RPSG Ventures Ltd was declared the successful bidder for the right to own and operate the Lucknow Franchise of the Indian Premier League ('IPL') at Bharat Ratna Shri Atal Bihari Vajpayee Ekana Cricket Stadium from and including the 2022 season, by the Board of Control for Cricket in India ('BCCI').
For the purpose of the above, a subsidiary of the Company, namely RPSG Sports Private Limited has been incorporated wherein the Company is holding a 51% stake and the balance stake is held by private and unlisted company of RP-Sanjiv Goenka group. The Franchise Agreement has been executed on 24 November, 2021 by RPSG Sports Private Limited with the BCCI where the Company is a confirming party.
RPSG Ventures in Q2FY22, Revenues exceeded expectations and came in at INR 1,599 cr against estimates of INR 1,365 cr. It increased by 23% YoY/-1% QoQ driven by the growth across the segment. However, the Gross Profit margin declined 40 bps YoY/ -107 bps QoQ due to raw material cost pressure. EBITDA increased 34% YoY/-7% QoQ and stood at INR 201 Cr and above the expectation of INR 165 Cr. EBITDA margin expanded by 105 bps YoY/ contracted by 86 bps to 12.55%. EBITDA margin contracted on the QoQ basis in line with compression in gross profit margin.
For the purpose of the above, a subsidiary of the Company, namely RPSG Sports Private Limited has been incorporated wherein the Company is holding a 51% stake and the balance stake is held by private and unlisted company of RP-Sanjiv Goenka group. The Franchise Agreement has been executed on 24 November, 2021 by RPSG Sports Private Limited with the BCCI where the Company is a confirming party.
RPSG Ventures in Q2FY22, Revenues exceeded expectations and came in at INR 1,599 cr against estimates of INR 1,365 cr. It increased by 23% YoY/-1% QoQ driven by the growth across the segment. However, the Gross Profit margin declined 40 bps YoY/ -107 bps QoQ due to raw material cost pressure. EBITDA increased 34% YoY/-7% QoQ and stood at INR 201 Cr and above the expectation of INR 165 Cr. EBITDA margin expanded by 105 bps YoY/ contracted by 86 bps to 12.55%. EBITDA margin contracted on the QoQ basis in line with compression in gross profit margin.