Nazara's Q1 net profit up 118%, revenue doubles
'We are seeing early results from our sharpened focus on IP-led gaming and are reinvesting this momentum into expanding our IP portfolio and strengthening UA (user acquisition) to drive sustained growth. We have also strengthened our leadership team with recent appointments bringing deep expertise in gaming,' said Nitish Mittersain, joint managing director and chief executive officer of Nazara Technologies. While growth was aided by acquisitions such as Fusebox, Animal Jam and Curve Games, expenses surged during the quarter, with total expenditure rising to Rs 521 crore from Rs 240 crore a year earlier, driven largely by advertising and marketing costs, which tripled to Rs 124.75 crore.The Mumbai-based company's board has proposed raising the company's authorised share capital from Rs 50 crore to Rs 80 crore, which will require shareholder approval.Increasing the authorised share capital raises the maximum value of shares the company can issue in the future, giving it room to raise more equity or issue additional shares.Nazara's board has approved a stock split, in which each existing share with a face value of Rs 4 will be split into two shares of Rs 2 each, along with a 1:1 bonus issue that will give shareholders one additional Rs 2 share for every share they hold after the split.The company also announced the appointment of Rohit Sharma, founder of mobile video ad platform Pokkt, as a whole-time director, designated as executive director.In July, Nazara said in an exchange filing that it will "de-subsidiarise" Nodwin Gaming, as the esports and events arm raises fresh capital from certain existing shareholders. The funding will dilute Nazara's stake in Nodwin below 50%, reclassifying it from a subsidiary to an associate company.It has been focusing on building and acquiring gaming intellectual properties globally. On April 18, ET reported that Nazara had earmarked Rs 800–1,000 crore this year for acquisitions, targeting studios with established IPs and annual revenue of around Rs 100 crore.In May, it acquired UK-based PC and console game publisher Curve Games for Rs 247 crore. Other acquisitions include UK-based Fusebox Games, PokerBaazi parent Moonshine Technology, Comic Con India, West Asia- and Turkey-focused marketing firm Publishme, Singapore-based events company Branded, Turkish esports firm Ninja Global and Paper Boat Apps, the creator of Kiddopia.Nazara's shares rose 1.5% to close at Rs 1,420.9 on the BSE on Tuesday. The results were announced after market hours. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy
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