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.”
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.
Asia
NOVOMATIC Showcases Exceptional Highlights at G2E Asia in Macao
This year’s G2E Macao was a great success for NOVOMATIC. The gaming technology leader set new standards in the industry, with innovative products, state-of-the-art technologies and impressive new gaming solutions that were exceptionally well received by visitors and technology enthusiasts alike.
NOVOMATIC showcased its internationally acclaimed DIAMOND X cabinets and introduced new gaming content. The sophisticated J-curved DIAMOND X 1.55J featured the XTENSION LINK Volume 2, a high-performing Linked Progressive title with five new games, including internationally popular titles such as Golden Book of Ra and Golden Charming Lady in their exclusive XL versions. CASH FLOOD Link, another fan favourite, was also presented in the DIAMOND X 1.55J cabinet. This new Linked Progressive includes the titles Secrets of Wealth, Magic Cleopatra, and Roll on Fire – a trio that ensures three times the excitement on the gaming floors.
The multi-screen DIAMOND X 2.32/3.32 also attracted lots of attention, featuring the latest Linked Progressive Superia GOLDEN LINK Volume 2. This Jackpot offers a captivating gaming experience and golden winning chances with five new games, including Mermaid Beauty, Shanghai Club, Queen of the Night Magic, Empress Sissi, and all time NOVOMATIC favourites such as Golden Book of Ra and Golden Charming Lady.
A standout feature of NOVOMATIC’s presentation at G2E Macao was the brand new ETG solution, NOVO UNITY PRO. This advanced system enhances the casino floor with unparalleled functionality and flexibility to meet the demands of the future, enabling the integration of electronic live games such as SicBo and Baccarat as well as Roulette, Poker, Black Jack and slot games across numerous player stations. The innovative Simultaneous Betting functionality promises a new level of game engagement for players and offers the option to play up to three electronic live games at the same time.
The NOVOVISION casino management system revolutionises casino operations with an extensive range of features that go far beyond traditional accounting, jackpots, player tracking, cashless and TITO transactions. NOVOVISION also introduces biometric technologies for player recognition as well as access and payment solutions, setting new standards for the management of gaming operations.
Thomas Schmalzer, VP of Global Sales and VP of Product Management at NOVOMATIC AG, said: “As one of the most important trade shows for the Asian market, the G2E in Macao was an exceptional opportunity for NOVOMATIC to connect with our customers and expand our market presence. We are very pleased with our continuous growth in Asia and are proud to have presented a powerful portfolio of products and solutions at the trade show. We are looking forward to further strengthening our position as an industry leader using a specific product strategy and content tailored for the local markets.”
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.
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