ICC Men's Cricket World Cup 2023 to be sponsored by Mahindra on Disney Star
Mahindra & Mahindra, a prominent automotive and tractor manufacturer, has entered into a significant sponsorship agreement with Disney Star for the upcoming 2023 ICC Cricket World Cup. This prestigious event is scheduled to take place in India from October 5 to November 19. This move marks Mahindra's most substantial foray into sports sponsorship to date.
Under this arrangement with Disney Star, Mahindra & Mahindra has secured the position of an associate sponsor for Star Sports and a co-sponsor for the digital platform Disney+ Hotstar. The partnership not only encompasses the ICC Men's Cricket World Cup 2023 but also ensures prominent visibility during the ongoing Asia Cup 2023.
One of the primary objectives for Mahindra in this endeavor is to strengthen its connection with customers and enhance brand loyalty. In pursuit of this goal, Mahindra dealerships will be hosting a series of customer engagement activities throughout the cricket season.
A notable feature of this sponsorship is the introduction of the 'Click to Book Test Drive' feature. This feature will be prominently highlighted during the broadcasts of the ICC Men's Cricket World Cup 2023 on Disney+ Hotstar. It underscores Mahindra's commitment to harnessing technology and innovation, providing cricket fans with a seamless transition from the excitement of the game to the firsthand experience of Mahindra's cutting-edge products.
Rajesh Jejurikar, Executive Director & Chief Executive Officer, Auto & Farm Sectors at Mahindra & Mahindra, expressed the company's enthusiasm about this sponsorship. He emphasized that this partnership is a pivotal milestone in their mission to deeply connect with the passion of millions of Indians. Mahindra believes that there is a strong synergy between its SUVs and tractor brands and the dynamic spirit of Indian cricket.
Cricketing Season Opportunity
The ICC Men's Cricket World Cup 2023, coinciding with India's festive spirit, provides an excellent opportunity for Mahindra to engage with a vast audience. As India hosts the entire tournament, which includes 48 matches, including the much-anticipated India vs. Pakistan clash on October 14, Mahindra has a prominent platform to connect with potential customers.
These matches will be broadcast on the Star Sports Network and streamed on Disney+ Hotstar in multiple languages, further expanding Mahindra's reach. Additionally, the initiative by Hotstar to provide free access to mobile users enhances the sponsorship's reach and impact.
Standalone Net Profit: Mahindra & Mahindra Financial Services Ltd reported a robust 58.2% increase in its standalone net profit for Q1FY24, reaching ₹352.66 crore. This marked a substantial improvement compared to ₹222.92 crore in the year-ago period. Sequential Comparison: However, it's worth noting that net profit dropped by 48.5% sequentially from ₹684.12 crore in Q4FY23.
Total Revenue: The company's total revenue from operations recorded a solid year-over-year growth of 24%, amounting to ₹3,084.56 crores during the quarter ended June. This was a significant increase from ₹2,486.31 crore in Q1FY23.
Total Income: Total income for the first quarter reached ₹3,125.41 crore, compared to ₹2,498.55 crore in the year-ago period.
In summary, Mahindra & Mahindra's sponsorship of the ICC Cricket World Cup 2023, in collaboration with Disney Star, signifies a significant step in their efforts to engage with Indian cricket enthusiasts and build lasting bonds with their customers. This partnership is poised to amplify the visibility of Mahindra's automotive and tractor brands throughout the cricketing season, fostering a deeper connection with the spirit of Indian cricket.
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