Nazara Technologies jumps 3% as firm to invest $2.5 million in BITKRAFT funds

New Delhi - Shares of Nazara Technologies rose 2.8 percent in early trade on Thursday as the firm said it will invest $2.5 million in BITKRAFT funds.

Nazara Technologies, a subsidiary of gaming player Nazara Pte Ltd (Nazara Singapore), will invest $0.875 million upfront, while the remaining $1.625 million will be deployed over three years, according to reports.

The company's scrip touched peak at Rs 1,654.95 against Rs 1,609.55 at the previous close on the National Stock Exchange.

BITKRAFT provides early and mid-range venture capital and gaming, e-sports and interactive media.

Nazara Technologies reported a decline of around 17 percent in consolidated profit after tax to Rs 14.8 crore in the third quarter ended December 31, 2021. The company recorded a PAT of Rs 17 crore and Rs 9 crore in the corresponding last fiscal quarter.

Its consolidated revenue from operations during October-December 2021 grew by 42.48% to Rs.185.8 crore, compared to Rs.130.4 crore in the same period in the previous year.

For the nine months ended December 31, 2021, the company recorded over fourfold increase in consolidated PAT to Rs 42.8 crore, from Rs 9.4 crore in the same period in the previous year.

Revenue from the company's operations registered a 35% increase to Rs.446.6 crore in the three quarters ended December 31, 2021, from Rs.330.8 crore in the corresponding period of 2020-21.

The firm witnessed 75% year-over-year growth in the esports segment over the financial year 2022, led by strong revenue growth across all sub-segments in Nodwin and SportsKeeda's sub-segments, Nazara’s top management had said at the time.

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