Nazara Technologies (NAZARA) Q3 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of INR 534.7 crores (₹53,469 lakhs), up 67% year-on-year, and EBITDA of INR 52.4 crores, up 39% year-on-year, despite a one-time impairment of BrandScale Innovations equity investment.

• Nine-month FY25 revenue reached INR 1,103.7 crores (₹110,371 lakhs), EBITDA INR 102.4 crores, and PAT INR 55.4 crores, driven by strong performance in core gaming and strategic acquisitions.

• Strategic partnerships and IP integrations, including Barbie, Little Angel, Big Brother, and Bigg Boss, are expected to further boost user engagement and growth.

• Expansion into hybrid gaming and offline entertainment with acquisitions like Funky Monkeys and new mobile gaming IPs strengthens the diversified portfolio.

Financial highlights

• Q3 FY25 revenue: INR 534.7 crores (₹53,469 lakhs, +67% YoY); EBITDA: INR 52.4 crores (+39% YoY); nine-month revenue: INR 1,103.7 crores; EBITDA: INR 102.4 crores; PAT: INR 55.4 crores.

• Gaming segment revenue up 53% YoY, eSports up 20% YoY, Adtech up 467% YoY in Q3 FY25.

• PAT for Q3 FY25 declined 54% YoY to INR 13.7 crores due to a one-time impairment loss.

• NODWIN Gaming revenue up 23% YoY (48% YoY excluding Wings Lifestyle), with international expansion.

• Datawrkz standalone revenue grew 38% YoY with 14.1% EBITDA margin in Q3 FY25.

Outlook and guidance

• Management reaffirmed FY27 EBITDA guidance of INR 300 crores, with confidence in achieving targets through both organic and inorganic growth.

• Integration of new IPs, expansion into offline entertainment, and leveraging AI and data analytics expected to drive user growth, engagement, and margin improvement.

• Expects further EPS-accretive acquisitions and continued organic growth, leveraging strong cash position.