Nazara Technologies shares jump 4% on strong Q2 earnings
Nazara Technologies jumped nearly 4% to the day's high of Rs 864.60 on the NSE on Wednesday after the company reported a 53% jump in its consolidated profit after tax (PAT) to Rs 24.2 crore for the September quarter as against Rs 15.8 crore in Q2FY23. The revenue grew by 13% to Rs 297.2 crore versus Rs 263.8 crore in Q2FY23.
With today's gains, the stock has maintained its three sessions trading streak and gained nearly 10% during the rally.
The diversified gaming and sports media platform announced its July-September quarter earnings on Wednesday after market hours.
The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased by 30% to Rs 27.9 crore as against Rs 21.4 crore in Q2FY23 while the EBITDA margin increased by 130 bps to 9.4% in Q2FY24 from 8.1% in Q2FY23.
On the half year basis, revenue grew by 13% to Rs 551.7 crore as against Rs 486.9 crore in H1FY23. PAT grew by 42% to Rs 45 crore as against Rs 31.7 crore in H1FY23.
The cash position for the company stood at Rs 829.2 crores as of September 30, 2023 as against Rs 628.3 crore as of March 31, 2023. The pro forma cash balance stood at Rs 1,339.2 crore post a fund raise.
Commenting on the Q2 & H1FY24 performance, Nitish Mittersain, Founder, CEO & Joint Managing Director of Nazara Technologies said, «We are delighted to report consistent year-on-year growth in both revenue and profit for Q2 and H1FY24.
