It was barely two months ago (November 2023) that cries of doom and gloom were heard from stakeholders in the Indian online real money gaming industry following the GST Council’s decision to impose 28% Goods and Services Tax on the sector.
Be that as it may, online gaming major Nazara Technologies on Tuesday reported 2% growth in revenue in Q3 FY24 to Rs 320.4 crore ($38.61 million) as against Rs 314.8 cr in Q3 FY23.
EBITDA increased by 24% to Rs 37.7 cr as against Rs 30.5 cr in Q3 FY23, while profit after tax (PAT) grew by 47% to Rs 29.5 cr as against Rs 20.1 cr in Q3 FY23.
For the nine months ended December 21 in the current fiscal year, the company saw its revenue grow by 9% to Rs 872.1 cr as against Rs 801.7 cr in the same period in the last fiscal year.
PAT grew by 44 per cent to Rs 74.6 cr in the current nine-month period as against Rs 51.8 cr in FY22.
“We saw healthy growth in Animal Jam and Sportskeeda, resulting in our EBITDA increase by 24% year-on-year and our EBITDA margin increasing from 9.7% in Q3 FY23 to 11.8% in Q3 FY24,” stated Nitish Mittersain, founder, CEO and joint managing director of Nazara Technologies.
“We are optimistic this strategy will enable substantial scale-up opportunities we can replicate in the future,” he added.
The company also completed its FY24 fundraising goal, securing Rs 760 cr through a preferential placement to marquee investors.
Last month, Nazara Technologies raised Rs 250 cr via preferential allotment of equity shares.
The company also announced that it will acquire a 10.7% stake in Kofluence, a leading social media influencer-led marketing-tech platform, from certain existing investors through a share swap.
