Nazara Technologies Ltd., a leading India-based gaming and sports media platform, announced its financial results for the fourth quarter (Q4FY24) and the full fiscal year 2024 (FY24).
Q4FY24 Financial Highlights:
Revenue: ₹266.2 crore (8.6% decrease YoY compared to Q4FY23)
EBITDA: ₹29.3 crore (5.4% increase YoY)
EBITDA Margin: 11.0% (140 bps improvement YoY)
PAT (from continued operations): ₹17.1 crore (43.7% increase YoY)
FY24 Financial Highlights:
Revenue: ₹1,138.3 crore (4.3% increase YoY)
EBITDA: ₹127.9 crore (16.6% increase YoY)
EBITDA Margin: 11.2% (110 bps improvement YoY)
Operating Cash Flow: ₹131.4 crore (demonstrates strong underlying performance)
Net Cash Balance: ₹~1,450 crore (after the largest fundraise to date of ₹950 crore)
Key Points & Insights:
Revenue Growth: The company achieved 4.3% revenue growth in FY24, driven by the performance of key games and esports segments.
Improved Profitability: EBITDA and EBITDA margin improved significantly in both Q4 and FY24, indicating efficient cost management and operational leverage.
Strong Cash Flow: The company's operating cash flow increased significantly, reflecting the strength of its underlying business.
Fundraise and Cash Balance: Nazara raised ₹950 crore in FY24, resulting in a robust net cash balance, which will support future growth initiatives.
Management Commentary: Nitish Mittersain, Founder, CEO & Jt MD, stated that FY24 was a year of building a strong foundation for rapid future scaling. He expressed optimism about the company's growth prospects, driven by its diversified portfolio of games and esports offerings, expanding user base, and strategic investments.
For further details and analysis, you can refer to:
Nazara Technologies Investor Relations: https://www.nazara.com/financials
ICICI Direct Analysis: https://www.icicidirect.com/research/equity/rapid-results/nazara-technologies-ltd
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