HomeStock MarketNazara Technologies' Q3 FY24 net profit rose 47%; posts highest-ever quarterly revenue

Nazara Technologies’ Q3 FY24 net profit rose 47%; posts highest-ever quarterly revenue

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  1. Nazara Technologies, a mobile games and e-sports publisher based in Mumbai, reported a 47% year-on-year increase in net profit to Rs 29.5 crore in Q3 FY24.
  2. This growth is compared to a net profit of Rs 20.1 crore in the corresponding quarter of the previous year.
  3. The company also announced its highest-ever quarterly revenue from operations, reaching Rs 320.4 crore in Q3 FY24, a 2% increase compared to Rs 314.8 crore in Q3 FY23.
  4. In the first nine months of FY24, Nazara Technologies generated Rs 872.1 crore in revenue, with more than half of the income coming from e-sports and 36% from gaming.
  5. The company’s EBITDA increased by 24% year-on-year, with the EBITDA margin rising from 9.7% in Q3 FY23 to 11.8% in Q3 FY24.
  6. Nitish Mittersain, Founder, CEO, and Joint MD of Nazara Technologies, attributed the growth to healthy performance in Animal Jam and Sportskeeda, resulting in significant EBITDA growth in the e-sports segment.
  7. Nazara Technologies acquired WildWorks, the company behind Animal Jam, in an all-cash transaction in August 2022. Additionally, in 2019, it acquired a 67% stake in Sportskeeda.
  8. Mittersain highlighted the company’s strategy of acquiring global gaming IPs and leveraging focused user acquisition alongside data-driven product innovation as factors contributing to its success.
  9. Recently, Nazara Technologies acquired Comic Con India, a country-wide gaming and entertainment convention, in a Rs 55 crore deal.
  10. The firm also completed its fundraising goal for FY24, securing Rs 760 crore through a preferential placement to marquee investors.
  11. Founded in 1999, Nazara Technologies operates through various segments, including gaming, e-sports, adtech, and gamified early learning.
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