loss) after tax by the weighted average number of
equity shares outstanding during the year. Diluted earnings per share is computed by dividing the net profit / (loss)
after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential
equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share
and the weighted average number of equity shares which could have been issued on the conversion of all dilutive
potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would
decrease the net profit per share from continuing ordinary operations.

2.10 Taxation:
Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
Current tax is determined as the amount of tax payable in respect of taxable income for the year as determined in
accordance with the applicable tax rates and the provisions of the Income-tax Act, 1961

Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities
are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all
deductible temporary differences to the extent that it is probable that taxable profits will be available against which
those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognised if the
temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in
a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the
liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.

Current and deferred tax for the year

Current and deferred tax are recognized in profit or loss,except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity respectively.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely
to give future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT
is recognised as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable
that the future economic benefit associated with asset will be realised

2.11 Property, Plant and Equipment:

During transition from Indian GAAP to Ind AS on 1 April, 2021, the fair value of Property, Plant and Equipments (PPE)
is considered as the deemed cost of acquisition.
Property, plant and equipment are stated in the Balance Sheet at cost less accumulated depreciation and accumulated
impairment losses, if any. Cost includes purchase price, attributable expenditure incurred in bringing the asset to its
working condition for the intended use and cost of borrowing till the date of capitalisation in the case of assets involving
material investment and substantial lead time.

90
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
Componentization:
If significant parts of an item of PPE have different useful lives, then they are accounted for as separate items (major
components) of PPE.
Expenditure during the Construction period:
Expenditure/Income during construction period (including financing cost related to borrowed funds for construction or
acquisition of qualifying PPE) is included under Capital Work-in-progress, and the same is allocated to the respective
PPE on the completion of their construction. Advances given towards acquisition or construction of PPE outstanding at
each reporting date are disclosed as Capital Advances under “Other non-current Assets”.
Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any
recognised impairment loss. Depreciation of these assets, on the same basis as other property assets, commences
when the assets are ready for their intended use.
Depreciation is provided on the straight-line method as per the useful life prescribed in Schedule II to the Companies
Act, 2013 except in respect of categories of assets in whose case the life of certain assets has been assessed based on
technical advice taking into account the nature of the asset, the estimated usage of the asset, the operating condition
of the asset, past history of replacement, maintenance support etc. Any Preliminary and Pre-operative expenditure
incurred during the construction of properties is charged off to Profit and Loss Account.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item
of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount
of the asset and is recognised in profit or loss.

2.12 Impairment of tangible assets:

The Company assesses at each reporting date whether there is an indication that an asset/cash generating unit may
be impaired. If any indication exists the Company estimates the recoverable amount of such assets and if carrying
amount exceeds the recoverable amount, impairment is recognised. The recoverable amount is the higher of the net
selling price and its value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using an appropriate discount factor. When there is indication that previously recognised impairment loss
no longer exists or may have decreased such reversal of impairment loss is recognised in the profit or loss.

Intangible Assets:
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation
and accumulated impairment loss, if any. Cost comprises the purchase price (net of tax / duty credits availed wherever
applicable) and any directly attributable cost of bringing the assets to its working condition for its intended use. The
Company determines the amortisation period as the period over which the future economic benefits will fl ow to the
Company after taking into account all relevant facts and circumstances. The estimated useful life and amortisation
method are reviewed periodically, with the effect of any changes in estimate being accounted for on a prospective
basis.

2.13 Cash and Cash Equivalents:

Cash and cash equivalents for the purpose of Cash Flow Statement comprise cash at bank, in hand (including cheques
in hand) and short term investment with an original maturity of three months or less.

2.14 Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognised only when there is a present obligation as a result of past events and when a reasonable
estimate of the amount of obligation can be made. The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the end of the reporting period, taking into account the risks
and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle
the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of
money is material).

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CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
Contingent liabilities are disclosed for (i) possible obligation which will be confirmed only by future events not wholly
within the control of the Company or (ii) present obligations arising from past events where it is not probable that an
outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot
be made. Contingent assets are neither recognised nor disclosed in the financial statements.

2.15 Financial instruments:

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions
of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at
fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or
financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

2.16 Financial assets:

All regular purchases or sales of financial assets are recognised and derecognized on a trade date basis. Regular
way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame
established by regulation or convention in the marketplace.
All recognised financial assets are subsequently measured in their entirety at either amortized cost or fair value,
depending on the classification of the financial assets.

2.17 Classification of financial assets:

Financial instruments that meet the following conditions are subsequently measured at amortized cost (except for debt
instruments that are designated as at fair value through profit or loss on initial recognition):
• the asset is held within a business model whose objective is to hold assets in order to collect contractual cash
flows; and
• the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial instruments that meet the following conditions are subsequently measured at fair value through other
comprehensive income (except for instruments that are designated as at fair value through profit or loss on initial
recognition):
• the asset is held within a business model whose objective is achieved both by collecting contractual cash flows and
selling financial assets; and
• the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Interest income is recognised in profit or loss for FVTOCI instruments. For the purposes of recognizing foreign exchange
gains and losses, FVTOCI instruments are treated as financial assets measured at amortized cost. Thus, the exchange
differences on the amortized cost are recognised in profit or loss and other changes in the fair value of FVTOCI financial
assets are recognised in other comprehensive income. When the investment is disposed off, the cumulative gain or
loss previously accumulated in this reserve is reclassified to profit or loss.
All other financial assets are subsequently measured at fair value.

2.18 Effective interest method:

The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest
income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction
costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a
shorter period, to the net carrying amount on initial recognition.

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CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as
at FVTPL. Interest income is recognised in profit or loss and is included in the “Other income” line item.

2.19 Investments in subsidiaries:

The Company has elected to carry its Investments in Subsidiaries & Associates at cost.

2.20 Investments in equity instruments at FVTOCI:

On initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument basis) to present
the subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments.
This election is not permitted if the equity investment is held for trading. These elected investments are initially measured
at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from
changes in fair value recognised in other comprehensive income’. The cumulative gain or loss is not reclassified to
profit or loss on disposal of the investments.
A financial asset is held for trading if:
• it has been acquired principally for the purpose of selling it in the near term; or
• on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together
and has a recent actual pattern of short-term profit-taking; or
• it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.
Dividends on these investments in equity instruments are recognised in profit or loss when the Company’s right to
receive the dividends is established, it is probable that the economic benefits associated with the dividend will flow to
the entity, the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can
be measured reliably. Dividends recognised in profit or loss are included in the ‘Other income’ line item.

2.21 Financial assets at fair value through profit or loss (FVTPL):

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial
recognition to present subsequent changes in fair value in other comprehensive income for investments in equity
instruments which are not held for trading.
Financial Instruments that do not meet the amortised cost criteria or FVTOCI criteria are measured at FVTPL. In
addition, financial instruments that meet the amortised cost criteria or the FVTOCI criteria but are designated as at
FVTPL are measured at FVTPL.
A financial asset that meets the amortised cost criteria or debt instruments that meet the FVTOCI criteria may be
designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement
or recognition inconsistency that would arise from measuring assets or liabilities or recognising the gains and losses on
them on different basis. The Company has not designated any financial instrument as at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses
arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any
dividend or interest earned on the financial asset and is included in the ‘Other income’ line item. Dividend on financial
assets at FVTPL is recognised when the Company’s right to receive the dividends is established, it is probable that the
economic benefits associated with the dividend will flow to the entity, the dividend does not represent a recovery of part
of cost of the investment and the amount of dividend can be measured reliably.

2.22 Impairment of financial assets:

Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of each reporting
period. The company recognizes a loss allowance for the expected credit losses on financial asset. In case of trade
receivables, the company follows the simplified approach permitted by Ind AS 109 – Financial instruments for recognition
of impairment loss allowance. The application of simplified approach does not require the company to track changes
in credit risk. The company calculates the expected credit losses on trade receivables using a provision matrix on the
basis of its historical credit loss experience.

