Nazara Technologies Financial Results Q3 FY 2024-25

Nazara Technologies Limited's February 13, 2025 board meeting outcome filing to BSE and NSE covers unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2024. MSKC & Associates LLP issued limited review reports on both sets of results. The board also approved reconstituting its Audit, Nomination, Remuneration and Compensation, and Stakeholders Relationship committees with effect from February 14, 2025.

On a consolidated basis, revenue from operations was Rs 53,469 lakh for the quarter, compared with Rs 31,894 lakh for the September 30, 2024 quarter and Rs 32,040 lakh for the December 31, 2023 quarter. Nine-month revenue was Rs 110,371 lakh against Rs 87,207 lakh a year earlier. Total assets stood at Rs 416,678 lakh at December 31, 2024, compared with Rs 247,943 lakh at December 31, 2023. Standalone total income for the quarter was Rs 2,234 lakh, against Rs 1,810 lakh in the December 2023 quarter.

The notes disclose GST show cause notices received by subsidiaries Openplay Technologies (Rs 84,572 lakh) and Halaplay Technologies (Rs 27,421 lakh) in the quarter ended September 2024. The subsidiaries state that the notices are arbitrary and that no present or future liability is anticipated. The auditors drew attention to this matter without modifying their conclusion.

Subsequent events include an asset purchase agreement with Zeptolab UK Limited for USD 7,700,000 (equivalent to Rs 6,659 lakh) for intellectual property in two mobile games. The company also announced a preferential issue of 50 lakh equity shares to Axana Estates LLP at Rs 990 per share. A tax demand of Rs 283.96 lakh and an equal penalty were ordered on February 4, 2025, and the company says it will file an appeal.