Hot Pursuit     25-May-24
Nazara Tech PAT jumps 43% YoY in Q4 FY24
The gaming and sports media company's consolidated net profit (from continuing operations) increased 43.4% to Rs 17.05 crore in Q4 FY24 from Rs 11.89 crore reported in Q4 FY23.

Revenue from operations slipped 7.99% year on year (YoY) to Rs 266.21 crore during the quarter ended March 2024.

Profit before tax in fourth quarter of FY24 was at Rs 16.93 crore, registering a growth of 2.42% YoY.

EBITDA grew to Rs 29.3 crore in March 2024 quarter as against Rs 27.8 crore recorded in same quarter last year. EBITDA margin improved 140 bps to 11.2% in Q4 FY24.

On full year basis, the company's consolidate net profit jumped 41.15% to Rs 89.46 crore on 4.33% rise in revenue from operations to Rs 1,138.28 crore in FY24 over FY23.

The company’s segment revenue from gaming business stood at Rs 91.03 crore in Q4 FY24 (down 17.4% YoY), revenue from eSports business was at Rs 148.17 crore, (up 5.78% YoY), while Ad tech segment revenue stood at Rs 27.49 crore (down 29.59% YoY).

Cash & cash equivalents was at Rs 1,458.3 crore as of 31 March 2024 as against Rs 628.3 crore posted as of 31 March 2023.

Nitish Mittersain, founder, CEO & joint MD of Nazara Technologies stated, “FY24 has been a year of building a strong foundation for rapid future scaling. We achieved a 4.3% revenue growth and a 16.5% EBITDA growth, with our margin improving by 110 bps YoY to 11.2%. Notably, our Operating Cash Flow increased to INR 131.4 crore, reflecting the company's strong underlying performance.

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.”

Meanwhile, the company’s board has approved strategic investment by acquisition of 9,375 equity shares of Rs 100 each representing 28.12% of the equity share capital, of Next Wave Multimedia, a subsidiary of the company, from its existing promoter founder shareholders for a total consideration not exceeding Rs 21.63 crore in two tranches.

Further, the board of directors in-principally approved investments in Play Venture Fund III and F4 Venture Fund I, for amounts not exceeding $2,000,000 (approx. Rs 16.6 crore) and $250,000 (approx. Rs 2.1 crore), respectively, by way of capital commitment, subject to compliance with the applicable laws, statutory approvals, consents and permissions as may be required. These investments will be allocated over a period of 3 to 4 years.

Lastly, the firm’s board approved investment in Pixode Games via ASA agreement for an amount not exceeding $2,50,000 (approx. Rs 2.1 crore), payable in cash, in one or more tranches, subject to compliance with the applicable laws, statutory approvals, consents and permissions as may be required.

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

Shares of Nazara Technologies shed 0.44% to close at Rs 614.55 on Friday, 24 May 2024.

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