Nazara Technologies reported a net profit of Rs 0.18 crore on May 24, a sharp decline from Rs 9.4 crore in the same quarter last year. The drop was primarily due to a Rs 16.87 crore loss from discontinued operations, resulting from write-offs in several legacy businesses, including its real-money gaming business Halaplay.
In its restructuring efforts, Nazara is merging or closing entities misaligned with its future vision, such as Nazara Bangladesh and NZ Mobile Nigeria. The company is divesting subsidiaries Nazara Kenya, Nazara Pro, digital entertainment firm Crimzon, and Sports Unity (creator of the quiz app Qunami), while exploring options for Nazara Singapore and Mauritius entities.
Nazara stated that most cash generated by its telco business would now directly benefit the parent company. The diversified gaming and sports media firm reported a net profit from continuing operations of Rs 17.1 crore for the quarter, a 43.6 percent increase from Rs 11.9 crore in Q4-FY23.
Revenue from operations stood at Rs 266.2 crore for the quarter, an 8 percent decline year-on-year (YoY) from Rs 289.3 crore in the corresponding quarter last year.
For the full year FY24, Nazara posted a net profit of Rs 74.75 crore, up 21.8 percent from Rs 61.4 crore in FY23. Profit from continuing operations rose 41.2 percent to Rs 89.5 crore in FY24, compared to Rs 63.4 crore in FY23. Operating cash flow (pre-taxes) was Rs 131.4 crore in FY24.
Revenue grew 4.3 percent to Rs 1,138.3 crore in FY24, compared to Rs 1,091 crore in FY23.
Nazara Technologies operates in three key sectors: gaming (World Cricket Championship, Kiddopia, Animal Jam, Classic Rummy, etc.), esports (Nodwin Gaming, Sportskeeda), and advertising (Datawrkz).