93
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
2.23 De-recognition of financial assets:
The Company de-recognises a financial asset when the contractual rights to the cash flows from the asset expire, or
when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another
party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues
to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for
amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred
financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing
for the proceeds received.

2.24 Foreign exchange gains and losses:

The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated
at the spot rate at the end of each reporting period.
• For foreign currency denominated financial assets measured at amortized cost and FVTPL, the exchange
differences are recognised in profit or loss except for those which are designated as hedging instruments in a
hedging relationship.
• Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign
currency rates are recognised in other comprehensive income.
For the purposes of recognizing foreign exchange gains and losses, FVTOCI instruments are treated as financial
assets measured at amortized cost. Thus, the exchange differences on the amortized cost are recognized in profit or
loss and other changes in the fair value of FVTOCI financial assets are recognised in other comprehensive income.

2.25 Financial liabilities and equity instruments:

Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance
with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.
Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.

Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.
However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when
the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments
issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific
accounting policies set out below.

Financial Liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is either contingent consideration recognised
by the Company as an acquirer in a business combination to which Ind AS 103 applies or is held for trading or it is
designated as at FVTPL.
A financial liability is classified as held for trading if:
• it has been incurred principally for the purpose of repurchasing it in the near term; or
• on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together
and has a recent actual pattern of short-term profit-taking; or
• it is a derivative that is not designated and effective as a hedging instrument.

94
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
A financial liability other than a financial liability held for trading or contingent consideration recognised by the Company
as an acquirer in a business combination to which Ind AS 103 applies, may be designated as at FVTPL upon initial
recognition if:
• such designation eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise;
• the financial liability forms part of group of financial assets or financial liabilities or both, which is managed and its
performance is evaluated on a fair value basis, in accordance with the Company's documented risk management
or investment strategy, and information about the grouping is provided internally on that basis; or
• it forms part of a contract containing one or more embedded derivatives, and Ind AS 109 permits the entire
combined contract to be designated as at FVTPL in accordance with Ind AS 109.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurementrecognised in
profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and
is included in the ‘Other income' line item.
However, for non-held-for-trading financial liabilities that are designated as at FVTPL, the amount of change in
the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in
other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other
comprehensive income would create or enlarge an accounting mismatch in profit or loss, in which case these effects of
changes in credit risk are recognised in profit or loss.
The remaining amount of change in the fair value of liability is always recognised in profit or loss. Changes in fair
value attributable to a financial liability’s credit risk that are recognised in other comprehensive income are reflected
immediately in retained earnings and are not subsequently reclassified to profit or loss.
Gains or losses on financial guarantee contracts and loan commitments issued by the Company that are designated by
the Company as at fair value through profit or loss are recognised in profit or loss.
Financial liabilities subsequently measured at amortized cost Financial liabilities that are not held-for-trading and are
not designated as at FVTPL are measured at amortized cost at the end of subsequent accounting periods. The carrying
amounts of financial liabilities that are subsequently measured at amortized cost are determined based on the effective
interest method. Interest expense that is not capitalized as part of costs of an asset is included in the 'Finance costs'
line item.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating
interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash payments (including all fees and points paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where
appropriate) a shorter period, to the net carrying amount on initial recognition.

Foreign Exchange Gains and Losses:

For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of
each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the
instruments and are recognised in ‘Other income’.
The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and
translated at the spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the
foreign exchange component forms part of the fair value gains or losses and is recognised in profit or loss.

Derecognition of Financial Liabilities:

The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged,
cancelled or have expired. An exchange between with a lender of debt instruments with substantially different terms
is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability.
Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the
financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition
of a new financial liability. The difference between the carrying amount of the financial liability derecognized and the
consideration paid and payable is recognised in profit or loss.

95
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
2.26 Critical accounting judgements and key sources of estimation uncertainty:
In the application of the Company's accounting policies the directors of the Company are required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are discussed below:

a. Useful lives of property, plant and equipment:

The Company reviews the estimated useful lives of property, plant and equipment at the end of each reporting
period. During the current year, there has been no change in life considered for the assets.

b. Provision for doubtful receivables:

The Company makes provision for doubtful receivables based on a provision matrix which takes into account
historical credit loss experience and adjusted for current estimates.

c. Provision for employee benefits:

The Company uses actuarial assumptions to determine the obligations for employee benefits at each reporting
period. These assumptions include the discount rate, expected long-term rate of return on plan assets, rate of
increase in compensation levels and mortality rates.

d. Provision for taxes:

Significant judgments are required in determining the provision for income taxes, including the amount expected to
be paid/ recovered for uncertain tax positions.

e. Estimation of net realisable value of inventories:

Inventories are stated at the lower of cost and net realisable value. In estimating the net realisable value of
inventories the Company makes an estimate of future selling prices and costs necessary to make the sale.

96
 CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
3 Property, Plant & Equipment, Intangible Assets and Captial Work in Progress

Gross Block Depreciation Block Net Block

Opening Opening Closing Opening Opening Closing
Net Block Net Block
Particulars Balance Balance Balance Balance Depreciation Balance Depreciation Balance
Addition Deletion Addition Deletion Depreciation Depreciation as on as on
as on as on as on as on deduction as on deduction as on
2021-22 2021-22 2022-23 2022-23 2021-22 2022-23 March 31 March 31
1st April 1st April 31st March 1st April 2021-22 1st April 2022-23 31st March
2022 2023
2021 2022 2023 2021 2022 2023
A) Property, Plant & Equipment
1) Own Assets
Land 12,941.99 0.00 0.00 12,941.99 444.01 0.00 13,386.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,941.99 13,386.00
Leasehold Improvements 0.00 0.00 0.00 0.00 372.54 0.00 372.54 0.00 0.00 0.00 0.00 51.90 0.00 51.90 0.00 320.64
Buildings 1,189.72 0.00 1,189.72 0.00 0.00 0.00 0.00 29.76 18.80 48.56 0.00 0.00 0.00 0.00 0.00 0.00
Furniture and Fixtures 0.54 0.00 0.00 0.54 40.97 0.00 41.51 0.00 0.05 0.00 0.05 3.13 0.00 3.18 0.49 38.33
Office Equipments and Computers 19.70 0.00 0.00 19.70 82.91 0.00 102.61 7.44 2.32 0.00 9.76 34.39 0.00 44.15 9.94 58.46
Vehicles 20.16 0.00 0.00 20.16 0.00 0.00 20.16 6.72 2.52 0.00 9.24 2.52 0.00 11.76 10.92 8.40
Sub Total - 1 14,172.11 0.00 1,189.72 12,982.39 940.43 0.00 13,922.82 43.92 23.69 48.56 19.05 91.93 0.00 110.98 12,963.34 13,811.83

97
2) Right of Use Assets 0.00 35.61 0.00 35.61 550.54 0.00 586.15 0.00 10.39 0.00 10.39 101.77 0.00 112.16 25.22 473.99
Sub Total 1 + 2 = A 14,172.11 35.61 1,189.72 13,018.00 1,490.97 0.00 14,508.97 43.92 34.08 48.56 29.44 193.71 0.00 223.15 12,988.56 14,285.83

B) Intangible Assets
Computer Software and Licences 922.18 483.65 0.00 1,405.83 5.28 0.00 1,411.11 572.85 216.66 0.00 789.51 309.67 0.00 1,099.18 616.32 311.93

C) Capital Work in Progress

0.00 0.00 0.00 0.00 1,701.11 0.00 1,701.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,701.11
(CWIP)

Grand Total (A + B + C) 15,094.29 519.26 1,189.72 14,423.83 3,197.36 0.00 17,621.19 616.77 250.74 48.56 818.95 503.38 0.00 1,322.32 13,604.88 16,298.87

