Nazara’s profits rise by 18% to Rs 2.6 crore in Q4, 39% in FY23 to Rs 39.4 crore

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Gaming and sports media platform Nazara Technologies saw a 21% increase in profit after tax (PAT) for FY23 along with a 75% increase in revenue and a 16% increase in EBITDA compared to FY22.

Nazara released its financial performances for Q4FY23 and FY23 yesterday. The revenue rose to Rs 1091 crore in FY23 from Rs 621.7 crore in FY22 while EBITDA increased to Rs 109.7 crore from Rs 94.6 crore. The PAT stood at Rs 61.4 crore, improving from Rs 50.7 crore last year.

Esports brought in 49% of the revenue while gaming accounted for 37%. In terms of geographical markets, revenues generated by India and North America were almost equal, sitting at 40% and 41% respectively.

Talking about the March quarter (Q4FY23) consolidated profit witnessed an 18% increase year-on-year (YoY) to Rs 2.6 crore from Rs 2.2 crore while revenue from operations saw a substantial growth of 65.2%, reaching Rs 289.3 crore.

Spending on advertising and promotions reduced to Rs. 47.3 crore from Rs. 51.6 crore while staff costs increased significantly from Rs 27 crore to Rs 43 crore in the same period last year.

“We are delighted to report another milestone year for Nazara. Our strong performance in FY23 with revenues surpassing the Rs 1,000 crore mark at Rs 1,091.0 crore and EBITDA surpassing the Rs 100 crore mark at Rs 109.7 crore is a testament to the hard work and dedication of our team, as well as our strategic investments in high-growth segments,” said Nitish Mittersain, founder and CEO of Nazara.

“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,” he added.

Meanwhile, Mittersain had recently stated that the company is also working on a blueprint for the real money gaming space, keeping the latest online gaming rules announced by MeitY along with new TDS and tax rates in mind.

Shares for Nazara Tech saw a 4.14% rise after the announcement of the results yesterday, closing at Rs 589.25 on the BSE.