Nazara Technologies Q4 results: Net profit rises 18% to Rs 2.6 crore

Nazara Technologies approved the acquisition of 19.5% of share capital of unit Next Wave Multimedia

Nazara Technologies, on Tuesday, posted a consolidated net profit of Rs 2.6 crore for the March quarter. This is 18 per cent rise from Rs 2.2 crore a year ago, the company statement said.

The company’s consolidated revenue from operation rose by 65 per cent to Rs 289 crore for the March quarter as compared to Rs 175 crore in the year-ago period.

Nazara Technologies on Tuesday approved the acquisition of 19.5 per cent of share capital of unit Next Wave Multimedia, the company said in BSE filing.

In a regulatory filing, Nazara Technologies said, “the Board of Directors of Nazara Technologies Limited at its meeting held today i.e. Tuesday, May 09, 2023, inter-alia, considered and approved to make strategic investment by way of secondary acquisition of 6500 Equity Shares of Rs 100/- each representing 19.50 per cent of the equity share capital of Next Wave Multimedia Private Limited (“Nextwave”), a Subsidiary of the Company, from its existing promoter founder shareholders (i.e Mr. P.R Rajendran, Ms. R Kalpana and Ms. P.R Jayashree) (“Founding Shareholders”) at a consideration amounting to Rs. 15,00,00,500/- (Rupees Fifteen Crores and Five Hundred Only).”

Nextwave is a Chennai-based mobile gaming company predominately focusing on developing quality casual & multi-player mobile games in sports genre with over 100 million downloads across mobile platforms in the last 7 years. Nextwave owns the IP of the most popular mobile cricket game in India – World Cricket Championship (WCC).

Nazara Technologies’ EBITDA increased by 86 per cent to Rs 27.7 crore as against Rs 14.9 crore in Q4FY22. The profit after tax (PAT) increased by 92 per cent to Rs 9.4 crore as against Rs 4.9 crore in Q4FY22.

“We are delighted to report another milestone year for Nazara. Our strong performance in FY23 with revenues surpassing the Rs 1,000 crore mark at Rs 1,091.0 crore and EBITDA surpassing the Rs 100 crore mark at Rs 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. 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 & Jt MD of Nazara Technologies.

“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,” he added.