CWIP Ageing Details ` Lakhs CWIP Ageing Details ` in Lakhs

Less than Less than
FY 2022-23 1-2 Years 2-3 Years > 3 Years Total FY 2021-22 / FY 2020-21 1-2 Years 2-3 Years > 3 Years Total
1 Year 1 Year
Projects-in-progress 1,701.11 0.00 0.00 0.00 1,701.11 Projects-in-progress 0.00 0.00 0.00 0.00 0.00
Projects suspended 0.00 0.00 0.00 0.00 0.00 Projects suspended 0.00 0.00 0.00 0.00 0.00
Total 1,701.11 0.00 0.00 0.00 1,701.11 Total 0.00 0.00 0.00 0.00 0.00
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021
4 Other Non-Current Investments
Non-Current Investments
Unquoted Investments
Investments classified at FVTOCI
a) Investments in preference shares at FVTOCI
Tvasta Manufacturing Solutions Private Limited,
(1,371 Compulsorily Convertible Preference Shares of 151.37 0.00 0.00
` 1 each fully paid)
b) Investments in Compulsorily Convertible Debentures at
FVTOCI
Abhinava Metaliks Private Limited, (500 Compulsorily
500.00 0.00 0.00
Convertible Debentures - CCDs of ` 1,00,000 each)
Total Aggregate of Investments at FVTOCI -
651.37 0.00 0.00
Unquoted investments (a+b)
Aggregate amount of impairment in value of investments 0.00 0.00 0.00

5 Other Financial Assets

Non -Current
Security deposits 12.34 7.98 0.00
Total Other Financial Assets 12.34 7.98 0.00

6 Deferred Tax Assets

Tax Effect of Items Constituting Assets
Property, Plant & Equipment 79.93 54.26 0.00
Provisions for Compensated absences and Gratuity 13.44 9.86 0.00
Net Deferred Tax Assets 93.37 64.12 0.00

7 Other Non-Current Assets

Others
Capital advances* 754.48 1,144.78 604.53
Advance tax (Net of provision for tax) 1,043.04 3,492.03 1,608.53
Total Other Non-Current Assets 1,797.52 4,636.81 2,213.06

* Includes advance given to related party, towards purchase

of property amounting to ` 604.53 Lakhs.

98
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021
8 Trade Receivables
Current:
Unsecured considered good 648.23 3,740.58 2,191.88
Total Trade Receivables 648.23 3,740.58 2,191.88

Trade Receivables Ageing Schedule March 2023 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months - More than
1 - 2 Year 2-3 Years Total
6 Months 1 Year 3 Years
Undisputed Trade receivables - considered good 612.00 36.23 0.00 0.00 0.00 648.23
Undisputed Trade receivables - considered doubtful 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Trade receivables - considered good 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Trade receivables - considered doubtful 0.00 0.00 0.00 0.00 0.00 0.00
Total 612.00 36.23 0.00 0.00 0.00 648.23

March 2022 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months - More than
1 - 2 Year 2-3 Years Total
6 Months 1 Year 3 Years
Undisputed Trade receivables - considered good 3,740.58 0.00 0.00 0.00 0.00 3,740.58
Undisputed Trade receivables - considered doubtful 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Trade receivables - considered good 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Trade receivables - considered doubtful 0.00 0.00 0.00 0.00 0.00 0.00
Total 3,740.58 0.00 0.00 0.00 0.00 3,740.58

1st April 2021 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months More than
1 - 2 Year 2-3 Years Total
6 Months - 1 Year 3 Years
Undisputed Trade receivables - considered
2,191.88 0.00 0.00 0.00 0.00 2,191.88
good
Undisputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
doubtful
Disputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
good
Disputed Trade receivables - considered
0.00 0.00 0.00 0.00 0.00 0.00
doubtful
Total 2,191.88 0.00 0.00 0.00 0.00 2,191.88

99
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021
9 Cash and Cash Equivalents
Balances with Banks:
In current accounts 2,552.36 13,544.89 12,179.51
Cash on hand 0.01 0.01 0.01
Cash and Cash Equivalents 2,552.37 13,544.90 12,179.52

10 Loans
Loans to Related Parties 18,000.00 0.00 0.00
Others:
Loans and advances to employees 69.00 6.00 4.00
Total Loans 18,069.00 6.00 4.00

11 Other Financial Assets

Interest Accrued on Deposits 125.18 0.00 18.86
Security Deposits 5.72 5.72 3.98
Total Other Financial Assets 130.90 5.72 22.84

12 Other Current Assets

Advances given to vendors 574.30 729.66 3.49
Accrued Income 773.02 0.00 0.00
Prepaid expenses 3,795.92 2,566.37 529.81
Balances with Government authorities
GST Credit receivable 326.43 0.00 0.00
SA Vat receivable 332.69 0.00 0.00
Other Advances 9.50 150.00 0.00
Total Other Current Assets 5,811.86 3,446.03 533.30

100
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
As at As at As at
Par value st Par value Par value per
No. of 31 March No. of 31st March No. of 1st April
per share per share share
shares 2023 shares 2022 shares 2021
(`) (`) (`)
` Lakhs ` Lakhs ` Lakhs
13 Equity share capital
Authorised share capital
Share capital at the beginning of the year 600,000,000 0.10 600.00 600,000,000 0.10 600.00 600,000,000 0.10 600.00

Issued, Subscribed and paid up

Fully paid up Equity Share capital 308,153,074 0.10 308.15 308,153,074 0.10 308.15 308,153,074 0.10 308.15
Shares issued during the year 0 0.10 0.00 0 0.10 0.00 0 0.10 0.00
Total Issued, Subscribed and paid up 308,153,074 0.10 308.15 308,153,074 0.10 308.15 308,153,074 0.10 308.15

Reconciliation of number of shares

outstanding
Outstanding at the beginning of the year 308,153,074 0.10 308.15 308,153,074 0.10 308.15 308,153,074 0.10 308.15
Issued / Forfeited during the year 0 0.10 0.00 0 0.10 0.00 0 0.10 0.00
Outstanding at the end of the year 308,153,074 0.10 308.15 308,153,074 0.10 308.15 308,153,074 0.10 308.15

Par value Total face Par value Total face Par value per Total face
Details of shareholders holding more than 5% shares No. of No. of No. of
per share value % held per share value % held share value % held
in the company shares shares shares
(`) (` Lakhs) (`) (` Lakhs) (`) (` Lakhs)

EWS Finance and Investments Private Ltd 66,168,057 0.10 66.17 21.47% 0.00 0.10 0.00 0.00% 0.00 0.10 0.00 0.00%
Sri Saradha Logistics Private Limited 21,241,593 0.10 21.24 6.89% 21,241,593 0.10 21.24 6.89% 21,241,593 0.10 21.24 6.89%
Mrs. Rupa Gurunath, Trustee * 19,954,024 0.10 19.95 6.48% 0.00 0.10 0.00 0.00% 0.00 0.10 0.00 0.00%
Life Insurance Corporation of India; Life Insurance
Corporation of India P & GS Fund; LIC of India Market 18,609,745 0.10 18.61 6.04% 18,609,745 0.10 18.61 6.04% 18,609,745 0.10 18.61 6.04%
Plus Growth Fund
Trustees, India Cements Shareholders Trust 5,428,955 0.10 5.42 1.76% 92,540,210 0.10 92.54 30.03% 92,632,408 0.10 92.63 30.06%
Shares held by promoters at the end of the year
Promoter Name No. of Shares % of Total Shares % Change during the year
EWS Finance and Investments Private Ltd 66,168,057 21.47 100%
Mrs.Rupa Gurunath, Trustee * 19,954,024 6.48 100%
Mr. N Srinivasan 427,400 0.14 100%
Mrs. Chitra Srinivasan 78,580 0.02 100%
Mrs.Rupa Gurunath 36,440 0.01 100%
Mr. S.K. Asokh Baalaje 59,932 0.02 100%
Mrs. Rajam Krishnamoorthy 1,940 0.00 100%
Total 86,726,373 28.14
* Shares are held in the capacity as a Trustee of Financial Service Trust and Securities Services Trust.

