Internet Software & Services company Nazara Technologies announced Q2FY24 & H1FY24 results: Consolidated Q2FY24: Revenue grew by 13% to Rs 297.2 crore as against Rs 263.8 crore in Q2FY23 EBITDA increased by 30% to Rs 27.9 crore as against Rs 21.4 crore in Q2FY23 EBITDA margin increased by 130 bps to 9.4% in Q2FY24 from 8.1% in Q2FY23 PAT grew by 53% to Rs 24.2 crore as against Rs 15.8 crore in Q2FY23 Consolidated H1FY24: Revenue grew by 13% to Rs 551.7 crore as against Rs 486.9 crore in H1FY23 EBITDA increased by 19% to Rs 61.0 crore as against Rs 51.4 crore in H1FY23 EBITDA margin increased to 11.1% in H1FY24 from 10.6% in H1FY23 PAT grew by 42% to Rs 45.0 crore as against Rs 31.7 crore in H1FY23 Cash position of Rs 829.2 crore as of September 30, 2023, as against Rs 628.3 crore as of March 31, 2023. Proforma Cash Balance of Rs 1,339.2 crore, post fundraise Commenting on the Q2 & H1FY24 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated, “We are delighted to report consistent year-on-year growth in both revenue and profit for Q2 and H1FY24. Our strategic focus remains strong as we lay a robust foundation not only for the remainder of FY24 but also for FY25. We recognize the substantial 'Make in India' potential within the gaming industry, where Indian developers have the opportunity to create top-tier games for both the domestic and international markets. Our newly launched initiative, 'Nazara Publishing,' is geared to offer capital and support services to empower developers in delivering high-quality games to the expanding consumer base. During this quarter, we successfully secured fresh capital of Rs 510 crore from investors like Nikhil Kamath, a prominent tech entrepreneur in India, and SBI Mutual Fund, the country's largest mutual fund. With a consolidated cash position of around Rs 1,300 crore, Nazara is exceptionally well positioned to seize acquisition opportunities and expedite our growth in the years ahead.” Result PDF
Conference Call with Nazara Technologies Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
Internet software & services company Nazara Technologies announced Q1FY24 results: Revenue grew by 14% to Rs 254.4 crore as against Rs 223.1 crore in Q1FY23 EBITDA increased by 10% to Rs 33.1 crore as against Rs 30 crore in Q1FY23 EBITDA margin of 13.0% in Q1FY24 PAT grew by 31% to Rs 20.9 crore as against Rs 15.9 crore in Q1FY23 Commenting on the Q1FY24 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated: “Q1FY24 saw our revenue grow by 14% YoY to Rs 254.4 crore, EBITDA by 10% to Rs 33.1 crore & PAT up by 31% to Rs 20.9 crore. Our EBITDA margin for Q1 stood at 13.0%. Our revenue and EBITDA growth is expected to accelerate in the coming quarters due to seasonality and our decision to defer key esports launches to benefit from upcoming opportunities. Of note, Sportskeeda continued to deliver a strong performance with a strong 52% growth YoY in revenues and 55% in EBITDA. The recent announcements related to the skill-based real money gaming business will have minimal impact on our overall financial performance as its contribution is limited to 4.7% of our revenue and 0.5% of our EBITDA in Q1FY24. We continue to build a healthy pipeline of M&A; opportunities in various segments that we operate in, focusing on adding gaming IPs and strong teams to our platform. In closing, I am happy to note that this is our 10th quarterly result since our IPO delivers consistent YoY revenue and profit growth. We remain dedicated to our stated vision of building out a well-diversified gaming platform that keeps growing stronger as the gaming industry evolves.” Result PDF