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Business News/ Companies / Company Results/  Nazara Tech Q1 results: PAT jumps 31% to 20.9 crore, revenue surge to 254.4 crores, stock closes in green

Nazara Tech Q1 results: PAT jumps 31% to ₹20.9 crore, revenue surge to ₹254.4 crores, stock closes in green

Nazara Technologies Ltd reported a 31% increase in profit after tax to ₹20.9 crores in Q1FY23, with revenue of ₹254.4 crores in the last 3 months.

Nazara Technologies declared its Q1FY23 results today. (AFP)Premium
Nazara Technologies declared its Q1FY23 results today. (AFP)

In Q1FY24, Nazara Technologies reported robust financial performance with significant growth across key metrics. The company's revenue soared by 14% YoY, reaching INR 254.4 crores, showcasing its continued ability to expand its top line. Furthermore, the company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a healthy 10% YoY growth, amounting to INR 33.1 crores. This indicates the company's efficient operational management and profitability.

The Q1FY24 results also revealed an impressive surge in the company's Profit After Tax (PAT), which rose by a remarkable 31% YoY, amounting to INR 20.9 crores. This substantial growth in net profit highlights the company's ability to capitalize on opportunities in the gaming and sports media sector and deliver value to its shareholders.

Nazara Technologies' strong performance is evident in its key financial ratios as well. The company achieved an EBITDA margin of 13.0% in Q1FY24, indicating its ability to generate healthy operating profits relative to its revenue. Such robust margins reflect the company's operational efficiency and effective cost management.

The company's strong and consistent financial performance underscores its position as a leader in the gaming and sports media industry. With sustained YoY growth in both revenue and profits since its IPO, Nazara Technologies continues to demonstrate its resilience and ability to thrive in the dynamic and competitive market landscape.

Nazara Technologies Limited, a leading gaming and sports media platform, has achieved an impressive milestone of 10 consecutive quarters of year-on-year (YoY) growth in both revenue and profits since its initial public offering (IPO). The company recently announced its unaudited standalone and consolidated financial results for the quarter ending June 30, 2023.

Commenting on the Q1FY24 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated:

“Our revenue and EBITDA growth is expected to accelerate in coming quarters due to seasonality and our decision to defer key esports launches to benefit from upcoming opportunities. Of note, Sportskeeda continued to deliver a strong performance with a strong 52% growth YoY in revenues and 55% in EBITDA.

The recent announcements related to skill-based real money gaming business will have minimal impact on our overall financial performance as its contribution is limited to 4.7% of our revenue and 0.5% of our EBITDA in Q1FY24. 

We continue to build a healthy pipeline of M&A opportunities in various segments that we operate in with a focus on adding gaming IPs and strong teams to our platform. 

In closing, I am happy to note that this is our 10th quarterly results since our IPO delivering consistent YoY growth in revenues and profits. We remain dedicated to our stated vision of building out a well- diversified gaming platform that keeps growing stronger as the gaming industry evolves."

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Published: 28 Jul 2023, 06:46 PM IST
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