Nazara Technologies posts 21 pc growth in net profits 2022-23

New Delhi [India], May 10 : Diversified gaming and sports media platform Nazara Technologies Limited posted a 21 per cent growth in consolidated net profits (profit after tax) in 2022-23 at Rs 61.4 crore.

In 2021-22, the net profits were Rs 50.7 crore.

Its revenue grew 75 per cent to Rs 1,091.0 crore as against as against Rs 621.7 crore in 2021-22.

In Q4, net profits increased by 92 per cent to Rs 9.4 crore as against Rs 4.9 crore in the same quarter of 2021-22.

"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," said Nitish Mittersain, Founder, CEO and Jt MD of Nazara Technologies.

"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 crore is a testament to the hard work and dedication of our team, as well as our strategic investments in high-growth segments."

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 per cent to 71.88 per cent 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."