Nazara reports INR 1,091.0 cr revenue and INR 109.7 cr EBITDA for FY23

May 10, 2023: Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) a diversified gaming and sports media platform announced its audited Standalone and Consolidated results for the quarter and full year ended 31st March 2023.

The company delivered strong numbers powered by growth across all major segments and surpassed an important milestone of INR 1000 cr in annual revenues as well as 100 cr in EBITDA.

Key Consolidated Financial Highlights for FY23 are as follows:

  • Revenue grew by 75% to INR 10,910 Mn (INR 1,091.0 Cr) as against INR 6,217 Mn (INR 621.7 Cr) in FY22
  •  EBITDA grew by 16% to INR 1,097 Mn (INR 109.7 Cr) as against INR 946 Mn (INR 94.6 Cr) in FY22
  •  Revenue growth has been broad based with all three segments of the company showing strong growth- 28% revenue growth in gaming, 75% in eSports and 53% in adtech
  •  PAT growth of 21% in FY23 – INR 614 Mn (INR 61.4 Cr) as against INR 507 Mn (INR 50.7 Cr) in FY22
  •  Cash & Cash Equivalents (incl. liquid investments) of INR 6,283 Mn (INR 628.3 Cr) as of 31st March 2023

Key Consolidated Financial Highlights for Q4FY23 are as follows:

  •  Revenue rose by 65% to INR 2,893 Mn (INR 289.3 Cr) as against INR 1,751 Mn (INR 175.1 Cr) in Q4FY22
  •  EBITDA increased by 86% to INR 277 Mn (INR 27.7 Cr) as against INR 149 Mn (INR 14.9 Cr) in Q4FY22
  •  PAT increased by 92% to INR 94 Mn (INR 9.4 Cr) as against INR 49 Mn (INR 4.9 Cr) in Q4FY22

Commenting on the FY23 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated:

“We are delighted to report another milestone year for Nazara. Our strong performance in FY23 with revenues surpassing the INR 1,000 crores mark at INR 1,091.0 crores and EBITDA surpassing the INR 100 crores mark at INR 109.7 crores is a testament to the hard work and dedication of our team, as well as our strategic investments in high-growth segments. We believe India is well on its way to becoming the Gaming Nation of the world in the years to come and we will continue to play a pivotal role in this journey.”

The company also announced that it will increase its stake in Nextwave Multimedia Private Limited, which is the developer of the popular World Cricket Championship from 52.38% to 71.88% to consolidate its ownership.

“WCC has established itself as the leading mobile cricket game franchise globally with millions of active gamers and has developed a very high-end cricket simulation engine on top of which many new games can be launched. We believe the potential of this popular franchise is significant for us in the years to come and are happy to have had the opportunity to increase our ownership. We will continue to work closely with the team to provide an enhanced gaming experience to cricket enthusiasts all over the world.”

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