Nazara delivers 104% revenue growth in Q2

Nazara Technologies' revenue for the quarter ended 30th September has increased by 104% to Rs 263.8 crore as against Rs 129.6 crore in Q2 FY22. The growth was driven by esports, freemium and AdTech business verticals.

Following the strong performance, the company has revised the guidance upwards for FY23 and expects consolidated revenues to grow in the range of 70-75% YoY with an EBITDA margin above 10%. The company's EBITDA stood at Rs 21.3 crore as against Rs 19.5 crore. Net profit grew to Rs 16.9 crore as against Rs 15.3 crore.

“We are happy to report an accelerated growth of 104% YoY growth for Q2FY23 & 87% YoY in revenues for H1FY23. Our approach to capture opportunities across business segments has continued to deliver high revenue growth in successive quarters. We have many growth opportunities ahead of us and will continue to make investments to accelerate revenues and achieve market leadership in each segment we operate in," Nazara Technologies Founder and Joint MD Nitish Mittersain said.

During the quarter under review, Nodwin revenue grew by 240% in Q2FY23 on account of growth in media revenues led by Master Series and Playground IPs along with strong growth in the gaming accessories business.

Sportskeeda revenues grew by 76% due to strong growth in US revenues as it continues to scale its presence in core American sports such as American Football, Baseball, Basketball, and Tennis. In addition, the company saw strong growth in video revenues in the US as well as a 145% growth in revenues from eSports for Sportskeeda.

Datawrkz, the company's new growth engine in the AdTech segment, grew by 38% in Q2FY23. Nextwave witnessed 51% growth in Q2FY23, driven by growth in IAP and ad revenues.