Asia
Nazara FY24 EBITDA increases by 16.6% to INR 127.9 Cr, Operating Cash Flow of INR 131.4 Cr
Nazara Technologies Limited a diversified gaming and sports media platform announced its unaudited Standalone and Consolidated results for the quarter and Fiscal Year ended 31st March 2024.
Key Consolidated Financial Highlights for FY24 are as follows:
Revenue grew by 4.3% to INR 1,138.3 Cr as against INR 1,091.0 Cr in FY23
EBITDA increased by 16.6% to INR 127.9 Cr as against INR 109.8 Cr in FY23
EBITDA margin increased by 110 bps to 11.2% in FY24 from 10.1% in FY23
Operating Cash Flow (pre-taxes) was INR 131.4 Cr in FY24
PAT (from continuing operations) increased by 41.2% to INR 89.5 Cr in FY24 as against INR 63.4 Cr in FY23
PAT including discontinued operations increased by 21.8% to INR 74.8 Cr in FY24 as against INR 61.4 Cr in FY23
Net Cash Balance of INR 1,449 Cr as of March 31, 2024
Key Consolidated Financial Highlights for Q4FY24 are as follows:
Revenue of INR 266.2 Cr as against INR 289.3 Cr in Q4FY23
EBITDA increased to INR 29.3 Cr as against INR 27.8 Cr in Q4FY23
EBITDA margin increased by robust 140 bps to 11.0% in Q4FY24 from 9.6% in Q4FY23
PAT (from continued operations) of INR 17.1 Cr as against INR 11.9 Cr in Q4FY24
Commenting on the Q4 & FY24 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated:
“FY24 has been a year of building a strong foundation for rapid future scaling. We achieved a 4.3% revenue growth and a 16.5% EBITDA growth, with our margin improving by 110 bps YoY to 11.2%. Notably, our Operating Cash Flow increased to INR 131.4 Cr, reflecting the company’s strong underlying performance.
We raised INR 950 crores at Nazara and subsidiaries, our largest fundraise to date, resulting in a net cash balance of INR ~1,450 crores.
Key initiatives from FY24 are set to yield results in the coming year, including our new publishing platform, new game launches through existing studios, IP partnerships, and a strong M&A pipeline. Subsidiaries are also successfully adopting our M&A playbook, with Absolute Sports (Sportskeeda) acquiring Pro Football Network (PFN) in March 2023, doubling PFN business post-acquisition and turning it profitable. Nextwave acquired UTP (a casual card game) in April 2024, and NODWIN Gaming acquired Comic Con India.
We are optimistic about FY25, expecting accelerated growth in both revenue and EBITDA. With substantial cash reserves and a robust M&A pipeline, we are well positioned to seize further growth opportunities and enhance our growth trajectory through strategic M&A over the next 12 months.
We have also announced acquisition of 100% stake in Nextwave Multimedia Private Limited, developers of the popular mobile cricket games under the “World Cricket Championship” franchise.”
The post Nazara FY24 EBITDA increases by 16.6% to INR 127.9 Cr, Operating Cash Flow of INR 131.4 Cr appeared first on European Gaming Industry News.
Asia
NODWIN Gaming appoints former TEC Co-Founder Ishaan Arya as Vice President of Sales & Partnerships
NODWIN Gaming, the leading South Asian gaming and Esports company, has appointed Esports veteran Ishaan Arya, as Vice President of Sales and Partnerships to bolster its leadership team.
With over a decade of experience, the former co-founder of The Esports Club has played a pivotal role in spearheading some of the country’s largest gaming and Esports events, including The Arena, India’s premier consumer gaming event. His guidance not only propelled The Esports Club to unprecedented heights but also facilitated its expansion beyond India into the markets of the Middle East and Southeast Asia.
In his new role at NODWIN Gaming, Ishaan will focus on enhancing the value of the company’s existing IPs, such as BGMS, DreamHack India, NODWIN India Premiership, Valorant Challengers South Asia, and Comic Con India, ensuring their sustained growth and global audience engagement. He will be working on new brand partnerships, initiatives and innovating IPs as NODWIN Gaming pushes the boundaries in the gaming, esports, and lifestyle segments.
Sharing his thoughts, Ishaan Arya, Vice-President of Sales and Partnerships at NODWIN Gaming, stated, “I am excited to join NODWIN Gaming to contribute to their massive roster of global gaming, esports, and lifestyle events. As one of the top new-age sports media organizations in the world, NODWIN Gaming’s visionary approach and global roadmap have always been top-notch. Alongside a fantastic team, I am eager to utilize my expertise in large-scale gaming events and publisher partnerships to elevate the company to new heights.”
“At NODWIN, we pride ourselves in encouraging our leaders to take ownership in various aspects of the business. As a founder himself, Ishaan not only brings a wealth of knowledge and experience but will also drive innovation and growth across key verticals of our gaming and entertainment segments,” said Akshat Rathee, Co-Founder and Managing Director of NODWIN Gaming.
