Nazara Technologies delivers 80% YoY revenue growth and 22% PAT growth in 9MFY23 on back of sustained momentum in the business


ü  Q3FY23 Revenues up 69% YoY and PAT up 31% YoY


Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) a diversified gaming and sports media platform announced its un-audited Standalone and Consolidated results for the quarter and Nine Months ended 31st December 2022.


The company delivered strong growth powered by growth across all major segments.


Key Consolidated Financial Highlights for 9MFY23 are as follows:


ü  Revenue grew by 80% to Rs. 8,017 Mn (Rs. 801.7 Cr) as against Rs. 4,466 Mn (Rs. 446.6 Cr) in 9MFY22

ü  EBITDA stood at Rs. 820 Mn (Rs. 82.0 Cr) as against Rs. 797 Mn (Rs. 79.7 Cr) in 9MFY22

ü  PAT of Rs. 558 Mn (Rs. 55.8 Cr) as against Rs. 459 Mn (Rs. 45.9 Cr) in 9MFY22, growth of 22%


Key Consolidated Financial Highlights for Q3FY23 are as follows:


ü  Revenue rose by 69% to Rs. 3,148 Mn (Rs. 314.8 Cr) as against Rs. 1,858 Mn (Rs. 185.8 Cr) in Q3FY22

ü  EBITDA stood at Rs. 306 Mn (Rs. 30.6 Cr) as against Rs. 303 Mn (Rs. 30.3 Cr) in Q3FY22

ü  PAT of Rs. 224 Mn (Rs. 22.4 Cr) as against Rs. 171 Mn (Rs. 17.1 Cr) in Q3FY22


Consolidated Revenue Mix across business segments stood as follows:

Commenting on the 9MFY23 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated:

“The business continues to scale profitably as has been our stated goal to deliver long term compounding across our five key business verticals. Our diversified business across multiple geographies allows us to have various levers of growth and mitigate industry headwinds affecting any one segment.  

I am happy to note that we have grown 80% YoY in the first 9 months of FY23 backed by profitability and positive cash flows. This performance helps set a strong foundation for our future growth plans.

Particularly in this quarter, it is heartening to see our flagship product for young children “Kiddopia” come back onto a growth path as well as our recent acquisition Datawrkz deliver strong organic growth of around 55% YoY.

I look forward to the continued support of all our stakeholders as we continue to pursue our long standing commitment of Nazara playing a significant role in India’s journey towards becoming a global gaming powerhouse.”

About Non-Financial GAAP measurement

We use EBITDA as supplemental financial measures. EBITDA is defined by us as net income before other income, interest expense, income tax expense and depreciation and amortization, including share of non-controlling interest & Impairment Losses. EBITDA as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.

About Nazara Technologies

Nazara is a leading India-based, diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America, and has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket Championship (WCC) in mobile games, Kiddopia and Wildworks 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.

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits. Our ability to generate and manage growth, ability to maintain cost advantage, salary cost increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns, client concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas and integrate potential acquisitions, the success of the companies in which we make strategic investments, withdrawal of Financial Year governmental incentives, political instability, war, pandemic, legal restrictions on raising capital or acquiring companies outside India. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf. 

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