Gaming and sports media platform Nazara Technologies reported a net profit of Rs 17.1 crore for the January-March quarter of FY24, marking a 43.6% increase compared to Rs 11.9 crore in the same period last fiscal year.
Quarterly Financial Performance
The operating revenue for the quarter stood at Rs 266.2 crore, reflecting an 8% decline year-on-year from Rs 289.3 crore in Q4 FY23.
Full Fiscal Year Performance
For the full fiscal year, Nazara Technologies saw a net profit rise of 21.8% to Rs 74.8 crore, up from Rs 61.4 crore in FY23. Revenue for FY24 increased by 4.3% to Rs 1,138.3 crore, compared to Rs 1,091 crore in the previous fiscal year.
Statements from Leadership
“FY24 has been a year of building a strong foundation for rapid future scaling. We achieved a 4.3% revenue growth and a 16.5% EBITDA growth,” said Nitish Mittersain, Founder, CEO, and Joint MD of Nazara Technologies. He highlighted the company’s operating cash flow increase to Rs 131.4 crore, indicating strong underlying performance.
Mittersain also noted, “We raised Rs 950 crore at Nazara and subsidiaries, our largest fundraise to date, resulting in a net cash balance of Rs 1,450 crore.”
Operational Highlights
Nazara operates in various sectors including gaming (World Cricket Championship, Kiddopia, Animal Jam, Classic Rummy), esports (Nodwin Gaming, Sportskeeda), and advertising (Datawrkz).
Looking forward, Mittersain expressed optimism for FY25, expecting accelerated growth in both revenue and EBITDA.
Strategic Moves
The company announced the acquisition of a 100% stake in Nextwave Multimedia Private Limited, developers of the popular mobile cricket games under the “World Cricket Championship” franchise.
