Nazara Technologies’ profit declined 33 percent in the second quarter
New Delhi| Domestic goming and supports media company Nazara Technologies reported a 33 percent decrease in net profits in the July – September (second quarter of FY 2024-25) period. The company’s consolidated net profit in the September quarter of FY 2024-25 has been 16.24 crore. This was Rs 24.18 crore in the same quarter of the previous financial year.
The company’s operating income has increased by 7 per cent year-on-year to Rs 318.94 crore in the September quarter. This was Rs 297.24 crore in the same quarter last year.
In the last quarter, the gaming company has suffered a loss of Rs 1.86 crore from the closed operation, compared to a profit of Rs 1.68 crore in the year-ago quarter.
According to the financial statement filed by the company with the exchange, total spending between July and September has increased by 11 percent to Rs 321.27 crore.
In FY 2024-25 the company raised Rs 900 crore through a prefrontial equity issue from a group of investors and has made significant investments in ‘Pokarbaji’, a key skill-based gaming platform. Apart from this, it has increased its stake in Absolute Sports (SportsKeeda).
The company also announced that its board of directors had approved the merger of Paperboat apps with Nazara.
“The merger of Paperboat Apps with Nazara is a significant step forward in our mission to lead the Gamified Early Learning Space, as Kiddopia has already made a considerable impact in this area worldwide” said Nitish Mittarsain, founder and managing director of Nazara Technologies.
“This step is for us to bring the core gaming business into the core unit to provide alternative cash flow, which can then be put into organic and inorganic growth”, Mittarsain said.
