Nazara Technologies Q2 net profit surges 53%, revenue up 13%

November 08, 2023

Mumbai: Online gaming andsports company Nazara Technologies Ltd on Wednesday reported a 53% jump inconsolidated net profit to ₹24.2 crore for the quarter ended September. 

The company’s revenue fromoperations grew by 13% year-on-year to ₹297.2 crore in July-September.

“We aredelighted to report consistent year-on-year growth in both revenue and profitfor Q2 and H1FY24. Our strategic focus remains strong as we lay a robustfoundation not only for the remainder of FY24 but also for FY25," saidNitish Mittersain, founder, CEO of Nazara Technologies Ltd.

The company's Ebitda (earnings before interest, taxes,depreciation, and amortization) stood at ₹27.9 crore, up 30% from ₹21.4crore in the previous year. Margins increased by 130 bps to 9.4% from 8.1% inthe corresponding quarter of the previous year.

“Duringthis quarter, we successfully secured fresh capital of ₹510crore from investors like Nikhil Kamath, a prominent tech entrepreneur inIndia, and SBI Mutual Fund, the country's largest mutual fund. With aconsolidated cash position around ₹1,300 crore, Nazara isexceptionally well positioned to seize acquisition opportunities and expediteour growth in the years ahead," said Nitish Mittersain.

“Our newly launched initiative, 'Nazara Publishing,' is gearedto offer capital and support services to empower developers in deliveringhigh-quality games to the expanding consumer base," he added.

On Wednesday, shares of Nazara Technologies closed marginallylower at ₹831.90apiece on the NSE.