New Delhi: Online fantasy sports platform Dream11 has posted Rs 6,384 crore in revenue in FY23, a more than 66 per cent increase from FY22, along with a 32.3 per cent growth in its profits.
Dream Sports, the parent company of Dream11, registered Rs 188 crore in profit in FY23 from Rs 142 crore in FY22.
Dream11’s revenue from operations surged to Rs 6,384 crore in FY23 from Rs 3,841 crore in FY22, according to its financial results from the Registrar of Companies (RoC).
The platform fees received from the users was the sole source of revenue for the fantasy gaming platform in FY23, reports Entrackr.
The platform also earned Rs 197 crore from the gain on sale of current investments, taking the total revenue to Rs 6,581 crore in FY23.
Its employee benefit cost saw a 2.3 times jump to Rs 1,154 crore in FY23.
Dream11 is the highest revenue-generating fantasy sports company in India, amid tough times for gaming firms after the introduction of 28 per cent GST.
For FY24, Dream11 cut its operating profit target by 80 per cent due to the new GST regime.
In September last year, Sporta Technologies Ltd, which operates the Dream11 brand, approached the high court seeking to quash the showcause notice issued to the company over a GST bill.
Next month, the fantasy sports platform decided to withdraw its challenge against a Rs 1,221-crore GST show-cause notice, issued by the Maharashtra state GST department.
–IANS
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