Star India operating revenue down 6% in FY24
In a regulatory filing, Star India has attributed the loss to a Rs 12,319 crore provision for an "onerous contract" related to the ICC media rights deal
However, in FY24, Star India’s operating revenue has dropped by over 6% to Rs 18,587 crore, while expenses soared by 68% to Rs 31,548 crore, largely due to the provision for the ICC contract.
In a regulatory filing, the company attributed this substantial loss to a Rs 12,319 crore provision for an "onerous contract" related to the International Cricket Council (ICC) media rights deal. Star India explained that it expects the revenue from customers for ICC events, as they are broadcasted or streamed, to fall short of the costs involved in broadcasting and streaming.
This anticipated shortfall led the company to estimate a future loss on these media rights totalling Rs 12,319.3 crore as of March 31, 2024. Star India noted that these estimates could change depending on various uncertainties.
However, in FY24, Star India’s operating revenue has dropped by over 6% to Rs 18,587 crore, while expenses soared by 68% to Rs 31,548 crore, largely due to the provision for the ICC contract.
In a regulatory filing, the company attributed this substantial loss to a Rs 12,319 crore provision for an "onerous contract" related to the International Cricket Council (ICC) media rights deal. Star India explained that it expects the revenue from customers for ICC events, as they are broadcasted or streamed, to fall short of the costs involved in broadcasting and streaming.
This anticipated shortfall led the company to estimate a future loss on these media rights totalling Rs 12,319.3 crore as of March 31, 2024. Star India noted that these estimates could change depending on various uncertainties.
