Gameskraft makes Rs 1,069 Cr profit in FY23; expenses shoot up to Rs 1,300 Cr
In September this year, the firm said it would be winding down its fantasy gaming division Gamezy to focus more on standalone apps like RummyPrime and LudoCulture.
Gaming firm made Rs 2,622 crore in revenue from operations in FY23, a nearly 21% jump from the same quarter in the previous year, where it made Rs 2,133 crore. It also reported a profit of Rs 1,061 crore in FY23 compared to Rs 930.48 crore in FY22. Revenue from sales of operation accounted for the majority of the revenue, the company said.
Established in 2017 by Prithvi Raj Singh, Deepak Singh, Rajkumar Taneja, and Sindhu Devi Jha, the firm is involved in developing and publishing mobile games.
Total expenses for the company shot up in FY23, with the company spending Rs 1,300.72 crore compared to Rs 892 crore in the previous year. Employee cost-benefit scheme emerged as the biggest expense for the gaming firm this year at Rs 394 crore.
In September this year, the firm said it would be winding down its fantasy gaming division Gamezy to focus on more standalone apps like RummyPrime and LudoCulture. At the time, a spokesperson of the company said that the winding down of Gamezy would not impact its plans to hire or its existing workforce.
Gamezy had previously also been on the radar of tax authorities as it owed nearly Rs 21,000 crore in GST payments, as per media reports. However, the company denied this being a reason for shutting down the division.