The small-cap gaming stock increased by 2.6% to an intraday high of ₹893.30 per share from its previous close of ₹870.30 on Wednesday, following a subsidiary company’s investment of 8 million Euro in a German gaming company.
According to the exchange filing, Nazara Technologies Ltd subsidiary company NODWIN Gaming International Pte. Ltd invested EUR 8 million in Freaks 4U Gaming GmbH, a Germany-based gaming and sports entertainment company, acquiring a 13.51% stake.
The collaboration includes resource sharing and strategic collaboration in PC and mobile gaming. Nodwin leads in Emerging Markets (including India), while Freaks leads in Developed Markets, as stated in the filling.
Nazara Technologies Ltd net revenue increased by 12.5% YoY, from ₹264 crore in Q2FY23 to ₹297 crore in Q2FY24. Their revenue rose by 16% sequentially from ₹254 crore in Q1FY24 to the current levels.
Net profit of the company rose by 41% YoY, from ₹17 crores in Q2FY23 to ₹24 crores in Q2FY24. Their profit increased by 14.2% on a QoQ basis from ₹21 crore in Q1FY24 to the current levels.
Nazara Technologies Ltd is a small-cap stock with a market capitalization of ₹6,460 crores, the share price of the company rose by 26% in the last six months and 50% in the last year.
Furthermore, the company has a low debt-to-equity ratio of 0.03, a good current ratio of 2.98, and a good quick ratio of 2.91.
The company promoters own 17.16% of the company, while foreign institutional investors own 10.46%, the general public owns 56.48%, and domestic institutional investors own 15.90%.
Nazara Technologies is India’s leading diversified gaming and sports media platform, with operations in India as well as emerging and developed global markets such as Africa and North America, and offerings spanning interactive gaming, eSports, and gamified early learning ecosystems.
Written by Sriram KV
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