Nazara Tech jumps on strong Q3 performance

Nazara Technologies surged 4.09% to Rs 636.30 after the company's consolidated net profit jumped 75.73% to Rs 18.1 crore in Q3 FY23 from Rs 10.3 crore recorded in Q3 FY22.

Revenue from operations soared 69.43% year on year (YoY) to Rs 314.80 crore in the quarter ended 31 December 2022.

Consolidated profit before tax stood at Rs 28.5 crore, rising 27.23% from Rs 22.4 crore reported in Q3 FY22. Total expenses surged 77.89% YoY to Rs 297.80 crore in Q3 FY23.

EBITDA grew marginally to Rs 30.6 crore in Q3 FY23 as against Rs 30.3 crore recorded in the corresponding quarter previous quarter. EBITDA margin slipped to 9.7% as compared with 16.3% reported in Q3 FY22.

During 9M FY23, the company's consolidated net profit jumped 53.08% to Rs 39.8 crore on 79.5% surged in revenue from operations to Rs 801.7 crore as against corresponding period last year; on back of sustained momentum in the business.

Nitish Mittersain, founder & Jt MD of Nazara Technologies said, Our diversified business across multiple geographies allows us to have various levers of growth and mitigate industry headwinds affecting any one segment. We have grown 80% YoY in the first 9 months of FY23 backed by profitability and positive cash flows. This performance helps set a strong foundation for our future growth plans.

He added, Particularly in this quarter, it is heartening to see our flagship product for young children Kiddopia come back onto a growth path as well as our recent acquisition Datawrkz deliver strong organic growth of around 55% YoY.

Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin, PublishMe and Sportskeeda in eSports and eSports media, OpenPlay, Halaplay and Qunami in skill-based, fantasy and trivia games, and Datawrkz in digital ad-tech.

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