Nazara Technologies' consolidated net profit stood at Rs 13.50 crore in Q1 June 2021 (Q1 FY22) as compared to a net loss of Rs 21.70 crore in Q1 June 2020 (Q1 FY21).
Consolidated net sales soared 45% to Rs 131.20 crore in Q1 FY22 from Rs 90.50 crore in Q1 FY21. Pre-tax profit was at Rs 21.10 crore in Q1 FY22 as against a pre-tax loss of Rs 20.30 crore in Q1 FY21.
Consolidated EBITDA stood at Rs 30.10 crore in Q1 FY22 as against Rs (13.40) crore in Q1 FY21. EBITDA margin improved to 23% during the quarter as compared to (15)% during Q1 June 2020. The Q1 earnings was declared after market hours yesterday, 30 July 2021.
Nazara Technologies approved further investment in its subsidiary, Nextwave Multimedia, and Moong Labs Technologies, an associate company, for an amount not exceeding Rs 20 crore and Rs 25 lakh respectively by subscription to further equity shares.
The firm also intimated regarding the revised inter-company licensing agreement entered between Paper Boat Apps (PBA) and Kiddopia Inc., a wholly-owned subsidiary of PBA, w.e.f 1 August 2021. As per the agreement, PBA will be providing non-exclusive right to Kiddopia Inc. for distribution of the licensed software application on various platforms and its websites at a license fee in form of royalty as a consideration. Consequently, Kiddopia Inc. will independently act as full-fledged distributor of PBA performing marketing functions.
Meanwhile, Nazara Technologies FZ-LLC, a wholly-owned subsidiary of Nazara Technologies (in Dubai), has incorporated - 'Publishme Global FZ-LLC', as a wholly-owned subsidiary in Dubai Media City. Consequent to the incorporation, Publishme Global FZ-LLC has become a step-down wholly-owned subsidiary of the company. Publishme Global Z-LLC has been incorporated and registered on 29 July 2021 and accordingly, it has become a step down wholly-owned subsidiary of Nazara Technologies FZ -LLC effective from 29 July 2021.
Commenting on the Q1 performance, Manish Agarwal, the group chief executive officer (CEO), has said that: "Nazara continues to see strong consumer and partner interest across each of our segments and business KPIs across segments continue to remain healthy in this quarter which will further help in reinforcing leadership position of the Company across esports, gamified learning and cricket simulation mobile game."
"The recent acquisition of a majority stake in Publishme will further amplify our presence in MENA region. The acquisition will focus to build local execution capabilities cutting across key growth segments of freemium, gamified learning and esports," Mr Agarwal added.
Mumbai-based Nazara Technologies is one of the leading mobile games companies. It is India's leading diversified gaming and sports media platform with a presence across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports, and gamified early learning ecosystems.
Shares of Nazara Technologies rose 1.21% to end at Rs 1,855.70 on Friday, 30 July 2021.
Nazara Technologies debuted on the bourses on 30 March 2021. The stock was listed at Rs 1,971 on the BSE, at a premium of 79.02% to the IPO price of Rs 1,101 apiece. The IPO was subscribed 175.46 times.
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