Nazara Technologies up 273% to reach Rs 507 million in FY22

Nazara Technologies, the gaming and sports media platform’s profit after tax stood at Rs 507 million, up 273 % YoY for the quarter and full-year ended March 31, 2022.

In FY22, Nazara Technologies generated revenues of Rs 6,217 million, up 37% YoY, EBIDTA of Rs 946 million, up 109 % YoY.

Manish Agarwal, CEO at Nazara Technologies said, “On behalf of Nazara Group, I am glad to report that we have surpassed our revenue and EBITDA guidance for FY22, despite the headwinds caused by the change in Apple policies and regulatory environment in real money gaming in India and negative impact of COVID19 in esports segment. We are glad to report that all of the group's business sectors are profitable and have added significant cash balance in FY22.”

He further said, “Our strategy of diversifying our portfolio across business categories continues to give us a solid and robust momentum to grow faster than the overall gaming and esports market in the coming years.”

The Company has cash on hand of Rs 7,321 million as of March 31, 2022.

“Current cash balance combined with continuous operational cashflows at a subsidiary level will keep driving inorganic growth both at Nazara and at subsidiaries,” said Agarwal.

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