Shares of the diverse gaming and sports media platform suppliers gained up to 6 percent after the company’s net profit and revenue increased by 50 percent and 2 percent YoY, respectively in the third quarter.
With a market capitalization of Rs 6,453.36 crore, the shares of Nazara Technologies Ltd were trading at Rs 880.20 per share, increasing around 1.65 percent as compared to the previous closing of Rs 865.95 apiece.
Looking into the company’s Performance, Nazara Technologies Ltd’s revenue increased by 7 percent on a quarter-on-quarter basis from Rs.297 crores in Q2FY24 to Rs. 320 crores in Q3FY24. Further, revenue increased by 2 percent year on year from Rs. 315 crore in Q3FY23 to Rs. 320 crore in Q3FY24.
Nazara Technologies Ltd’s net profit increased by 25 percent on a quarter-on-quarter basis from Rs. 24 crore in Q2FY24 to Rs. 30 crore in Q3FY24. Further, net profit increased by 50 percent yearly from Rs 20 crore in Q3FY23 to Rs. 30 crore in Q3FY24.
Kamath Associates, owned by Mr. Nithin Kamath and Mr. Nikhil Kamath, provides brokerage services for stocks, currencies, and commodities. The company holds 9,31,487 shares of Nazara Technologies Ltd equivalent to 1.27 percent of the total paid-up equity share capital.
The business has met its FY24 fundraising target by acquiring Rs 760 crores through a preferential placement to marquee investors. With large financial reserves, the firm is well-positioned to pursue attractive acquisition prospects.
Nodwin is a subsidiary of the corporation, which holds a strong position in India and South Asia, accounting for more than 75% of the market. On April 4, 2023, the firm signed a formal agreement to acquire 51% of the share capital of Branded Pte. Ltd. for a price of US$1.3 million. Nodwin Performance Snapshot Fiscal Year 2022-23.
Geographical revenue in developed and emerging markets is divided as follows: 42% from North America, 40% from India, and 19% from the rest of the globe.
Nazara Technologies is India’s premier diverse gaming and sports media platform, having a presence in India as well as growing and developed worldwide markets such as Africa and North America, with products spanning interactive gaming, eSports, and gamified early learning.
Written by:- Abhishek singh
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