Nazara Tech's net profit increased by 17 percent to Rs 4.9 crore in the third quarter

Nazara Tech's net profit increased by 17 percent to Rs 4.9 crore in the third quarter

Nazara Technologies, a digital gaming and sports platform, reported a 17% growth in consolidated earnings to Rs 4.9 crore for the quarter ending March 2022 on Friday.

In the same period last year, the firm made a profit of Rs 4.2 crore.

Revenue from operations climbed by about 42% to Rs 175.1 crore in the reporting quarter, up from Rs 123.4 crore in the previous year.

"I am glad to note that we have surpassed our revenue and EBITDA guidance for FY22, despite headwinds from changes in Apple policies and the regulatory environment in real money gaming in India, as well as the negative impact of COVID-19 in the esports segment," Nazara Technologies CEO Manish Agarwal said in a statement.

Nazara Technologies' earnings more than tripled to Rs 50.7 crore for the fiscal year ending March 31, 2022, up from Rs 13.6 crore the previous year.

Annual income from operations climbed by 36.87 percent to Rs 621.7 crore in 2020-21, up from Rs 454.2 crore.

The company's board of directors authorised a one-share incentive for each share owned by shareholders.

"Nazara has a 22-year track record of delivering value to its shareholders, who have placed their trust in the firm and share our vision of making India a worldwide gaming giant."

"We are glad to declare a 1:1 bonus issue of shares as a token of our thanks for our shareholders' trust in us and to celebrate our one-year anniversary as a listed company," Nazara Technologies founder and Joint Managing Director Nitish Mittersain stated.

On the BSE on Friday, Nazara shares closed at Rs 1,244.35 per share, up 13.48 percent from the previous close.

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