ETtechGaming and sports media platform Nazara Technologies reported a 92% increase in profit after tax at Rs 9.4 crore for the quarter ended March 31.
Revenues for the quarter were up 65% at Rs 289.3 crore. For the full FY23, the company reported a profit of Rs 61.4 crore and revenues of Rs 1,091 crore, up 21% and 75%, respectively. The growth was broad-based across all segments, with revenue growth of 28% in gaming, 75% in eSports and 53% in the adtech verticals.
“We crossed an important milestone of Rs 1,000 crore in annual revenues and Rs 100 crore in Ebitda this year,” said Nitish Mittersain, founder, chief executive and & joint managing director of Nazara Technologies. “The growth was driven largely by the eSports business, complemented by the other verticals. 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 this journey. "
The company also said it would increase its stake in Nextwave Multimedia, the developer of popular cricket franchise World Cricket Championship from 52.38% to 71.88% to consolidate its ownership in the company.
“WCC has established itself as the leading mobile cricket game franchise globally with millions of active gamers and has developed a very high-end cricket simulation engine on top of which many new games can be launched. We believe the potential of this popular franchise is significant for us in the years to come and are happy to have had the opportunity to increase our ownership,” said Mittersain.
Revenues for the quarter were up 65% at Rs 289.3 crore. For the full FY23, the company reported a profit of Rs 61.4 crore and revenues of Rs 1,091 crore, up 21% and 75%, respectively. The growth was broad-based across all segments, with revenue growth of 28% in gaming, 75% in eSports and 53% in the adtech verticals.
The earnings before interest, taxes, depreciation, and amortisation (Ebitda) increased by 86% to Rs 27.7 crore for the quarter under review, and grew 16% to Rs 109.7 crore for FY23.
“We crossed an important milestone of Rs 1,000 crore in annual revenues and Rs 100 crore in Ebitda this year,” said Nitish Mittersain, founder, chief executive and & joint managing director of Nazara Technologies. “The growth was driven largely by the eSports business, complemented by the other verticals. 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 this journey. "
The company also said it would increase its stake in Nextwave Multimedia, the developer of popular cricket franchise World Cricket Championship from 52.38% to 71.88% to consolidate its ownership in the company.
“WCC has established itself as the leading mobile cricket game franchise globally with millions of active gamers and has developed a very high-end cricket simulation engine on top of which many new games can be launched. We believe the potential of this popular franchise is significant for us in the years to come and are happy to have had the opportunity to increase our ownership,” said Mittersain.
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