Nazara Tech reports net profit of ₹13.5 crore in June quarter
The company also saw its operating revenues grow to ₹131.2 crore in the April to June quarter this year
PremiumGaming and sports entity, Nazara Technologies Ltd. has reported a net profit of ₹13.5 crore for the June quarter of this fiscal year. The company had reported a loss of ₹21.7 crore for the same period last year.
Along with registering profits, the company also saw its operating revenues grow to ₹131.2 crore in the April to June quarter this year. This is a 45% jump compared to the same period, last fiscal.
“The Q1 FY22 results revenue growth and especially enhanced Ebitda margins demonstrate intrinsic strength and profitability of the underlying businesses across all of three growth segments. However, we will continue to prioritize strategic growth over margin optimization to ensure that we continue to achieve and maintain leadership in segments we operate," said Manish Agarwal, Group chief executive officer (CEO), Nazara Technologies.
“Nazara continues to see strong consumer and partner interest across each of our segments with business KPIs continuing to remain healthy in this quarter which will further help in reinforcing the leadership position of the company across e-sports, gamified learning and cricket simulation mobile game," said Agarwal.
Earlier in June, Nazara Technologies made its first acquisition since going public in March, and acquired Turkey-based mobile gaming publishing agency Publishme for $2.7 million.
Nazara picked up a 69.82% stake in Publishme, to strengthen its presence in the Middle East and North Africa (MENA) region.
Although the Indian gaming company has been present in MENA through telecom subscriptions, it now wanted to offer its freemium gaming, e-sports and gamified learning offerings in the region, through the acquisition.
“The recent acquisition of a majority stake in Publishme will further amplify our presence in the MENA region. The acquisition will focus on building local execution capabilities cutting across key growth segments of freemium, gamified learning and esports," said the company while announcing its first quarter results for fiscal year 2021-22 (FY’22).
For Nazara, more than 80% of its revenues comes from North America and India, and MENA is its next big focus, said Agarwal in an earlier interaction with Mint.
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