Nazara, on Friday, released its earnings report which saw its revenue in Q1 FY24 grow to Rs 254.4 crore, a 14% increase year-on-year.
The company, in a statement announcing the results, also downplayed the significance of the GST Council’s recent decision to impose a blanket 28% GST on online gaming, without a distinction made between games of chance and games of skill. According to the announcement, Nazara’s Ebitda in the period increased by 10% to Rs 33.1 crore, while its’ PAT went up by 31% to Rs 20.9 crore.
Meanwhile, the company’s Ebitda margin for Q1 FY24 stood at 13.0%. “Our revenue and Ebitda growth is expected to accelerate in coming quarters due to seasonality and our decision to defer key esports launches to benefit from upcoming opportunities,” said Nitish Mittersain, joint MD and CEO Nazara Technologies”Sportskeeda continued to deliver a strong performance with a strong 52% growth YoY in revenues and 55% in Ebitda,” he added.
“We continue to build a healthy pipeline of M&A opportunities in various segments that we operate in with a focus on adding gaming IPs and strong teams to our platform,” he added.