Revenue from operations zoomed 103.5% to Rs 263.80 crore in quarter ended 30 September 2022 as against Rs 129.60 crore posted in the same period last year.

Consolidated profit before tax stood at Rs 25.7 crore, rising 63.69% from Rs 15.70 crore reported in Q2 FY22.

Total expenses soared 118.66% year on year (YoY) to Rs 261.3 crore in Q2 FY23. Advertising and business promotion expense surged 63.65% to Rs 83.3 crore and employee benefits expense jumped 70.3% to Rs 34.4 crore in Q2 FY23 over Q2 FY22.

EBITDA grew 9% to Rs 21.3 crore in Q2 FY23 as against Rs 19.5 crore recorded in the corresponding quarter previous quarter. EBITDA margin declined to 8.1% as compared with 15% reported in Q2 FY22.

Nazara Technologies said that it delivered strong growth driven by its esports, freemium and adtech business verticals in Q2 FY23. Following the strong H1 FY23 performance, the company has revised the guidance upwards for FY23 and expects consolidated revenues to grow in the range of 70-75% YoY with EBITDA margin above 10%, it added.

On half yearly basis, the company's net profit jumped 38.22% to Rs 21.7 crore on 87% rise in revenue to Rs 486.9 crore in H1 FY23 over H1 FY22.

Nitish Mittersain, founder & Jt MD of Nazara Technologies, said, “We are happy to report an accelerated growth of 104% YoY growth for Q2 FY23 & 87% YoY in revenues for H1 FY23. Our approach to capture opportunities across business segments has continued to deliver high revenue growth in successive quarters. We have many growth opportunities ahead of us and will continue to make investments to accelerate revenues and achieve market leadership in each segment we operate in.”

Meanwhile, the company's board announced the appointment of Sudhir Kamath as its new chief operating officer (COO) with effect from 20 October 2022.

Commenting on his appointment, Nitish Mittersain said “We are delighted that Sudhir has joined us at Nazara as our COO. Sudhir is an established business leader who has built high performance teams across ventures and brings a wide network of relationships in the gaming world."

The company's board has also announced that Manish Agarwal resigned as CEO effective from 1 December 2022 to pursue an entrepreneurial journey. He will continue to be associated with the company as a Nazara nominee on the boards of material subsidiaries of Nazara.

The board of Nazara Technologies has recommended the re-instatement of its founder Nitish Mittersain as CEO citing his leadership and close involvement with Nazara since its inception in 2000. He will be designated as CEO & Jt MD of the company effective from 1 December 2022.

Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin, PublishMe and Sportskeeda in eSports and eSports media, OpenPlay, Halaplay and Qunami in skill-based, fantasy and trivia games, and Datawrkz in digital ad-tech.

Shares of Nazara Technologies declined 2.38% to Rs 671.85 on the BSE..