Nazara Technologies, a prominent gaming and sports media platform, disclosed a net profit of Rs 17.1 crore from its ongoing operations during the January-March quarter of FY24, marking a robust 43.6 percent surge from the Rs 11.9 crore reported in the corresponding period of the previous fiscal year.
However, the operating revenue experienced a slight dip, standing at Rs 266.2 crore for the quarter, down by 8 percent year-on-year from Rs 289.3 crore recorded in the same quarter of FY23.
For the entire fiscal year, the net profit showed a commendable increase of 21.8 percent, reaching Rs 74.8 crore as compared to Rs 61.4 crore in FY23, as per the company's official statement. Concurrently, the revenue witnessed a modest uptick of 4.3 percent for FY24, totaling Rs 1,138.3 crore compared to Rs 1,091 crore in FY23.
Reflecting on the fiscal year, Nitish Mittersain, the Founder, CEO, and Joint MD of Nazara Technologies, commented, “FY24 has been a year of laying down a robust groundwork for future rapid scaling. We accomplished a 4.3 percent revenue growth and a 16.5 percent EBITDA growth.”
Of particular note is the increase in operating cash flow to Rs 131.4 crore, underscoring the company's sturdy underlying performance. Mittersain highlighted, “We successfully secured Rs 950 crore across Nazara and its subsidiaries, marking our largest fundraising endeavor to date and resulting in a net cash balance of Rs 1,450 crores.”
Nazara's operations span across gaming (including titles like World Cricket Championship, Kiddopia, Animal Jam, and Classic Rummy), esports (such as Nodwin Gaming and Sportskeeda), and advertising (via Datawrkz).
Expressing optimism for FY25, Mittersain asserted, “We anticipate accelerated growth in both revenue and EBITDA.” The company recently announced its acquisition of a 100 percent stake in Nextwave Multimedia Private Limited, the developer behind the popular mobile cricket games under the “World Cricket Championship” franchise.
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