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Business

Gaming firm Nazara logs Rs 17 crore in net profit in Q4, revenue drops 8 pc

IANS | May 25, 2024 11:40 AM

NEW DELHI: Gaming and sports media platform Nazara Technologies on Saturday announced net profit from its continued operations at Rs 17.1 crore in the January-March quarter of FY24, up 43.6 per cent compared to Rs 11.9 crore in the same period in the last fiscal year.

The operating revenue was at Rs 266.2 crore for the quarter, down 8 per cent year-on-year, from Rs 289.3 crore in the same quarter in FY23.

For the full fiscal year, net profit increased by 21.8 per cent to Rs 74.8 crore as against Rs 61.4 crore in FY23, the company said in a statement.

The revenue went up 4.3 per cent for FY24 to Rs 1, 138.3 crore as against Rs 1, 091 crore in FY23.

“FY24 has been a year of building a strong foundation for rapid future scaling. We achieved a 4.3 per cent revenue growth and a 16.5 per cent EBITDA growth, ” said Nitish Mittersain, Founder, CEO and Joint MD of Nazara Technologies.

Notably, the operating cash flow increased to Rs 131.4 crore, reflecting the company's strong underlying performance.

“We raised Rs 950 crore at Nazara and subsidiaries, our largest fundraise to date, resulting in a net cash balance of Rs 1, 450 crores, ” he informed.

Nazara operates in gaming (World Cricket Championship, Kiddopia, Animal Jam, Classic Rummy etc), esports (Nodwin Gaming, Sportskeeda) and advertising (Datawrkz).

“We are optimistic about FY25, expecting accelerated growth in both revenue and EBITDA, ” said Mittersain.

The company has announced acquisition of 100 per cent stake in Nextwave Multimedia Private Limited, developers of the popular mobile cricket games under the “World Cricket Championship” franchise.”

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