Nazara Tech's net profit up 17% to Rs 4.9 cr in Q4, revenue increases 42%

Digital gaming and sports platform Nazara Technologies on Friday posted an about 17 per cent increase in consolidated profit to Rs 4.9 crore for the quarter ended March 2022.

The company had logged a profit of Rs 4.2 crore in the same period a year ago.

Revenue from operations increased by about 42 per cent to Rs 175.1 crore during the reported quarter from Rs 123.4 crore in the year-ago period.

"I am glad to report that we have surpassed our revenue and EBITDA guidance for FY22, despite the headwinds caused by change in Apple policies and regulatory environment in real money gaming in India and negative impact of COVID-19 in esports segment," Nazara Technologies CEO Manish Agarwal said in a statement.

For the year ended March 31, 2022, Nazara Technologies' profit jumped over three-fold to Rs 50.7 crore from Rs 13.6 crore a year ago.

Annual revenue from operations increased by 36.87 per cent to Rs 621.7 crore from Rs 454.2 crore in 2020-21.

The company's board approved a bonus of one share against each share held by the shareholders.

"Nazara has a 22-year credible history of delivering value to its shareholders who have put faith in the company & believed in our dream of making India a global gaming giant.

"As a token of our appreciation towards our shareholders' faith in us and to celebrate the first anniversary of being a listed company, we are happy to declare a 1:1 bonus issuance of shares," Nazara Technologies founder and Joint Managing Director Nitish Mittersain said.

Shares of Nazara closed at Rs 1,244.35 apiece, up by 13.48 per cent compared to the previous close, at the BSE on Friday.