Nazara Tech ups its game

For the fourth consecutive day, Nazara Tech is a major gainer, figuring among the top five gainers on the BSE since the opening bell; the stock opened over 2% higher at Rs.625.20 and rose further to an intraday high at Rs.651, up 6.5%. Volumes are up 4.5x.

The market has given its Q3FY23 earnings a big thumbs up. Its consolidated revenue from operations rose by 69% to Rs. 315 crore.

EBITDA was up 1% at Rs.31 crore while margins improved from 16.3% to 9.7%. The company ended the quarter with a PAT of Rs.22 crore v/s Rs.17 crore.

The company is a diversified gaming and sports media platform. Its e-sports unit has two brands, Nodwin and Sportskeeda. In games, its flagship brand is Kiddopia, whose subscriber growth back was after multiple quarters of decline (due to Apple IDFA). The company also hiked prices in December and both these factors led to revenue growth of 21% in Q3FY23.