Nazara posted a negative growth of 8.1% in revenue from operations to Rs 266.2 crore in Q4, FY24 from Rs 289.3 crore in Q4, FY23. Additionally, the earnings before interest, taxes, deprication and amortisation (EBITDA) stood at Rs 29.3 crore in Q4, FY24, an increase of 5.4% from Rs 27.8 crore in Q4, FY23. The company posted an increase of 4.3% in revenue from operations to Rs 1,138.3 crore in FY24 from Rs 1091 crore in FY23. The net profit grew by 21.8% to Rs 74.8 crore in FY24 from Rs 61.4 crore in the corresponding year.
While there were no significant changes in the company’s profile of gaming, accounting for Rs 406.5 crore, e-sports grew by 19% year-on-year to Rs 631.7 crore (YoY) while adtech witnessed negative growth of 32% year-on-year to Rs 103.8 crore.
“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,” Nitish Mittersain, founder, CEO and joint MD, Nazara Technologies, said.
According to Mittersain, FY24 has been a year of building a foundation for future scaling. The company achieved 4.3% revenue growth and 16.5% EBITDA growth, with its margin improving by 110 bps YoY to 11.2%. Notably, the company’s operating cash flow increased to Rs 131.4 crore. He further stated that the company raised Rs 950 crore at Nazara and subsidiaries resulting in a net cash balance of Rs 1450 crore.
“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,” Mittersain, added.