Moonshine Technology Reports 55% Revenue Growth Following Nazara Investment

Moonshine Technology, the parent company of PokerBaazi, reported a 55% increase in operating revenue to Rs 415 crore for FY24, up from Rs 268 crore the previous year. Nazara's significant Rs 982 crore investment in the company last September fueled the company's strong financial performance.

According to consolidated financial statements filed with the Registrar of Companies, Moonshine, which operates PokerBaazi, SportsBaazi, and CardBazzi, generated its primary revenue through platform and service transaction fees. Additional income of Rs 9 crore from bank deposit interest brought the company's total income to Rs 424 crore in FY24.

The company's flagship product, PokerBaazi, accounts for over 85% of net revenue, while its fantasy sports platform SportsBaazi contributes 12%. Following industry trends, Moonshine allocated 60% of its expenditure to advertising, with these costs rising 83% to Rs 232 crore in FY24. Employee benefits also significantly increased by 62% to Rs 89 crore.

Despite increased operational costs, including payment gateway, server maintenance, and legal expenses, pushing total expenditures up 55.6% to Rs 389 crore, Moonshine managed to grow its profits by 26.3% to Rs 24 crore in FY24. The company maintained strong financial metrics, with a 20% ROCE and 10.1% EBITDA margin.

Nazara has already invested $100 million of its planned Rs 982 crore investment, securing a 47.7% stake through a combination of primary and secondary share purchases.
In the broader real-money gaming sector, competitors showed varied performance. Gamesberry reported Rs 461 crore in revenue and Rs 93 crore in profits. In comparison, MPL saw a 22.2% revenue increase to Rs 1,068 crore. Major players Dream11, Gameskraft, and A23 have yet to file their FY24 results.