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Nazara Technologies Q1 Result | Profit rises 22% to Rs 16.5 crore, revenue jumps 70%

The sequential growth in the bottom line was 237 percent and it was a 27.4 percent increase in the top line for the June FY23 quarter.

July 29, 2022 / 06:55 PM IST
 
 
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Mobile gaming company Nazara Technologies on July 29 reported more than 22 percent year-on-year (YoY) growth in its consolidated net profit at Rs 16.5 crore for the quarter ended June 2022 (Q1FY23), backed by strong revenue growth.

Revenue during the quarter surged 70 percent to Rs 223.1 crore compared to the corresponding period of the last fiscal, the company said in its BSE filing.

The sequential growth in the bottom line was 237 percent and it was a 27.4 percent increase in the top line for the June FY23 quarter.

"The multi-pronged approach to capture opportunities has been yielding positive traction and we are in line with our target growth plans for FY23," Manish Agarwal, CEO said.

Agarwal further said the traction across businesses; E-sports and Real Money Gaming witnessed strong growth while the addition of a new growth engine in form of Datawrkz has augmented well for the business. "We have also seen stabilisation of unit economics for Gamified Early Learning business."

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The operating performance reported by the Rakesh Jhunjhunwala-backed company was also strong as EBITDA grew by 19 percent YoY to Rs 30.10 crore and the sequential growth was 133 percent. EBITDA is earnings before interest, tax, depreciation, and amortisation.

However, the EBITDA margin contracted to 13.49 percent in June FY23 quarter against 19.28 percent in the year-ago period, but sequentially, the margin expanded by 613 bps. The increase in advertising & business promotion expenses as well as the cost of content, event & web server, and employees impacted margin.

On the operating margin front, "We have made investments in business segments that will provide us with robust growth opportunities in the years to come," Manish said.

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The company will continue to look for growth opportunities both organically and inorganically. In particular, it is looking to augment its presence in the Freemium segment, especially in developed markets, he said.
Sunil Shankar Matkar
first published: Jul 29, 2022 06:51 pm
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