Nazara Technologies' PAT up by 41.2% to Rs 89.5 crore in FY24

Delhi: Nazara Technologies, a gaming and sports media platform, announced its unaudited Standalone and Consolidated results for the quarter and Fiscal Year ended March 31, 2024.

The company's revenue grew by 4.3% to Rs 1,138.3 Cr as against Rs 1,091.0 Cr in FY23. 

For the quarter however, the revenue decreased by 7.9% to Rs 266.2 Cr as against Rs 289.3 Cr in Q4FY23. 

Its EBITDA spiked by 16.6% to Rs 127.9 Cr as against Rs 109.8 Cr in FY23. 

PAT (from continuing operations) increased by 41.2% to Rs 89.5 Cr in FY24 as against Rs 63.4 Cr in FY23. 

Commenting on the Q4 and FY24 performance, Nitish Mittersain, Founder, CEO and Jt MD of Nazara Technologies stated, "FY24 has been a year of building a strong foundation for rapid future scaling. We achieved a 4.3% revenue growth and a 16.5% EBITDA growth, with our margin improving by 110 bps YoY to 11.2%. Notably, our Operating Cash Flow increased to Rs 131.4 Cr, reflecting the company's strong underlying performance.

We raised Rs 950 crores at Nazara and subsidiaries, our largest fundraise to date, resulting in a net cash balance of Rs ~1,450 crores."

He added, "key initiatives from FY24 are set to yield results in the coming year, including our new publishing platform, new game launches through existing studios, IP partnerships, and a strong M&A pipeline. Subsidiaries are also successfully adopting our M&A playbook, with Absolute Sports (Sportskeeda) acquiring Pro Football Network (PFN) in March 2023, doubling PFN business post-acquisition and turning it profitable. Nextwave acquired UTP (a casual card game) in April 2024, and NODWIN Gaming acquired Comic Con India.

We are optimistic about FY25, expecting accelerated growth in both revenue and EBITDA. With substantial cash reserves and a robust M&A pipeline, we are well positioned to seize further growth opportunities and enhance our growth trajectory through strategic M&A over the next 12 months.

We have also announced acquisition of 100% stake in Nextwave Multimedia Private Limited, developers of the popular mobile cricket games under the “World Cricket Championship” franchise."