Nazara Technologies share price surged up to 4.3 per cent at Rs 987.95 per share on the BSE in Thursday’s intraday deals. Nazara Technologies share price moved up after the company joined hands with the Telangana state government to open an artificial intelligence (AI) centre of excellence (CoE).
Nazara Technologies has signed a memorandum of understanding (MoU) with the Government of Telangana. Through this strategic partnership Nazara aims to establish a AI CoE focusing on gaming and digital entertainment, the company said in an exchange filing on Thursday.
“This collaboration will enable Nazara to further our mission of integrating AI and emerging technologies across our diverse portfolio, positioning us as a leader in AI-driven innovations in gaming and digital entertainment,” said Nitish Mittersain, Joint MD & CEO, Nazara Technologies.
The Nazara AI CoE will drive research, development, and innovation in areas such as gaming, interactive media, gamified learning, and other digital content, leveraging cutting-edge technologies like AI, VR/AR, blockchain, and Web 3.0, the company said.
Nazara Technologies, headquartered in Mumbai, is a mobile games provider specialising in the acquisition, value addition, and distribution of mobile games across emerging markets, including India, the Middle East, Africa, Southeast Asia, and Latin America.
In the April-June quarter of financial year 2024-25 (Q1FY25), the gaming and sports media company’s consolidated net profit increased 13 per cent to Rs 23.6 crore in Q1FY25, up from Rs 20.9 crore in Q1FY24. Revenue from operations was Rs 250.08 crore in Q1FY25, a decline of 1.71 per cent from Rs 254.43 crore in the same period a year ago.
Earnings before interest tax, depreciation and amortisation for Q1FY25 was Rs 24.9 crore, down 24.7 per cent compared to Rs 33.1 crore in Q1FY24, with the Ebitda margin decreasing to 10 per cent from 13 per cent year-on-year.
Segment-wise, revenue from the gaming business was Rs 92.81 crore (down 15.26 per cent Y-o-Y), eSports revenue was Rs 131.87 crore (up 11.91 per cent Y-o-Y), and Ad tech segment revenue stood at Rs 25.67 crore (down 5.17 per cent Y-o-Y).
The company has a total market capitalisation of Rs 28,112.19 crore. Its shares are trading at a price to earnings multiple of 20.91 times with an earning per share of Rs 26.40 per share.
At 12:29 PM; the share price of the company was trading 2.19 per cent higher at Rs 564.10 a piece. By comparison, the BSE Sensex was trading 0.08 per cent lower at 82,282 levels.
First Published: Sep 05 2024 | 1:41 PM IST
