Nazara Technologies’ Q4 Profit Dips to INR 0.18 Cr, Revenue Declines to INR 266.2 Cr

Nazara Technologies reported a significant drop in net profit to INR 0.18 crore for Q4, down from INR 9.4 crore in the same quarter last year. This decline was primarily due to a INR 16.87 crore loss from discontinued operations, resulting from write-offs in legacy businesses, including Halaplay, its real-money gaming segment.

As part of a strategic restructuring, Nazara is merging or closing entities not aligned with its future vision, such as Nazara Bangladesh and NZ Mobile Nigeria. The company is also divesting subsidiaries like Nazara Kenya, Nazara Pro, Crimzon, and Sports Unity, and evaluating options for its entities in Singapore and Mauritius. The firm stated that cash generated by its telco business would now directly benefit the parent company.

Net profit from continuing operations rose to INR 17.1 crore, a 43.6% increase from INR 11.9 crore in Q4 FY23. However, revenue from operations declined by 8% year-on-year to INR 266.2 crore, down from INR 289.3 crore in the corresponding quarter last year.

For the full fiscal year FY24, Nazara posted a net profit of INR 74.75 crore, up 21.8% from INR 61.4 crore in FY23. Profit from continuing operations increased by 41.2% to INR 89.5 crore. The company’s operating cash flow (pre-taxes) stood at INR 131.4 crore for FY24. Revenue grew by 4.3% to INR 1,138.3 crore compared to INR 1,091 crore in FY23.

Nazara Technologies operates in three key sectors: gaming (World Cricket Championship, Kiddopia, Animal Jam, Classic Rummy), esports (Nodwin Gaming, Sportskeeda), and advertising (Datawrkz).

New Operating Model

Earlier this year, Nazara implemented a new operating model to enable more revenue and free cash flows to accrue directly to the parent company by merging gaming IPs. This includes increasing its stake in mobile gaming subsidiary Nextwave Multimedia to 100%.

Nextwave Multimedia, developer of the World Cricket Championship (WCC) franchise, was first acquired by Nazara in 2018. Nazara is now acquiring the remaining 28.12% stake for INR 21.63 crore in two tranches, aiming to drive better retention and monetization for the franchise in FY25. The company plans to apply a similar approach to other existing games and new acquisitions.

In March, Nazara earmarked a $100-million war chest for mergers and acquisitions over the next 24 months. Founder Nitish Mittersain expressed optimism for FY25, expecting accelerated growth in both revenue and EBITDA.

Segment-Wise Performance


  • Revenue: INR 148.2 crore in Q4 FY24, up 6% YoY.
  • Profit: INR 8.82 crore, up from INR 4.71 crore in Q4 FY23.
  • Nodwin Gaming’s revenue: INR 99.1 crore, down 8.7%.
  • Sportskeeda’s revenue: INR 49 crore, up 67%.


  • Revenue: INR 91.1 crore, down 17% YoY.
  • Loss: INR 18.45 crore, compared to INR 10.3 crore profit last year.
  • Kiddopia’s revenue: INR 50.9 crore, down 11.8%.
  • Animal Jam’s revenue: INR 24 crore, boosted by new in-game features.

Real-Money Gaming:

  • Revenue: INR 4.8 crore, down from INR 12.6 crore in Q4 FY23, impacted by the 28% GST regime.
  • Profit: INR 1.2 crore, down from INR 2.4 crore.


  • Revenue: INR 27.5 crore, down 29.5% YoY.
  • Full year FY24 revenue: INR 103.8 crore, down from INR 153.2 crore.

Geographic Performance

India accounted for 45% of Nazara’s revenues for FY24, North America contributed 39%, and the rest of the world contributed 16%.

Nazara’s CEO highlighted that initiatives from FY24, including new publishing units, game launches, and IP partnerships, are expected to yield significant results in FY25.


Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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