Revenue from operations surged 65.22% year on year to Rs 289.3 crore during the quarter.

Profit before tax in Q4 FY23 was at Rs 16.5 crore, registering a growth of 52.78% YoY.

EBITDA soared 86% to Rs 27.7 crore in the fourth quarter of FY23 as against Rs 14.9 crore recorded in Q4 FY22. EBITDA margin improved to 9.6% as compared to 8.5% reported in the corresponding quarter previous quarter.

On full year basis, the company's consolidate net profit rose 25.05% to Rs 63.4 crore on 75.49% jump in revenue to Rs 1,091 crore in FY23 over FY22.

The company said that the revenue growth has been broad based with all three segments of the company showing strong growth, 28% revenue growth in gaming, 75% in eSports and 53% in adtech.

Cash & cash equivalents (including liquid investments) increased to Rs 628.3 crore as of 31 March 2023 as against Rs 732.6 crore as on 31 March 2022.

Nitish Mittersain, founder, CEO & joint MD of Nazara Technologies stated, “Our strong performance in FY23 with revenues surpassing the Rs 1,000 crore mark at Rs 1,091 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.”

Meanwhile, the company also announced that it will increase its stake in Nextwave Multimedia, which is the developer of the popular World Cricket Championship, from 52.38% to 71.88% to consolidate its ownership.

Nextwave is a Chennai based mobile gaming company predominately focuses on developing quality casual & multi-player mobile games in sports genre. Nextwave owns the IP of the most popular mobile cricket game in India – World Cricket Championship (WCC). It reported a revenue of Rs 23.79 crore as on 031 March 2023.

In an exchange filing, Nazara Technologies' board has approved a strategic investment by way of secondary acquisition of 6,500 equity shares of Rs 100 each representing 19.50% of the equity share capital of Next Wave Multimedia , a subsidiary of the company, from its existing promoter founder shareholders at a consideration amounting to Rs 15 crore.

Further, the firm also reserves an option to acquire the balance equity shares held by the founding shareholders of Nextwave as part of subsequent closing within a period of 15 months from the initial closing date of the share purchase agreement.

Nazara Tech stated that this acquisition will help the company in strengthening its portfolio of offerings in the virtual interactive sports genre in India and other emerging markets. Further, the said acquisition is also in line with the growth objective of the company and with a view to consolidate its shareholding in Nextwave, it added.

The indicative time period for completion of acquisition is 30 days.

“WCC has established itself as the leading mobile cricket game franchise globally with millions of active gamers and has developed a very high-end cricket simulation engine on top of which many new games can be launched. We believe the potential of this popular franchise is significant for us in the years to come and are happy to have had the opportunity to increase our ownership. We will continue to work closely with the team to provide an enhanced gaming experience to cricket enthusiasts all over the world,” Mittersain added.

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 slipped 2.84% to Rs 572.50 on the BSE.