Terms / rights attached to equity shares

The company has one class of shares referred to as equity shares having a Face value of ` 0.10. In the event of repayment
of Share Capital, the same will be in proportion to the number of equity shares held. Each fully paid up equity share holders
is entitled to one vote per share and carry a right to dividends.
During the year, the India Cements Shareholders Trust distributed 3,84,882 (FY 2021-22: 92,198) shares to the eligible
non-promoter shareholders of The India Cements Limited, and distributed 8,67,26,373 shares to promoters of The India
Cements Limited pursuant to the relevant consent from BCCI.

101
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

As at As at As at
31st March 2023 31st March 2022 1st April 2021
` Lakhs ` Lakhs ` Lakhs
14 Other Equity
Equity Component of Compound Financial Instrument
Opening Balance 258.05 258.05 0.00
Add: Addition during the year 0.00 0.00 258.05
Closing Balance 258.05 258.05 258.05
Retained Earnings
Opening Balance 22,682.13 19,528.02 15,652.16
Add: Profit for the Year 1,378.51 3,154.11 4,026.22
Less: Transition adjustment (Refer Note No. 45) (150.36)
Closing Balance 24,060.64 22,682.13 19,528.02

General Reserve 975.00 975.00 975.00

Debenture Redemption Reserve 650.00 650.00 650.00

Other Comprehensive Income (OCI)
Opening Balance 0.27 0.00 0.00
Other Comprehensive Income / (Loss)
Items that will not be reclassified to Profit or (Loss)
Remeasurement of net defined benefit Plan 1.49 0.36 0.00
Income tax relating to Items that will not be reclassified to
(3.11) (0.09) 0.00
Profit or Loss
Total - Items that will not be classified to profit or (loss) - A (1.62) 0.27 0.00
Items that will be reclassified to profit or (loss)
Exchange difference in translating the financial statements of a
(97.68) 0.00 0.00
foreign operation
Total - Items that will be reclassified to profit or (loss) - B (97.68) 0.00 0.00
Closing Balance - A+B (99.30) 0.27 0.00

Total Other Equity 25,844.66 24,565.45 21,411.07

As at As at As at
Particulars
31st March, 2023 31st March, 2022 01st April, 2021
Financial Liabilities
Unsecured
15 Long-Term Borrowings
Optionally Convertible Debentures
Note - Terms of the Optionally Convertible Debentures : 650 -
8% Optionally Convertible Debentures (OCD) of the face value
of Rs.10,00,000/- each issued on 23.01.2018. The OCDs shall
mature and due for redemption at par at the end of 60 months
0.00 0.00 6,392.31
from the date of issue, with an option to convert into equity
shares after expiry of 2 years from the issue date. However
the said instrument was rolled over with the revised maturity
date being 23.12.2023.

16 Lease Liabilities 411.97 7.85 0.00

102
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

As at As at As at
Particulars
31st March, 2023 31st March, 2022 01st April, 2021
17 Non-Current Provisions
Employee Benefits
Post employment benefits - Gratuity 25.20 20.01 14.76
Compensated absences 38.00 16.83 14.73
Total Non-Current Provisions 63.20 36.84 29.49

18 Deferred Tax Liabilties

Deferred Tax Liabilties (Net) 0.00 0.00 117.57

19 Current Borrowings
Unsecured
Short-Term Borrowings
Optionally Convertible Debentures 6,500.00 6,449.52 0.00
Note - Terms of the Optionally Convertible Debentures : 650 -
8% Optionally Convertible Debentures (OCD) of the face value
of Rs.10,00,000/- each issued on 23.01.2018. The OCDs shall
mature and due for redemption at par at the end of 60 months
from the date of issue, with an option to convert into equity
shares after expiry of 2 years from the issue date. However
the said instrument was rolled over with the revised maturity
date being 23.12.2023.
Total current borrowings 6,500.00 6,449.52 0.00

20 Lease Liabilities 71.63 17.16 0.00

Total Lease Liabilities 71.63 17.16 0.00

21 Trade Payables
A. Due to Micro, small and medium enterprises 10.15 0.00 9.47
B. Due to Other than Micro, small and medium enterprises
Due to Related Parties 0.00 0.00 0.00
Due to Others 3,918.59 2,825.06 1,345.17
3,918.59 2,825.06 1,345.17
Total Trade Payables (A+B) 3,928.74 2,825.06 1,354.64
Trade Payables Ageing
March 2023 (` Lakhs)
Schedule
Outstanding for following periods from due date of payment
Particulars Less than 6 6 months - More than 3
1 - 2 Year 2-3 Years Total
Months 1 Year Years
MSME 10.15 0.00 0.00 0.00 0.00 10.15
Others 3,916.31 0.00 0.00 2.28 0.00 3,918.59
Disputed Dues - MSME 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Dues - Others 0.00 0.00 0.00 0.00 0.00 0.00
Total 3,926.46 0.00 0.00 2.28 0.00 3,928.74

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CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

March 2022 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 6 months - More than 3
1 - 2 Year 2-3 Years Total
Months 1 Year Years
MSME 0.00 0.00 0.00 0.00 0.00 0.00
Others 2,822.78 0.00 2.28 0.00 0.00 2,825.06
Disputed Dues - MSME 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Dues - Others 0.00 0.00 0.00 0.00 0.00 0.00
Total 2,822.78 0.00 2.28 0.00 0.00 2,825.06

1st April 2021 (` Lakhs)

Outstanding for following periods from due date of payment
Particulars Less than 6 months More than
1 - 2 Year 2-3 Years Total
6 Months - 1 Year 3 Years
MSME 9.47 0.00 0.00 0.00 0.00 9.47
Others 1,345.17 0.00 0.00 0.00 0.00 1,345.17
Disputed Dues - MSME 0.00 0.00 0.00 0.00 0.00 0.00
Disputed Dues - Others 0.00 0.00 0.00 0.00 0.00 0.00
Total 1,354.64 0.00 0.00 0.00 0.00 1,354.64

As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021

22 Current Provisions
Employee benefits
Gratuity 0.18 0.40 0.03
Compensated absences 4.63 1.94 1.58
Total Current Provisions 4.81 2.34 1.61

23 Other Current Liabilities

Other advances
Advance received from customers 5,184.58 3,943.48 1,851.62
Others
Statutory remittances (Contributions to PF and ESIC, Witholding
746.60 853.12 105.36
taxes, GST, ED, VAT, Service Tax, etc.)
Other Current Liabilities 3,001.50 48.06 50.30
Total Other Current Liabilities 8,932.67 4,844.66 2,007.28

104
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
April 2022 - April 2021 -
March 2023 March 2022
24 Revenue from Operations
a) Income from grant of central rights 20,639.62 24,227.52
b) Sponsorship Income 8,970.37 6,502.72
c) Income from Academy Membership 131.86 0.00
d) Income from Academy Facilities Utilization 52.65 0.00
e) Income from Talent Management 55.05 0.00
f) Income from Merchandise Sales 16.58 0.00
g) Other Tournament Related Income 719.68 3,374.87
Total Revenue from Operations 30,585.81 34,105.11

25 Other Income
Interest income
Bank deposits 58.05 81.67
Inter-corporate deposits 1,599.39 727.48
Others 286.87 0.40
Total Other Income 1,944.30 809.55

26 Cost of Operations
a) Player and Support Staff Remuneration 11,326.19 14,822.54
b) Franchisee Fee 8,005.07 6,156.58
c) Tournament Expenditure 4,838.65 4,371.22
d) Administration Expenses 1,598.12 2,067.08
e) Rent 0.63 145.01
f) Rates & Taxes 12.63 16.25
g) Printing & Stationary 2.14 0.15
h) Postage & Telephone 5.18 6.81
i) Advertisement and Sponsorship related expenses 328.18 367.19
j) Expenses on Running and Maintenance of Academies 194.68 0.00
k) Academies Coaches and Support Staffs Remuneration 134.20 0.00
l) Advertisement and Sponsorship related expenses 71.37 0.00
m) Vehicle Hire 80.25 0.00
n) Insurance 207.64 196.38
Total Cost of Operations 26,804.93 28,149.21

