A Mumbai based diversified gaming and sports media startup Nazara Technologies has announced its financial results for the third quarter of the fiscal year 2024. Recently, the company has reported a significant 47% rise in net profit to 29.5 crore.

In an official statement, the company told its highest-ever quarterly revenue of 320.4 crore, marking a 2% growth compared to the same period last year.

Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies, said, “We saw healthy growth in Animal Jam and Sportskeeda resulting in our EBITDA increase by 24% yearon-year and our EBITDA margin increasing from 9.7% in Q3FY23 to 11.8% in Q3FY24, with our esports segment witnessing a remarkable 79% EBITDA growth.”

The company exhibited a potential growth in key segments like Animal Jam and Sportskeeda, which led to a 24% increase in EBITDA year-on-year. Nazara's strategic acquisitions, including WildWorks, the creator of Animal Jam, and a 67% stake in Sportskeeda, have been pivotal in driving their growth.

Particularly, in the the esports segment, the company has witnessed a remarkable 79% EBITDA growth, underscoring the success of Nazara's acquisition-led growth strategy.

Nazara has diverse streams of revenue, including the esports division, Nodwin and Sportskeeda, contributing 55% to the overall revenue. In the gaming segment edtech products like Kiddopia and Animal Farm, along with real money gaming firm Openplay, accounted for 36% of the revenues. The rest 9% was earned from the advertising tech business. Geographically, 46% of the revenue originated from India, while North America contributed 38%.

With a focus to expand their operation further, they have raised 760 crore through a preferential placement to marquee investors. The company's proforma cash balance stands at approximately 1,500 crore, including recent fundraises.

Nitish also added, “Our approach of acquiring global gaming IPs and leveraging focused user acquisition alongside data-driven product innovation is beginning to pay off, as demonstrated by Animal Jam's performance in Q3.”

The mobile gaming company and sports media platform already has acquired a country-wide gaming and entertainment convention, Comic Con India, by locking a deal of 55 crore. the company is very much optimistic about their strategy and scale up opportunities and hoping to replicate more such strategic moves in future.

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