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Internet Software & Services company Nazara Technologies announced consolidated Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue of Rs 266.2 crore as against Rs 289.3 crore in Q4FY23
- EBITDA increased to Rs 29.3 crore as against Rs 27.8 crore in Q4FY23
- EBITDA margin increased by robust 140 bps to 11.0% in Q4FY24 from 9.6% in Q4FY23
- PAT (from continued operations) of Rs 17.1 crore as against Rs 11.9 crore in Q4FY24
FY24 Financial Highlights:
- Revenue grew by 4.3% to Rs 1,138.3 crore as against Rs 1,091.0 crore in FY23
- EBITDA increased by 16.6% to Rs 127.9 crore as against Rs 109.8 crore in FY23
- EBITDA margin increased by 110 bps to 11.2% in FY24 from 10.1% in FY23
- Operating Cash Flow (pre-taxes) was Rs 131.4 crore in FY24
- PAT (from continuing operations) increased by 41.2% to Rs 89.5 crore in FY24 as against Rs 63.4 crore in FY23
- PAT including discontinued operations increased by 21.8% to Rs 74.8 crore in FY24 as against Rs 61.4 crore in FY23
- Net Cash Balance of Rs 1,449 crore as of March 31, 2024
Commenting on the Q4 & FY24 performance, Nitish Mittersain, Founder, CEO & Jt 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 Rs 131.4 crore, reflecting the company's strong underlying performance.
We raised Rs 950 crore at Nazara and subsidiaries, our largest fundraise to date, resulting in a net cash balance of Rs ~1,450 crore.
Key initiatives from FY24 are set to yield results in the coming year, including our new publishing platform, new game launches through existing studios, IP partnerships, and a strong M&A pipeline. Subsidiaries are also successfully adopting our M&A playbook, with Absolute Sports (Sportskeeda) acquiring Pro Football Network (PFN) in March 2023, doubling PFN business post-acquisition and turning it profitable. Nextwave acquired UTP (a casual card game) in April 2024, and NODWIN Gaming acquired Comic Con India.
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.”
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