105
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
April 2022 - April 2021 -
March 2023 March 2022

27 Employee Benefits Expenses

Salaries and Wages 209.18 198.81
Contribution to provident and other funds 11.17 3.94
Post-Employment benefits 6.47 0.00
Other Employee Benefits 33.23 8.45
Staff welfare expenses 12.57 2.40
Managerial Remuneration to Wholetime Director & CEO
Salary 107.83 105.06
Total Employee Benefits Expenses 380.44 318.66

28 Finance Costs
Interest on working capital borrowings 421.60 41.15
Interest on Debentures 570.91 583.71
Notional Interest on Lease Liability 37.33 1.32
Total Finance Costs 1,029.85 626.18

29 Depreciation and Amortisation Expenses

Depreciation of property, plant and equipment 193.71 34.08
Amortisation of Intangible Assets 309.67 216.66
Total Depreciation and Amortisation Expenses 503.38 250.74

30 Other Expenses
a) Expenditure on Corporate Social Responsibility 125.19 202.80
b) Payment to Statutory Auditors:
i) Statutory Audit 15.34 10.00
ii) Certification and Others 0.00 5.66
c) Office Administrative Expenses 384.87 120.98
d) Rent 40.72 0.00
d) Bank Charges 31.66 14.47
e) Loss on Assets Discarded 0.00 1,141.15
Total Other Expenses 597.78 1,495.06

31 Income Tax recognised in Profit & Loss

106
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
April 2022 - April 2021 -
March 2023 March 2022
Current Tax
In respect of current year 1,864.48 1,102.38
Deferred Tax
In respect of current year (29.26) (181.68)
Total Tax Expenses 1,835.22 920.70

Reconciliation of Effective Tax Rate:

Profit Before Tax and Exceptional Items from Continuing Operations and
3,213.72 4,074.81
Discontinued Operations
Applicable tax rate (%) 25.17% 25.17%
Computed Tax Expense 808.89 1,025.63
Tax Effect of:
- Subsidiaries and effect under international jurisdictions 966.11 0.00
- Expenses Disallowed 89.47 76.75
Current Tax Provision (A) 1,864.47 1,102.38
Incremental Deferred tax asset (net) (Refer Note No.6) (29.26) (181.68)
Deferred Tax Provision (B) (29.26) (181.68)
Tax Expenses Recognised in the Statement of Profit and Loss (A+B) 1,835.22 920.70
Effective Tax Rate (%) 57.11% 22.59%

32 Earnings Per Share (EPS)

The following reflects the profit and shares related data used in the Basic EPS
computations:
Total Comprehensive Income for the period 1,279.21 3,154.38
No. of Shares used in computing basic earnings per share 308,153,074 308,153,074
Earnings Per Share - Basic (in Rupees) 0.42 1.02
No. of Shares used in computing diluted earnings per share 379,425,004 379,425,004
Earnings Per Share - Diluted (in Rupees) 0.34 0.83
Face Value Per share (in Rupees) 0.10 0.10

33 Segment Reporting (IND AS 108):

The Company is exclusively engaged in the business of conducting sports and sport related activities. As per Ind AS
108 “Operating Segments” specified under Section 133 of the Companies Act, 2013, there are no reportable segments
applicable to the Company.

107
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
34 Contingent Liabilities (IND AS 37)
a) Claims against Company not acknowledged as debt
Forum before which the Period to which As at As at As at
Nature of the Dues
dispute is pending it relates 31st March, 2023 31st March, 2022 1st April, 2021
Service Tax High Court of Madras FY 2015-17 678.29 678.29 678.29
Disputed Service Tax
678.29 678.29 678.29
Demand

b) Capital and other Commitments

As at As at As at
Particulars
31st March, 2023 31st March, 2022 1st April, 2021
Estimated amount of contracts remaining to be executed
5,745.85 7,933.25 6,900.00
(net of advances towards capital expenditures):
Total Commitments 5,745.85 7,933.25 6,900.00

As at As at As at
35 Payable to MSME
31st March, 2023 31st March, 2022 1st April, 2021
Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
As at Balance Sheet date, amounts aggregating to ` 10.15 lakhs
were due to Micro, Small Enterprises as per the provisions of
the Micro Small Enterprises Development Act,2006 (as per the
defintion prior to the amendment 2020).
The Principal amount remaining unpaid to any supplier at the
10.15 0.00 9.47
end of each accounting year
The interest payable thereon
The amount of interest paid by the buyer along with the amount
of the payment made to the supplier beyond the due date (as
0.00 0.00 0.00
per PO or 45 days whichever is earlier) during each accounting
year
The amount of interest due and payable for the period of delay
in making payment (which has been paid but beyond the
appointed day during the year) but without adding the interest 0.00 0.00 0.00
specified under the Micro, Small and Medium Enterprises
Development Act, 2006;
The amount of interest accrued and remaining unpaid at the
end of each accounting year
The amount of further interest remaining due and payable even
in the succeeding years, until such date when the interest dues
above are actually paid to the small enterprise, for the purpose
0.00 0.00 0.00
of disallowance of a deductible expenditure under section 23
of the Micro, Small and Medium Enterprises Development Act,
2006
The above information regarding Micro, Small and Medium
Enterprises has been determined to the extent such parties
have been identified on the basis of information available
with the Company and the same has been relied upon by the
auditors.

108
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)
As at As at
Particulars
31st March, 2023 31st March, 2022
36 Expenditure in Foreign Currency
Foreign Exchange Used 3,764.32 7,136.02
Foreign Exchange Earned 270.60 23.61
Total 4,034.92 7,159.63

37 Payment to Auditors
Audit Fee 15.34 10.00
Audit Certification and Other Expenses 0.00 5.66
Total 15.34 15.66

38 Corporate Social Responsibility Initiatives of the Company

The company is covered under section 135 of the Companies Act, the
following is disclosure is made with regard to CSR activities:-
(i) amount required to be spent by the company during the year, 125.19 202.80
(ii) amount of expenditure incurred, 125.19 202.80
(iii) shortfall at the end of the year, Nil Nil
(iv) total of previous years shortfall, Nil Nil
(v) reason for shortfall, NA NA
(vi) nature of CSR activities, Promotion of Promotion of
Education Education /
Promoting
Healthcare
and Disaster
Management
(vii) details of related party transactions, e.g., contribution to a trust NA NA
controlled by the company in relation to CSR expenditure as per
relevant Accounting Standard,
(viii) where a provision is made with respect to a liability incurred by entering NA NA
into a contractual obligation, the movements in the provision during the
year shall be shown separately.

39 Employee Benefits
39.1 Defined Contribution Plans
Contribution to Provident Funds 11.17 3.94
Total 11.17 3.94

39.2 Information about the characteristics of defined benefit plan - Gratuity benefit plan.
The benefit is governed by the Payment of Gratuity Act, 1972. The Key features are as under:
Features of the defined benefit plan Remarks
Benefit offered 15 / 26 × Salary × Duration of Service
Salary definition Basic Salary including Dearness Allowance (if any)
Benefit ceiling Benefit ceiling of INR 20,00,000 was applied
Vesting conditions 5 years of continuous service (Not applicable in case of death / disability)
Benefit eligibility Upon Death or Resignation / Withdrawal or Retirement

109
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
39.3 The company is responsible for the governance of the plan as the plan is not funded.

39.4 Risk to the Plan

Following are the risk to which the plan exposes the entity :
A Actuarial Risk:
It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:
Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into
an increase in Obligation at a rate that is higher than expected.
Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the
Gratuity benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the
acceleration of cash flow will lead to an actuarial loss or gain depending on the relative values of the assumed salary
growth and discount rate.
Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than
the Gratuity benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are
vested as at the resignation date.

