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Nazara FY24 EBITDA increases by 16.6% to INR 127.9 Cr, Operating Cash Flow of INR 131.4 Cr

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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.”

The post Nazara FY24 EBITDA increases by 16.6% to INR 127.9 Cr, Operating Cash Flow of INR 131.4 Cr appeared first on European Gaming Industry News.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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HelicopterX: Another innovation from Smartsoft

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SmartSoft, a leading provider of non-traditional casino games operating on the B2B market since 2015. The creator of groundbreaking and unique games, with nearly a decade of experience and 70 games to its credit, SmartSoft has pioneered several unique gaming experiences. Among its groundbreaking creations is the flight-based non-traditional casino game JetX, which has set a benchmark in the industry. SmartSoft has introduced its latest marvel, HelicopterX, which has quickly attracted millions of users worldwide. Launched in November, HelicopterX has already took the 4th position in gaming rankings, thanks to its immersive gaming experience, this game sets a new standard for visual excellence and artistic innovation in the gaming industry.

SmartSoft’s CEO, Guga Gotsadze shares his thoughts with us: “HelicopterX represents a significant leap forward in our commitment to providing innovative and engaging gaming experiences. Our team’s dedication and creative approach have truly set this game apart in the market.” HelicopterX features a helicopter as the main object and a diamond as the trigger, combining dynamic casino gameplay with interactive elements. The game’s exceptional visual design, stunning graphics, and captivating animations engage players from the first glance. Every element, from detailed environments to dynamic visual effects, teleports players in a stunning digital world.

The creation of HelicopterX was a collaborative effort involving multiple departments at SmartSoft, each contributing their expertise to deliver a top-tier product. The process began with an initial concept, where the team decided to make the game distinctive – unlike similar games in the industry that are solely based on mechanics, while working on HelicopterX, they decided that the game would feature modern visuals, be as user-friendly as possible, and incorporate outstanding mechanics. After this they planned the core algorithms and game logic. Following this, the back-end development phase involved meticulous coding to bring these ideas to life. The subsequent front-end development phase integrated sophisticated designs with the game logic, ensuring seamless animations and functionality across various devices.

In the design department, the initial stage involved creating drafts or “skeletons” of the game’s visual elements. The objective was to visually express the game concept in the most engaging way possible. Multiple versions of the environment, diamond, and helicopter were sketched before finalizing a distinct and appealing environment. This stage was crucial for the product’s success, as the game needed to be both visually appealing and intuitive. After finalizing the designs, the animators brought these elements to life, ensuring a seamless and captivating visual experience. Continuous testing and optimization were conducted to ensure technical efficiency and eliminate any bugs, providing users with an error-free gaming experience. “Our rigorous testing process and attention to detail ensure that HelicopterX delivers a flawless and engaging experience for all players,” the CEO added.

One of the standout features of HelicopterX is the Diamond feature, which enhances the overall gameplay experience. This unique element helps players navigate through the basic Multiplayer faster, adding depth and excitement to the game. The design elements, including symbols, backgrounds, and animations, are coherently aligned to support and enhance the game’s theme, contributing to a cohesive and immersive gaming experience. HelicopterX is a testament to SmartSoft’s dedication to innovation and excellence in the gaming industry. From the captivating visuals to the rigorous testing, every aspect of the game is handled in-house, fostering a sense of pride and ownership among the team. “We believe HelicopterX embodies the spirit of innovation and excellence that SmartSoft strives for. We are proud of our achievement and excited to share this experience with players around the world,” said the CEO.

With the successful launch of yet another game, Smartsoft is set to fly even higher and reach new heights. Every new creation from SmartSoft prepares new adventures and unforgettable experiences.

The post HelicopterX: Another innovation from Smartsoft appeared first on European Gaming Industry News.

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BetMGM UK partners with Premier League club Wolverhampton Wanderers F.C.

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LeoVegas Group is happy to announce a new multi-year partnership with Premier League club Wolverhampton Wanderers F.C., which will see the leading sports betting brand BetMGM becoming the club’s Official European Betting Partner. The Group has been a partner of the club since the 2023/2024 season, successfully boosting international brand awareness and recognition of the Group’s brands. 

The new partnership will see BetMGM feature on Wolves’ double row pitch-side LED advertising system, static branding sites, and media interview backdrops at Molineux Stadium and the Sir Jack Hayward Training Ground for the 2024/2025 and 2025/2026 seasons.

Russell Jones, GM Marketing & Commercial Growth at Wolverhampton Wanderers F.C. said “We’re delighted to announce this partnership with BetMGM UK, and thank them for their support as we head into the 24/25 Premier League season.

“Their support is invaluable to the club as we look to expand our portfolio of commercial partners and we look forward to working with the BetMGM team over the next two seasons.

Sam Behar, UK Director BetMGM, said “It’s been almost a year since we started collaborating with Wolves, and we are very excited to continue this successful, awareness-boosting partnership for the next two years. Wolves are one of the most established clubs in the Premier League, and we can’t wait to see them in the first game of the season against Arsenal in August!”

The post BetMGM UK partners with Premier League club Wolverhampton Wanderers F.C. appeared first on European Gaming Industry News.

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BETBY RELEASES REPORT ON CHAMPIONS LEAGUE 2023/2024 BETTING TRENDS

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BETBY, a leading provider of B2B sportsbook solutions, has unveiled a detailed analysis of betting trends observed during the Champions League 2023/2024 season, focusing extensively on the climactic final match between Real Madrid and Borussia Dortmund. This report offers valuable insights into the intricate relationship between player behavior and betting activities within one of football’s most prestigious tournaments.

Of particular interest is the scrutiny of the final showdown between Real Madrid and Borussia Dortmund.

The report covers various key aspects, including:

Segmentation of Overall Betting Volume: Analysis of the total volume of bets placed throughout the Champions League 2023/2024 season.

Types of Bets: Examination of the most popular types of bets placed by viewers and bettors during the tournament.

Evolution of Betting Odds: Insights into how betting odds fluctuated across different stages of the tournament, including pre-match and live betting markets.

Player Performance Impact: Assessment of how individual player performances influenced betting patterns and market dynamics.

Final Match Focus: Detailed exploration of betting behaviors and market shifts during the high-stakes final match between Real Madrid and Borussia Dortmund.

The post BETBY RELEASES REPORT ON CHAMPIONS LEAGUE 2023/2024 BETTING TRENDS appeared first on European Gaming Industry News.

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