Since its inception, NODWIN Gaming has cemented its position as a frontrunner in the global gaming and Esports industry. The company has been making significant strides in venturing beyond Esports, recently acquiring Comic Con India, alongside obtaining a 51% stake in the Singapore-based media company Branded.
With experience working with Comic Con India as well as industry giants like NVIDIA, Intel, LG, Lenovo, Dell, JBL & Amazon, in the past, Ishaan will be a key addition to NODWIN Gaming as they drive innovation and progress in the gaming and Esports sector.
The post NODWIN Gaming appoints former TEC Co-Founder Ishaan Arya as Vice President of Sales & Partnerships appeared first on European Gaming Industry News.
Asia
PAGCOR CHIEF: BANNING IGLs COULD CAUSE BIGGER PROBLEMS
The Philippine Amusement and Gaming Corporation today said outlawing Internet Gaming Licensees or IGLs, previously called POGOs (Philippine Offshore Gaming Operators) could cause bigger problems since it would drive legitimate operators underground.
“If this happens, it would become harder for us to monitor them, and the number of illegal operators would grow and pose a bigger headache to our law enforcement authorities,” according to PAGCOR Chairman and CEO Alejandro H. Tengco.
“On top of these, the government will lose potential revenues of more than Php20 billion annually, without any guarantee that illegal activities will stop,” he said.
Mr. Tengco said it is very likely that when legitimate operators are banned, they will simply hide and vanish, bringing with them their gaming equipment like computers and machines and simply continue to operate without government monitoring and supervision.
“We have no guarantee that, once we ban the legitimate operators, they will simply close shop and return to their countries of origin where they are likely to face prosecution and jail, or worse,” he said.
“So they will just go underground here in the Philippines and continue operating,” the PAGCOR chief said. “Worse, they could join those who are engaged in illegal activities like scamming, hacking and other cybercrimes, which would cause bigger problems to us.”
“Once they are underground, we lose control over them,” Mr. Tengco said.
Despite this, the PAGCOR chief said the agency will respect whatever decision Congress will make on the issue.
“It is the prerogative of our lawmakers to outlaw IGLs, if they believe it will solve our problems.
“However, for us, the real problem are the criminal syndicates masquerading as POGOs. It is only through intensified law enforcement and the cooperation of all sectors that we would be able to address the problem of criminality,” Mr. Tengco said.
The post PAGCOR CHIEF: BANNING IGLs COULD CAUSE BIGGER PROBLEMS appeared first on European Gaming Industry News.
Asia
Revenant Esports, headlined by NBK, to travel to India for $200,000 Skyesports Championship 2024
Skyesports, a premier global IP builder for gaming and esports, is thrilled to announce that Revenant Esports’ newly-signed Counter-Strike 2 esports roster from Europe, will be traveling to India for the Skyesports Championship 2024, scheduled to happen from July 23 to 28.
Revenant Esports’ Counter-Strike 2 esports roster is headlined by:
Nathan “NBK” Schmitt, a two-time Major winner, and one of the most notable names in the scene.
Accompanying the prodigy are:
- Kamil “reiko” Cegielko,
- Nabil “Nivera” Benrlitom,
- Laurențiu “lauNX” Țârlea, and
- Adelin “adeX” Nica.
The European team has received a direct invite to the Skyesports Championship 2024. They will be traveling to India to be one of eight teams competing in the tournament, which features the likes of Aurora Gaming, BetBoom Team, Eternal Fire, Furia, and The MongolZ.
Commenting on the latest invited team to the Skyesports Championship, Shiva Nandy, Founder and CEO, of Skyesports, said, “We are thrilled to welcome the talented roster of 1 Revenant Esports to the Skyesports Championship. It fills us with immense pleasure to see local esports organizations realizing the potential of Counter-Strike 2 esports, fueled by our $1 million 2024 roadmap and numerous on-ground events, and picking up international rosters. Bringing the best esports athletes in the world to compete in India has been a dream for us. We look forward to hosting the Skyesports Championship LAN this July.
Skyesports will also be hosting separate qualifiers in Europe and India to determine the last two teams in the Skyesports Championship.
The Skyesports Championship LAN in India with some of the world’s best esports players will undoubtedly be a major boost to the local Counter-Strike 2 esports community. India’s gaming market has rapidly grown to USD 3.1 billion in FY 2023, per a report by Statista. At a CAGR of 20 percent, the gaming industry is among the fastest-growing segments in India’s media and entertainment industry and will be worth over USD 7.5 billion by FY 2028.
The post Revenant Esports, headlined by NBK, to travel to India for $200,000 Skyesports Championship 2024 appeared first on European Gaming Industry News.
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