B Liquidity Risk:
Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of benefits.
If some of such employees resign / retire from the company there can be strain on the cash flows.

C Market Risk:
Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One
actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money.
An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This
assumption depends on the yields on the corporate / government bonds and hence the valuation of liability is exposed
to fluctuations in the yields as at the valuation date.

D Legislative Risk:
Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation /
regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher
benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same
will have to be recognized immediately in the year when any such amendment is effective.

39.5 The present value of obligation in respect of gratuity is determined based on actuarial valuation using the Projected
Unit Credit Method as prescribed by the Indian Accounting Standard - 19. Gratuity has been recognised in the financial
statements as per details given below:

As at As at
March 31, 2023 March 31, 2022
(` Lakhs) (` Lakhs)
A Defined benefit obligations as at beginning of the year 20.41 14.78
Cost charged to statement of profit and loss
B Current service cost 5.08 4.97
Interest cost 1.38 1.03
Sub-total included in statement of profit and loss - B 6.46 6.00
C Remeasurement gains/(losses) in other comprehensive income
Actuarial Loss/(Gain) due to change in financial assumptions (0.67) 0.12
Actuarial Loss/(Gain) due to change in demographic assumptions 0.00 0.00
Actuarial Loss/(Gain) due to experience (0.81) (0.49)
Sub-total included in OCI - C (1.48) (0.37)
past service cost 0.00 0.00
Benefits paid by company 0.00 0.00

110
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}

As at As at
March 31, 2023 March 31, 2022
(` Lakhs) (` Lakhs)
D Defined benefit obligations as at end of the year (A+B+C) 25.39 20.41

Plan assets as at beginning of the year

Interest Income 0.00 0.00
Return on plan assets excluding amounts included interest income 0.00 0.00
Contribution by employer 0.00 0.00
Contribution by plan participants 0.00 0.00
Benefits paid 0.00 0.00
Closing value of Plan assets at the end of the year 0.00 0.00

Net Defined Benefit Liability/(Assets) 25.39 20.41

The principal assumptions used in determining above defined benefit

obligations for the Company’s plans are shown below:
Salary Growth Rate 3.00% 3.00%
Discount Rate 7.21%/7.18% 6.79%
Indian Assured Indian Assured
Mortality rate Lives Mortality Lives Mortality
(2006-08) (2006-08)

A quantitative sensitivity analysis for significant assumption is as shown below:

As at As at
Particulars Sensitivity level
March 31, 2023 March 31, 2022
Discount rate 0.50% increase 24.16 20.00
0.50% decrease 26.70 20.84
Salary Growth Rate 0.50% increase 26.75 20.85
0.50% decrease 24.09 19.98

Maturity Profile of the Defined Benefit Obligation

As at As at
Particulars
March 31, 2023 March 31, 2022
Year 1 0.18 0.41
Year 2 0.21 15.93
Year 3 0.24 0.04
Year 4 0.26 0.05
Year 5 0.29 0.05
Next 5 Years 15.46 3.97

Other employee benefit:

The Company has different leave plans including paid leave of absence plans and encashment of leave plans for
employees at different grades and provision has been made in accordance with Ind AS 19. The total amount of provision
available for the Un-availed leave balances as at 31st March 2023 is ` 42.62 Lakhs (as at 31st March 2022: 18.77 Lakhs).
Liability has been created based on actuarial valuation done during the year, with the Discount rate of 7.16%/7.25%
(previous year 6.95%).

111
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}
40 Related Party Disclosures (Ind AS 24):
Related party disclosures as required under the Indian Accounting Standard (Ind AS) – 24 on “Related Party Disclosures”
are given below:

40.1 List of Related Parties

S.No. Name of the Related Party Nature of Relationship
1 The India Cements Limited (w.e.f 15.11.2022) Enterprise in which promoter is interested
2 EWS Finance and Investments Private Limited
Shareholder exercising significant influence
(w.e.f 15.11.2022)
3 Mr. K.S. Viswanathan Key Managerial Employee as defined under Ind AS 24

40.2 Transactions with Related Parties

S.No. Particulars March 2023 March 2022 April 2021

1 Loans given during the year

The India Cements Limited (w.e.f 15.11.2022) 18,000.00 0.00 0.00
2 Interest Received
The India Cements Limited (w.e.f 15.11.2022) 819.07 0.00 0.00
3 Salary and other employee benefits paid
Mr. K.S. Viswanathan 106.56 105.06 97.88

40.3 Outstanding Balances

1 Capital Advances
EWS Finance and Investments Private Limited
604.53 0.00 0.00
(w.e.f 15.11.2022)
2 Loans
The India Cements Limited (w.e.f 15.11.2022) 18,000.00 0.00 0.00
3 Customer Credit Balances
The India Cements Limited (w.e.f 15.11.2022) 60.59 0.00 0.00

40.4 Maximum Outstanding Balances

1 Capital Advances
EWS Finance and Investments Private Limited
604.53 0.00 0.00
(w.e.f 15.11.2022)
2 Loans
The India Cements Limited (w.e.f 15.11.2022) 18,000.00 0.00 0.00
3 Customer Credit Balances
The India Cements Limited (w.e.f 15.11.2022) 60.59 0.00 0.00

40.5 Guarantees Given

The India Cements Limited had issued guarantee to the Board of Control for Cricket in India (BCCI) towards performance /
compliance of the Company’s obligations under the franchise agreement. The Company has given a counter guarantee
to The India Cements Limited.

112
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs)

41 Operating Leases (Excluding short-term leases)

S.No. Particulars March 2023 March 2022
a) Weighted average lessee’s incremental borrowing rate 9% 9%
b) Lease liabilities as at the end of the year 483.60 25.01
c) Depreciation charged during the year 101.78 10.39
d) Interest expense on lease liabilities 37.34 1.32
e) Carrying amount of right-of-use assets at the end of the reporting period 473.99 25.22
f) Total cash outflow for Operating leases 128.23 10.50

42 Capital Management (Ind AS 1):

The objective of the Company's capital management structure is to ensure sufficient liquidity to support its business and
provide adequate return to shareholders. Management monitors the long term cash flow requirements including externally
imposed capital requirements of the business in order to assess the requirement for changes to the capital structure to
meet the said objective. As part of this monitoring, the management considers the cost of capital and the risks associated
with each class of capital and makes adjustments to the capital structure, where appropriate, in light of changes in
economic conditions and the risk characteristics of the underlying assets. The funding requirement is met through a
combination of equity, internal accruals and working capital borrowings.
No changes were made in the objectives, policies or processes during the year ended 31 March 2023
The Company’s capital and net debt were made up as follows:
Particulars March 2023 March 2022 April 2021
Net debt (Long term debt less Cash and Cash equivalent) - - -
Total equity 26,152.81 24,873.60 24,873.60

43 Financial Risk Management Objectives and Policies (IND AS 107):

Financial Risk Management Framework
Company’s principal financial liabilities comprise borrowings, trade payables and Other financial liabilities. The main
purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets
include Investments, Trade receivables, loans, cash and bank balances and other financial assets.
Risk Exposures and Responses
The Company is exposed to market risk, interest rate risk, credit risk and liquidity risk. The Board of Directors reviews
policies for managing each of these risks, which are summarised below:
i) Market Risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in
the price of a financial instrument. The value of a financial instrument may change as a result of changes in the
interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect
market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including
investments and deposits, foreign currency receivables, payables and borrowing.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates
primarily to the Company’s short term borrowing with floating interest rates. The Company constantly monitors the
credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.
The Company`s exposure to interest rate risk relates primarily to interest bearing financial liabilities. Interest rate risk
is managed by the company on an on-going basis with the primary objective of limiting the extent to which interest
expense could be affected by an adverse movement in interest rates.

