Gaming and sports media platform Nazara Technologies Limited has announced its un-audited standalone and consolidated results for the quarter and half year ended September 30, 2022. The company claims to have delivered strong growth driven by its esports, freemium and adtech business verticals in Q2, FY23. It has revised the guidance upwards for FY23 and expects consolidated revenues to grow in the range of 70-75% YoY with earnings before interest, taxes, depreciation, and amortization (EBITDA) margin above 10%.
In the second quarter of FY23, revenue increased by 104% to Rs 263.8 crore as against Rs 129.6 crore in Q2, FY22. EBITDA stood at Rs 21.3 crore as against Rs 19.5 crore in Q2, FY22. The company delivered a PAT of Rs 16.9 crore.
As for H1, FY23 revenue increased by 87% to Rs 486.9 crore as against Rs 260.8 crore in H1, FY22. EBITDA stood at Rs 51.4 crore as against Rs 49.6 crore in H1, FY22. It delivered a PAT of Rs 33.4 crore as against Rs 28.8 crore in H1, FY22, growth of 16%.
“We are happy to report an accelerated growth of 104% YoY growth for Q2, FY23 and 87% YoY in revenues for H1, FY23. Our approach to capture opportunities across business segments has continued to deliver high revenue growth in successive quarters. We have many growth opportunities ahead of us and will continue to make investments to accelerate revenues and achieve market leadership in each segment we operate in,” Nitish Mittersain, founder and joint managing director, Nazara Technologies stated.
Meanwhile, the company announced the appointment of Sudhir Kamath as its new chief operating officer (COO) effective Oct 20, 2022. Manish Agarwal resigned as CEO effective Dec 1, 2022 to pursue an entrepreneurial journey. He will continue to be associated with the company as a Nazara nominee on the boards of material subsidiaries of Nazara.
Nazara Board of Directors recommended the re-instatement of Nazara founder Nitish Mittersain as CEO citing his leadership and close involvement with Nazara since its inception in 2000. He will be designated as CEO and joint managing director of the company effective Dec 1, 2022.
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