Shares of Nazara Technologies showed promising signs in early trade on November 9, rising by more than 1 percent after the company reported a remarkable 53.3 percent increase in its Q2 net profit, reaching Rs 24.2 crores. As of 10:52 am, the Nazara Tech stock was trading at Rs 851.21 on the NSE, reflecting the positive investor sentiment following the impressive quarterly performance.
Nazara Technologies announced a net profit of Rs 24.2 crore for the quarter ended September 31, 2023, showcasing a significant 53.3 percent surge from the profit of Rs 15.77 crore recorded in the year-ago quarter. This notable growth was primarily driven by the outstanding performance in the company’s gaming and esports segments, indicating the robust demand for digital entertainment offerings in the market.
In terms of revenue, Nazara Technologies reported revenue from operations at Rs 297.2 crore for the quarter, marking a substantial 12.7 percent increase from Rs 263.8 crore in the corresponding quarter last year. This revenue boost further underlined the company’s ability to capitalize on the growing appetite for gaming and esports content among consumers.
At the time of the update, the company’s shares were trading 0.37% higher at ₹834.95, reflecting the positive market response to Nazara Technologies’ strong quarterly results.