Nazara Technologies Q2 net profit surges 53%, revenue up 13%

Mumbai: Online gaming and sports company Nazara Technologies Ltd on Wednesday reported a 53% jump in consolidated net profit to ₹24.2 crore for the quarter ended September. 

The company’s revenue from operations grew by 13% year-on-year to ₹297.2 crore in July-September.

“We are delighted to report consistent year-on-year growth in both revenue and profit for Q2 and H1FY24. Our strategic focus remains strong as we lay a robust foundation not only for the remainder of FY24 but also for FY25,” said Nitish Mittersain, founder, CEO of Nazara Technologies Ltd.

The company's Ebitda (earnings before interest, taxes, depreciation, and amortization) stood at ₹27.9 crore, up 30% from ₹21.4 crore in the previous year. Margins increased by 130 bps to 9.4% from 8.1% in the corresponding quarter of the previous year.

“During this quarter, we successfully secured fresh capital of ₹510 crore from investors like Nikhil Kamath, a prominent tech entrepreneur in India, and SBI Mutual Fund, the country's largest mutual fund. With a consolidated cash position around ₹1,300 crore, Nazara is exceptionally well positioned to seize acquisition opportunities and expedite our growth in the years ahead,” said Nitish Mittersain.

“Our newly launched initiative, 'Nazara Publishing,' is geared to offer capital and support services to empower developers in delivering high-quality games to the expanding consumer base,” he added.

On Wednesday, shares of Nazara Technologies closed marginally lower at ₹831.90 apiece on the NSE.