Nazara delivers 84% Revenue Growth, 508% EBIDTA Growth YoY resulting in healthy net profit after tax & strong operating cash flows (May 28, 2021)
May 28, 2021

May 28, 2021, INDIA: Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) an India based, diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, announced its audited Standalone and Consolidated results for the year ended 31st March 2021.

As of March 31, 2021, Nazara has diverse business segments with revenue generation happening across gamified learning, esports, freemium, real money gaming and telco subscription.

Key Consolidated Financial Highlights for the financial year 2021 are as follows:

  • Operating Revenues grew by 84% YoY to Rs. 4,542 Million
  • EBITDA grew by 508% YoY to Rs. 596 Million
  • EBITDA margins improved from 3.7% in FY20 to 12.7% in FY21
  • Delivered a PAT of Rs. 136 Million in FY21
  • Recorded a positive Net Cash Flow from Operations of Rs. 674 Million in FY21
  • Consolidated Cash and Cash Equivalents including liquid investments stood at Rs. 4,784 Million as on 31st March 2021 as compared to Rs. 2,234 Million as on 31st March 2020.
  • Consolidated Net worth as on 31st March 2021 grew by 37% to Rs. 7,790 Million as compared to Rs. 5,700 Million as on 31st March 2020.
  • The Consolidated Revenue Mix across business segments stood as follows:
  • The high growth segments of Gamified Early Learnings and eSports have grown by 819% YoY and 102% YoY to Rs. 1,758 Million and Rs. 1,701 Million, respectively.

Commenting on the performance, Mr. Manish Agarwal, Group CEO, said “For FY21, we clocked a total operating revenue growth of 84% on YoY bases and profits of Rs.136 Mn. As we operate in the high growth business segments of Gamified early learning, eSports and Freemium, we will continue to prioritize growth over profit maximization, so that we can achieve and maintain market leadership in segments we operate in.

Prudent financial management is in our DNA. This is clearly evident from Rs. 4,784 Million of cash reserves including liquid investments  as well as zero debt on our balance sheet. We will efficiently utilize our cash balance to fund any inorganic growth opportunities- from building capabilities to geographic and demographic expansions in our domain of operation. To conclude, we are in a good position to continue executing our strategy and maintain our market leadership position in the years to come.”

About Non-Financial GAAP measurement

We use EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization, excluding share of non-controlling interest and Impairment Losses. EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.

About Nazara Technologies

Nazara is an India based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, Esports and gamified early learning ecosystems. The company owns some of the most recognizable IP, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in Esports and Esports media, and Halaplay and Qunami in skill-based, fantasy and trivia games.

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits. Our ability to generate and manage growth, ability to maintain cost advantage, salary cost increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns, client concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas and integrate potential acquisitions, the success of the companies in which we make strategic investments, withdrawal of Financial Year governmental incentives, political instability, war, pandemic, legal restrictions on raising capital or acquiring companies outside India. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

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