Internet software & services company Nazara Technologies announced Q1FY24 results:
- Revenue grew by 14% to Rs 254.4 crore as against Rs 223.1 crore in Q1FY23
- EBITDA increased by 10% to Rs 33.1 crore as against Rs 30 crore in Q1FY23
- EBITDA margin of 13.0% in Q1FY24
- PAT grew by 31% to Rs 20.9 crore as against Rs 15.9 crore in Q1FY23
Commenting on the Q1FY24 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated: “Q1FY24 saw our revenue grow by 14% YoY to Rs 254.4 crore, EBITDA by 10% to Rs 33.1 crore & PAT up by 31% to Rs 20.9 crore. Our EBITDA margin for Q1 stood at 13.0%.
Our revenue and EBITDA growth is expected to accelerate in the coming quarters due to seasonality and our decision to defer key esports launches to benefit from upcoming opportunities.
Of note, Sportskeeda continued to deliver a strong performance with a strong 52% growth YoY in revenues and 55% in EBITDA.
The recent announcements related to the skill-based real money gaming business will have minimal impact on our overall financial performance as its contribution is limited to 4.7% of our revenue and 0.5% of our EBITDA in Q1FY24.
We continue to build a healthy pipeline of M&A opportunities in various segments that we operate in, focusing on adding gaming IPs and strong teams to our platform.
In closing, I am happy to note that this is our 10th quarterly result since our IPO delivers consistent YoY revenue and profit growth. We remain dedicated to our stated vision of building out a well-diversified gaming platform that keeps growing stronger as the gaming industry evolves.”