Nazara Technologies reports 80% YoY revenue growth, 22% PAT growth in 9MFY23

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Nazara Technologies, one of the leading diversified gaming & sports media platforms from India, has reported an 80% year-on-year (YoY) revenue growth and 22% profit after tax (PAT) growth in the first nine-month (April to December) period of FY23.

According to the press release, Nazara Technologies also reported unaudited standalone and consolidated results for the quarter ending 31st December 2022.

The results for 9MFY23 show a massive increase of 80% in revenue to Rs 801.7 crore compared to Rs 446.6 crore in the same period last financial year. The EBITDA for the company rose marginally, standing at Rs 82.0 crore compared to Rs 79.7 crore in 9MFY22 while the PAT increased by 22% to Rs 55.8 crore compared to Rs 45.9 crore.

When it comes to Q3FY23 results, the revenue stood at Rs 314.8 crore compared to Rs 185.8 crore in the corresponding period last year, an increase of around 69%. The EBITDA is almost the same, standing at Rs 30.6 crore compared to Rs 30.3 crore last year. The PAT, however, also saw a better performance, standing at Rs 22.4 crore as compared to Rs 17.1 crore.

The share of revenues of real money gaming comprised 5% in 9MFY23, while esports contributed 2%. The EBITDA contribution from real money gaming and esports was 9% and 6% respectively. When it comes to geographical regions, India brought in the most revenues with a 43% share, closely followed by North America at 39%.

The CEO and joint managing director of the company, Nitish Mittersain said, “The business continues to scale profitably as has been our stated goal to deliver long term compounding across our five key business verticals. Our diversified business across multiple geographies allows us to have various levers of growth and mitigate industry headwinds affecting any one segment.”

“I am happy to note that we have grown 80% YoY in the first 9 months of FY23, backed by profitability and positive cash flows. This performance helps set a strong foundation for our future growth plans,” he added.

Meanwhile, the Nazara Technologies stock has been rising of late, gaining for three consecutive sessions till today. As reported by Business Standard, it rose by 2.48% in the first half today on the NSE.

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