New Delhi, Nov 15 (IANS) Homegrown gaming and sports media company Nazara Technologies reported 33 per cent drop in its net profit for the July-September period (Q2 FY25).
The company reported a consolidated net profit of Rs 16.24 crore in Q2 FY25, from Rs 24.18 crore in the same quarter last year.
On a sequential basis, its profit declined 31 per cent from Rs 23.62 crore, as per Nazara’s financials.
The company’s operating revenue grew 7 per cent to Rs 318.94 crore against Rs 297.24 crore in the same quarter last year.
The gaming company incurred a loss of Rs 1.86 crore from discontinued operations, as against a profit of Rs 1.68 crore in the year-ago quarter.
Total expenditure went up 11 per cent to Rs 321.27 crore, according to its financials.
In Q2 FY25, the company raised Rs 900 crores via a preferential equity issue from a group of investors as well as made a significant investment in leading skill-based gaming platform Pokerbaazi, in addition to increasing its stake in Absolute Sports (Sportskeeda) and acquiring a minority stake in fast growing esports community, Stan.
The company also announced that its Board of Directors has approved the merger of Paperboat Apps with Nazara.
“The merger of Paperboat Apps with Nazara is a pivotal step in our mission to lead the gamified early learning space with Kiddopia having already made a substantial impact in this sector worldwide,” said Nitish Mittersain, Founder and Managing Director of Nazara Technologies.
“Further, this step is aligned towards us bringing core gaming business into the parent entity to provide for fungible cash flows that can subsequently be deployed for organic and inorganic growth going forward,” Mittersain added.
–IANS
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