Digital gaming and sports platform Nazara Technologies posted an 18 percent increase in consolidated profit to Rs 2.6 crore for the quarter that ended March 2023. The company, backed earlier by ace investor the late Rakesh Jhunjhunwala, had logged a profit of Rs 2.2 crore in the same period a year ago.
Revenue from operations rose 65 percent to Rs 289.3 crore during the reported quarter from Rs 175.1 crore in the year-ago period.
For the year ended March 31, 2022, Nazara Technologies' profit jumped 39 percent to Rs 39.4 crore from Rs 28.4 crore a year ago.
Further, the company's earnings before interest, taxes, depreciation, and amortisation or EBITDA increased by 86 percent to Rs 27.7 crore in the quarter under review against Rs 14.9 crore in the last fiscal.
Nazara Tech also announced that it will increase its stake in Nextwave Multimedia Private Limited, which is the developer of the popular World Cricket Championship, from 52.38 percent to 71.88 percent to consolidate its ownership, according to a regulatory filing.
"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. We will continue to work closely with the team to provide an enhanced gaming experience to cricket enthusiasts all over the world," the company said.
Commenting on the Q4 performance, Nitish Mittersain, Founder, CEO & Jt MD, said, “We are delighted to report another milestone year for Nazara. Our strong performance in FY23... is a testament to the hard work and dedication of our team, as well as our strategic investments in high-growth segments. 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.”
Shares of Nazara closed at Rs 589.25 apiece, up by 4.14 percent compared to the previous close, at the BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
