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27 Years
4.4 Star
1 Crore +
Internet Software & Services company Nazara Technologies announced Q3FY24 & 9MFY24 results:
Consolidated Q3FY24:
- Revenue: Increased to Rs 320.4 crore, a 2% growth compared to Rs 314.8 crore in Q3FY23.
- EBITDA: Rose by 24% to Rs 37.7 crore from Rs 30.5 crore in Q3FY23.
- EBITDA Margin: Improved by 210 basis points to 11.8% from 9.7% in Q3FY23.
- PAT (Profit After Tax): Grew by 47% to Rs 29.5 crore versus Rs 20.1 crore in Q3FY23.
Consolidated 9MFY24:
- Revenue: 9% increase to Rs 872.1 crore from Rs 801.7 crore in 9MFY23.
- EBITDA: 20% growth to Rs 98.7 crore, up from Rs 81.9 crore in 9MFY23.
- EBITDA Margin: Went up by 110 basis points to 11.3% from 10.2% in 9MFY23.
- PAT: Increased by 44% to Rs 74.6 crore compared to Rs 51.8 crore in 9MFY23.
Fundraising and Cash Balance:
- Fundraising: The company raised Rs 760 crore through a preferential placement to marquee investors.
- Proforma Cash Balance: Approximately Rs 1,500 crore, which includes the recent fund raise.
Business Segments (9MFY24):
- Gaming: Contributed 36% of total revenue.
- eSports: Accounted for 55% of total revenue.
- Adtech: Made up 9% of total revenue.
Geographical Revenue Breakdown (9MFY24):
- India: 46% of total revenue.
- North America: 38% of total revenue.
- Rest of the World: 16% of total revenue.
Commenting on the Q3 & 9MFY24 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated: “We saw healthy growth in Animal Jam and Sportskeeda resulting in our EBITDA increase by 24% year-on-year and our EBITDA margin increasing from 9.7% in Q3FY23 to 11.8% in Q3FY24, with our esports segment witnessing a remarkable 79% EBITDA growth.
Our approach of acquiring global gaming IPs and leveraging focused user acquisition alongside data-driven product innovation is beginning to pay off, as demonstrated by Animal Jam's performance in Q3. We are optimistic this strategy will enable substantial scale-up opportunities we can replicate in the future.
We have also completed our FY24 fundraising goal, securing Rs 760 crore through a preferential placement to marquee investors. With significant cash reserves, we're in an excellent position to pursue the exciting acquisition opportunities our team has identified, aiming for strategic expansion in the upcoming quarters.
Our Nazara Publishing division has hit the ground running, with its inaugural set of games going live soon. This March, we're proud to lead the Indian delegation at GDC San Francisco, the world's premier gaming conference, and co-host the first ever "India pavilion" marking a significant milestone for us and the Indian gaming community.”
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