113
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
Sensitivity Analysis
The Company does not have any outstanding borrowings as at the balance sheet date that carry variable interest
rates.

ii. Credit risk management

Credit risk arises when a customer or counterparty does not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities
(primarily trade receivables) and from its financing/ investing activities, including deposits with banks, mutual fund
investments and foreign exchange transactions.
Trade Receivables:
Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for each
customer and based on the evaluation credit limit of each customer is defined.
Total Trade receivable as on March 31, 2023 is ` 648.23 Lakhs (March 31, 2022 ` 3,740.58 Lakhs, April 01, 2021
` 2,191.88 Lakhs).
As per simplified approach, the Company makes provision of expected credit losses, if any, on trade receivables using
a provision matrix to mitigate the risk of default in payments and makes appropriate provision at each reporting date
wherever outstanding is for longer period and involves higher risk.
Investments, Cash and Cash Equivalents and Bank Deposits:
Credit risk on cash and cash equivalents, balances with Banks and Current Investments is considered to be minimal
as the counterparties are all substantial banks with high credit ratings. The Directors are unaware of any factors
affecting the recoverability of outstanding balances at 31 March 2023.
iii. Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and
the availability of funding through an adequate amount of credit facilities to meet obligations when due. The Company’s
treasury team is responsible for liquidity, funding as well as settlement management. In addition, processes and
policies related to such risks are overseen by senior management. Management monitors the Company’s liquidity
position through rolling forecasts on the basis of expected cash flows.
The table below provides details regarding the remaining contractual maturities of financial liabilities and investments
at the reporting date based on contractual undiscounted payments.

March 2023 (` Lakhs)

Particulars
Up to 1 year 1 to 2 years 2 to 5 years Total
Lease Liabilities 71.63 80.99 330.98 483.60
Borrowings 6,500.00 - - 6,500.00
Trade and other payables 3,928.74 - - 3,928.74
Total 10,500.37 80.99 330.98 10,912.35

Particulars March 2022

Up to 1 year 1 to 2 years 2 to 5 years Total
Lease Liabilities 17.16 7.85 - 25.01
Borrowings 6,449.52 - - 6,449.52
Trade and other payables 2,825.06 - - 2,825.06
Total 9,291.74 7.85 - 9,299.59

Particulars April 2021

Up to 1 year 1 to 2 years 2 to 5 years Total
Lease Liabilities 0.00 0.00 0.00 0.00
Borrowings 0.00 6392.31 0.00 6,392.31
Trade and other payables 1,354.64 0.00 0.00 1,354.64
Total 1,354.64 6392.31 0.00 7,746.95

114
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}
44 A) Classification of Financial Assets and Liabilities (IND AS 107):
Particulars March 2023 March 2022 April 2021
Financial assets
Fair Value through Other Comprehensive Income
Equity Shares 651.37 0.00 0.00
Amortised Cost
Trade receivables 648.23 3,740.58 2,191.88
Loans 18,069.00 6.00 4.00
Cash and cash equivalents 2,552.37 13,544.90 12,179.52
Other Financial Assets 143.24 13.70 22.84
Total 22,064.21 17,305.18 14,398.24
Financial liabilities
Amortised Cost
Borrowings 6,500.00 6,449.52 6,392.31
Trade payables 3,928.74 2,825.06 1,354.64
Other Financial Liabilities 483.60 25.01 0.00
Total 10,912.35 9,299.59 7,746.95

B) Fair value measurements (Ind AS 113):

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
The Company has established the following fair value hierarchy that categorises the values into 3 levels. The inputs
to valuation techniques used to measure fair value of financial instruments are:
Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. The fair
value of all bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations as
at the reporting date.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximize the use of observable market data and rely as little as possible on company specific
estimates.The mutual fund units are valued using the closing Net Asset Value. If all significant inputs required to fair
value an instrument are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
Level 3.
The details of financial instruments that are measured at fair value on recurring basis are given below:
Particulars Level 1 Level 2 Level 3
Financial Instruments classified at FVTOCI
As at 31-03-2023 0 0 651.37
As at 31-03-2022 0 0 0
As at 01-04-2021 0 0 0

115
CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
45 First Time Adoption of Ind AS (Ind AS 101)
These financial statements, for the year ended 31 March 2023, are the first financial statements the Company has prepared
in accordance with Ind AS. For periods up to and including the year ended 31 March 2022, the Company prepared its
financial statements in accordance with accounting standards notified under Section 133 of the Companies Act 2013, read
together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).
Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on
31 March 2023, together with the comparative period data as at and for the year ended 31 March 2022, as described in
the summary of significant accounting policies. In preparing these financial statements, the Company’s opening Balance
Sheet was prepared as at 1 April 2021, the Company’s date of transition to Ind AS. An explanation of how the transition
from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows is set
out below:
i) Transition election
ii) Reconciliation of Equity as at April 01, 2021 and March 31, 2022
iii) Reconciliation of Total Comprehensive Income for year ended March 31, 2022
i) Transition election
a) Optional Exemptions
The Company applying Ind AS principle for measurement of recognised assets and liabilities is subject to
availment of certain optional exemptions, apart from mandatory exceptions, availed by the Company as detailed
below.
Deemed Cost for property, plant and equipment, investment property, and intangible assets
The Company has elected to avail exemption under Ind AS 101 to use Indian GAAP carrying value as
deemed cost at the date of transition for all items of property, plant and equipment.
b) Mandatory Exceptions
The Mandatory exceptions applicable to the Company are given below:
1 Estimates
2 Derecognition of assets and liabilities
3 Classification and measurment of financial assets and liabilities
4 Impairment of Financial assets
1 Estimates
The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions
at 1 April 2021, the date of transition to Ind AS and as of March 31, 2022.
2 Derecognition of assets and liabilities
Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively
for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time
adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity’s
choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities
derecognised as a result of past transactions was obtained at the time of initially accounting for those
transactions.
The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date
of transition to Ind AS.
3 Classification and measurment of financial assets and liabilities
Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in
debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.
4 Impairment of Financial assets
The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted
by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or
effort to determine the credit risk at the date that financial instruments were initially recognised in order to
compare it with the credit risk at the transition date.

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CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
ii) Reconciliation of Other equity as previously reported under previous GAAP to Ind AS
Particulars (` Lakhs)
Other Equity as of April 01, 2021 - as per IGAAP 21,303.38
Notional Interest on Compound Financial Instrument (150.36)
Equity Component of Compound Financial Instrument 258.05
Other Equity as of April 01, 2021 - as per Ind AS 21,411.07
Profit as per previous GAAP 3,212.49
Notional Interest on Compound Financial Instrument and Lease Liability (58.53)
Ind AS 116 - Lease Adjustment 0.51
Change in defined benefit plans (0.36)
OCI - Defined Benefit Obligation 0.27
Other Equity as of March 31, 2022 - as per Ind AS 24,565.45

iii) Reconciliation of Profits as previously reported under previous GAAP to Ind AS

Particulars (` Lakhs)
Profit after Tax as reported under previous GAAP 3,212.49
Notional Interest on Security Deposits / Impact of Defined Benefit Obligation 0.04
Notional Interest on Compound Financial Instrument and Lease Liability (58.53)
Ind AS 116 - Lease Adjustment 0.11
Profit for the period as per Ind AS 3,154.11

