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Games 24x7 posts 70% rise in FY23 operating revenue, trims loss

Economic Times · 1y

Real money gaming company Games24x7 experienced significant growth in operating revenue, with a 70% increase to Rs 1,988 crore in the fiscal year ending March 2023. The company also narrowed its losses by nearly 30% to Rs 199 crore. Games24x7, known for platforms like RummyCircle and My11Circle, saw total expenses rise by 43% to Rs 2,147 crore, primarily due to increased advertising and promotion costs. However, the real money gaming sector as a whole has been impacted by a 28% GST on player deposits, which is expected to affect earnings in the fiscal year ending March 2024.