Our vision to become market leader in gaming industry is supported by
our robust financial performance in FY 2023-24. for
Dear Stakeholders,
It is with immense joy that I present our annual report for FY 2023-24.
This year has been bustling with initiatives, marked by significant achievements and
growth. We have not just set a strong foundation for our future; we have established
ourselves as pioneers in the gaming and sports media industry.
As we celebrate our accomplishments, it's important to recognise
the broader context in which we operate. The Indian economy continues to be one of the
fastest growing among major economies, with real GDP growth being provisionally recorded
at 8.2% for FY 2023-24, providing a fertile ground for innovation and expansion. This
robust economic environment bolsters our confidence and ambition as we move forward.
The gaming industry in 2024 witnessed remarkable advancements,
particularly in the realms of Augmented Reality (AR) and Virtual Reality (VR). These
innovations are revolutionising gameplay, enhancing user engagement, and setting new
industry standards. According to NewGenApps, the global user base for AR and VR games is
estimated to reach 216 million by 2025, indicating a significant expansion in immersive
gaming experiences. Simultaneously, mobile gaming is seeing remarkable growth, with India
emerging as the fastest-growing market in this sector. The overall Indian gaming industry,
encompassing mobile, AR, VR, and other gaming formats, is poised for substantial revenue
growth in the coming years.
This growth is fuelled by increasing internet connectivity, widespread
smartphone adoption, and the rollout of high bandwidth 5G networks, with 6G trials
underway in some countries. At Nazara Technologies, we're at the forefront of this
technological evolution, actively integrating cutting-edge technologies into our offerings
to deliver exceptional gaming experiences to our users.
Our vision to become market leader in gaming industry is supported by
our robust financial performance in FY 2023-24. With substantial cash reserves and a
strong M&A pipeline, we are well-positioned to seize further growth opportunities and
accelerate our trajectory in the gaming and sports media landscape. Our strong financial
position allows us to invest in innovation, expand our market presence, and pursue
strategic acquisitions, all of which are critical to our long-term success.
As India's sole listed gaming Company, we continue to lead and
transform the industry. Over the past year, we have executed multiple mergers and
acquisitions like Absolute Sports' acquisition of Pro Football Network,
NextWave's acquisition of UTP, and NODWIN Gaming's acquisition of Comic Con
India to expand our market presence. These strategic acquisitions expand our footprint,
enhance our capabilities to deliver superior gaming experiences, and create synergies that
set us apart from peers, unlocking significant value across our portfolio.
The gaming community in India is expanding at an unprecedented rate,
bringing new opportunities for growth and innovation. India now boasts the world's
second-largest online gaming community with approximately 442 million online gamers. This
surge presents us with the chance to scale our operations and reach a broader audience.
Our commitment to nurturing this community remains steadfast, as we believe it is the
cornerstone of our success.
In the spirit of continuous improvement, we have also launched a new
publishing platform and several new games from our existing studios. These initiatives are
designed to tap into emerging market trends and cater to the evolving preferences of
gamers. By staying ahead of the curve, we aim to maintain our competitive edge and deliver
exceptional value to our users. In conclusion, I would like to thank our dedicated team,
our loyal users, and our valued shareholders for their continued support. As we navigate
the exciting future of gaming, we remain committed to innovation, growth, and creating
value for all our stakeholders. Together, we are poised to achieve even greater heights in
the coming year.
Thank you for supporting us and best wishes to all. Warm regards,
Vikash Mittersain
Chairman and MD