Notes to the Reconciliation of equity as at April 1, 2021 and March 31, 2022 and Total Comprehensive Income for
the year ended March 31, 2022:
1 Compound Financial Instruments
The Company had issued optionally convertible debentures which are in the nature of compound financial instruments.
Hence, the Company has applied the principles of Ind AS 109 whereby the equity portion of the debenture amounting
to ` 258.05 Lakhs as been classified as “equity component of compound financial instrument” and the same is
presented as a part of the other equity.
The financial liability is discounted and presented at its present value with an outstanding liability of ` 6,392.31 Lakhs
(FY 20-21), ` 6,449.52 Lakhs (FY 21-22) and ` 6,500 Lakhs (FY 22-23)
2 Ind AS 116 - Leases Impact
The Company has applied Ind AS 116 ‘Leases’ to its leases, pursuant to which it has reclassified its leased assets
as Right-of-Use Assets. Further, additions include recognition of leasing arrangement towards Right-of-use Assets of
` 550.54 Lakhs (FY 22-23), ` 35.61 Lakhs (FY 21-22) and an outstanding Lease Liability of ` 483.60 Lakhs (FY 22-23)
and ` 25.01 Lakhs (FY 21-22).
3 Loans/Other Financial Assets/ Other Current Assets:
In line with the Ind AS and Schedule III - Division II
a) Rental Deposits have been regrouped from Other Non-Current Assets (Under IGAAP ) to Other Financial Assets
b) Advance to Contractors have been regrouped from Loans and Advances (Under IGAAP) to Other Current Assets

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CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}

46 Consolidation method adopted

These Consolidated Financial Statements (CFS) are prepared in accordance with Ind AS on "Consolidated Financial
Statements" ( Ind AS -110) and "Disclosure of interest in other entities" (Ind AS-112) specified under Section 133 of the
Companies Act, 2013
Name of the Subsidiary Company 31-03-2023 31-03-2022 31-03-2021
Superking Ventures Private Limited 100% 100% 0%
Joburg Super Kings (Pty) Ltd 100% 0 0

46.1 Additional information, as required under Schedule III to the Companies Act, 2013 of enterprises consolidated as
Subsidiaries / Associates for the year 2022-23
SHARE IN TOTAL
SHARE IN OTHER
NET ASSETS SHARE IN PROFIT OR LOSS COMPREHENSIVE
COMPREHENSIVE INCOME
INCOME
NAME OF THE ENTITY IN THE AS % OF AS % OF
GROUP AS % OF AS % OF CONSOLIDATED CONSOLIDATED
CONSOLIDATED AMOUNT CONSOLIDATED AMOUNT OTHER AMOUNT TOTAL AMOUNT
NET ASSETS PROFIT OR LOSS COMPREHENSIVE COMPREHENSIVE
INCOME INCOME
Chennai Super Kings Cricket Limited 115% 30,100.27 378% 5,217.44 (9%) 9.24 409% 5,226.68
Superking Ventures Private Limited
(2%) (645.17) (46%) (634.32) 11% (10.85) (50%) (645.17)
(Indian Subsidiary)
Joburg Super Kings (Pty) Limited
(13%) (3,302.29) (232%) (3,204.61) 98% (97.68) (258%) (3,302.29)
(Foreign Subsidiary)
Total 100% 26,152.81 100% 1,378.51 100% (99.30) 100% 1,279.21

47 Additional Regulatory Information:

i) Title Deeds of Immovable Property not held in the name of the Company
There are no title deed of immovable property not held in the name of the Company.
ii) Fair Valuation of Investment Property
The Company has no Investment Property that is fair valued
iii) Revaluation of Property, Plant and Equipment and Right-of-Use Assets
During the year, no revaluation of Property, Plant and Equipment and Right-of-Use Assets has been done by the
Company.
iv) Revaluation of Intangible Assets
During the year, no revaluation of Intangible Assets has been done by the Company.
v) Details of Benami Properties held
No proceedings have been intiated or pending against the Company for holding any Benami Property under the
Benami Transactions (Prohibitions) Act, 1988 and the rules made thereunder.
vi) Borrowings secured against Current Assets
The Company has borrowings from banks on the basis of security of its current assets. The Company has been
submitting trade receivables, cash flow statements and other financial information to the banks on a periodic basis
which are in agreement with the books of accounts.
vii) Wilful Defaulter
The Company has not been declared as wilful defaulter by any bank or financial institution or other lender during the
year.

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CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)
(` Lakhs}
viii) Relationship with Struck off Companies
The Company had no transactions with Companies struck off under section 248 of the Companies Act, 2013 or
section 560 of the Companies Act, 1956 during the year.
ix) Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company has filed registration and modification of charges relating to the year under review with the Registrar
of Companies (RoC) within the prescribed time. There were no satisfaction of charges due for filing during the year.
x) Compliance with number of layers of Companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act
read with Companies (Restriction on number of layers) Rules, 2017 during the year.
xi) Compliance with approved Schemes of Arrangements
During the year, the Company has no Scheme of Arrangements approved by the Competent Authority to be
implemented in the books of accounts.
xii) Utilisation of Borrowed funds and Share Premium
a) During the year, no funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including
foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
b) During the year, no funds have been received by the Company from any persons or entities, including foreign
entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
xiii) Disclosure in relation to Undisclosed Income
The Company does not have any transaction not recorded in the books of accounts that has been surrendered or
disclosed as Income during the year in the tax assessments under the Income Tax Act, 1961.
xiv) Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

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CONSOLIDATED NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 (Contd.)

48 Ratios as per Schedule III of the Companies Act, 2013

S. Times / Explanation for any changes more
Ratio Numerator Denominator Mar-2023 Mar-2022 % Change
No Percentage then 25%
1 Current Ratio In Times Current Assets Current Liabilities 1.40 1.47 (4.58)
2 Debt equity In Times Short term debt + Shareholders 0.25 0.26 (4.15)
ratio Long term debt + Equity
Interest payable on
borrowings
3 Debt service In Times Earnings Finance Costs 4.10 7.78 (47.30)
coverage ratio before Interest, + Principal
Depreciation and Repayments +
Tax/Debt Service Lease Payments
4 Return on Percentage Net Profit after tax Average Share 0.05 0.14 (62.97) Due to higher profitablity during the year
Equity Ratio holders' Equity as compared to previous year
5 Net capital In Times Revenue from Working capital 3.93 5.16 (23.82) During the year, the revenue from
turnover Ratio operation operations has decreased and there
was also an increase in working capital
needs of the Company
6 Net Profit Ratio Percentage Net Profit after Tax Revenue 0.04 0.09 (54.78) Due to reduced cost of operation as the
IPL Season XV was conducted in India
completely vis-à-vis Season XIV which
was conducted overseas that added to
the increased cost of operations.
7 Return on Percentage EBIT Capital Employed 0.10 0.13 (24.31) Due to reduced cost of operation as the
Capital IPL Season XV was conducted in India
employed completely vis-à-vis Season XIV which
was conducted overseas that added to
the increased cost of operations.
8 Return on Percentage Income from Cost of the - -
investment Investments Investment
9 Inventory In Times Not Applicable
turnover Ratio
10 Trade In Times Revenue from Average Trade 13.94 11.50 21.22
Receivables operation receivables
turnover Ratio
11 Trade Payables In Times Purchases Average Trade 8.11 14.18 (42.79) Due to reduced cost of operation as the
turnover Ratio payables IPL Season XV was conducted in India
completely vis-à-vis Season XIV which
was conducted overseas that added to
the increased cost of operations which in
turn has led to reduced purchases.

49 The debentures as referred in Note No. 19 were due for redemption in January 2023. On mutual consent the maturity
date has been extended to 23.12.2023 without any change in rights / obligations of both the parties. Accordingly, backed
by sufficient legal opinion, the Company has not invested the Debenture Redemption Fund as contemplated under
Rule 18 (7) (vi) of Companies (Share Capital and Debenture) Rules..
50 Regrouping
Previous year’s figures have been regrouped / reclassified wherever necessary.

As per our report of even date For and on behalf of Board of Directors
for BRAHMAYYA & CO.
Chartered Accountants R. SRINIVASAN K.S. VISWANATHAN
Firm Regn No : 000511S Chairman Wholetime Director & CEO
N Sri Krishna DIN: 00207398 DIN : 06965671
Partner
Membership No: 026575 RAKESH SINGH E. JAYASHREE
Place: Chennai Director Director
Date: 14.08.2023 DIN: 07563110 DIN: 07561385

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