Nazara Technologies's revenue up 13% while expenses rose a tenth in Q2 FY24
The esports segment—which includes Nodwin Gaming and Sportskeeda—accounted for the largest chunk of the revenue generated at Rs 172.03 crore.
Gaming firmposted Rs 297.24 crore in revenue from operations in the quarter ended September 2023—a jump of 12.7% compared to Rs 263.8 crore earned in the comparable period last year. The company's revenue in the first half of FY24 totalled Rs 551.7 crore.
The esports vertical—which includes Nodwin Gaming and Sportskeeda—accounted for the largest chunk of the revenue generated at Rs 172.03 crore in Q2 FY24.
Nazara posted Rs 24.2 crore in PAT—a 53.3% jump from Rs 15.77 crore earned in July-September 2022.
The company's expenses were up 9.7% YoY—from Rs 262 crore to Rs 288 crore in Q2 FY24. The largest expense was the maintenance of content, event, and web server while it also purchased Rs 69.7 crore worth of stock-in-trade during the quarter. Employee benefit expenses rose 42% YoY to Rs 49 crore.
Founded in 2000, Nazara Technologies is the creator and publisher of mobile games. It has a number of offices across the world including Dubai, London, Africa, and Singapore, besides its headquarters in Mumbai. It debuted on the stock market in 2021, making it the first Indian gaming company to be listed on Indian bourses.
Most recently, the company revealed its latest vertical—Nazara Publishing—dedicated to launching games for Indian and international markets. The firm will invest Rs 1 crore per game and has a target of launching at least 20 games in the next 18 months, the company said in a statement.
In September, it approved Rs 100 crore worth of shares to founders Nithin and Nikhil Kamath.
"During this quarter, we successfully secured fresh capital of Rs 510 crore from investors like Nikhil Kamath, a prominent tech entrepreneur in India, and SBI Mutual Fund, the country's largest mutual fund," said Nitish Mittersain, Founder, CEO and Joint Managing Director of Nazara in a statement.
Edited by Kanishk Singh