Digital Gaming and sports platform Nazara Technologies on Tuesday reported an 18.2% increase in consolidated net profit to Rs. 2.6 crores for the 4th quarter ended March 2023.
Nazara Technologies is an India-based gaming and sports media platform with a presence in India and across emerging and developed global markets like Africa and North America. Additionally, it offers services across interactive gaming, eSports, ad-tech, and gamified early learning ecosystems.
The consolidated revenue from operation grew by 65% to Rs. 289.3 crores for the reporting period as compared to Rs. 175.1 crores in the same quarter of the last year.
The operating profit, i.e., EBITDA earnings before interest and tax, depreciation, and amortization came in at Rs. 27.2 crores compared to Rs. 12.9 crores in the year-ago quarter, while margins came in at 9.4%.
Advertising and promotional spending came in at Rs. 47.3 crores from Rs. 51.6 crores a year ago. Staff expenses jumped higher to Rs. 43 crores from Rs. 27 crores a year ago.
The Gamified early learning segment registered a 56% Year-on-Year growth in revenue to Rs. 80.1 crores, while the eSports business witnessed a massive 53% growth at Rs. 140 crores. Sequentially, however, both businesses reported a dip in revenue.
Nazara Technologies announced that it will increase its stake in Nextwave Multimedia Pvt. Ltd, a developer of the popular World Cricket Championship, from 52.38% to 71.88% to consolidate its ownership.
"We are delighted to report another milestone year for the company. Our strong performance is a testament to the hard work and dedication of our team and our strategic investments in high-growth segments. We believe India is well on its way to becoming the Gaming Nation of the world in the years to come, and we will continue to play a pivotal role in the journey," said Nitish Mittersain, founder and CEO at Nazara Technologies.
