Nazara Technologies Reports Robust Q2 FY24 Performance with Rs 297.24 Crore in Revenue

• ByStartupStory     |    November 9, 2023

Indian gaming company Nazara Technologies has reported strong financial performance for the quarter ended September 2023, posting a revenue from operations of Rs 297.24 crore. This marks a notable 12.7% increase compared to the Rs 263.8 crore earned in the corresponding period last year. The company’s revenue for the first half of the fiscal year 2023-24 amounted to Rs 551.7 crore.

In Q2 FY24, the esports vertical, comprising entities like Nodwin Gaming and Sportskeeda, emerged as the primary contributor to revenue, generating Rs 172.03 crore. Nazara Technologies achieved a Profit After Tax (PAT) of Rs 24.2 crore during this quarter, reflecting a substantial 53.3% growth from the Rs 15.77 crore earned in July-September 2022.

The company’s expenses for the same period increased by 9.7% Year-on-Year (YoY), rising from Rs 262 crore to Rs 288 crore in Q2 FY24. Notable expenditures included content, event, and web server maintenance, along with a stock-in-trade purchase amounting to Rs 69.7 crore during the quarter. Employee benefit expenses also saw a significant YoY increase, rising by 42% to Rs 49 crore.

Founded in 2000, Nazara Technologies has become a prominent creator and publisher of mobile games, with a global presence extending to Dubai, London, Africa, Singapore, and its headquarters in Mumbai. The company made history in 2021 by becoming the first Indian gaming company to be listed on Indian stock exchanges.

In its latest strategic move, Nazara Technologies introduced a new vertical—Nazara Publishing—dedicated to launching games for both the Indian and international markets. The company plans to invest Rs 1 crore per game, aiming to launch at least 20 games in the next 18 months.

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Recently, Nazara Technologies secured fresh capital of Rs 510 crore, with notable investors including Nithin and Nikhil Kamath, founders of Zerodha, contributing Rs 100 crore. Nitish Mittersain, Founder, CEO, and Joint Managing Director of Nazara, expressed confidence in the company’s growth trajectory, stating, “During this quarter, we successfully secured fresh capital of Rs 510 crore from investors like Nikhil Kamath, a prominent tech entrepreneur in India, and SBI Mutual Fund, the country’s largest mutual fund.”

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