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PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26%

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Fintrackr All Stories PokerBaazi parent crosses Rs 400 Cr revenue in FY24; profits grew 26% Moonshine Technology, which operates PokerBaazi, SportsBaazi, and CardBazzi, demonstrated 55% growth in its operating revenue to Rs 415 crore in FY24 from Rs 268 crore in FY23. The platform fees/service transaction fees received from the users were the sole source of revenue for Moonshine. The firm also added Rs 9 crore mainly from the interest on bank deposits which tallied its overall income to Rs 424 crore in FY24, compared to Rs 273 crore in FY23. At the time of acquisition, Moonshine disclosed that PokerBaazi accounts for over 85% of its net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. Similar to other online gaming platforms, Moonshine spent 60% of its overall expenditure on advertising. This cost surged 83% to Rs 232 crore in FY24 from Rs 127 crore in FY23. Its employee benefits also grew 62% to Rs 89 crore in FY24. Its payment gateway, website/server, customer verification, and legal costs took the overall expenditure up by 55.6% to Rs 389 crore in FY24 from Rs 250 crore in FY23. The decent surge in scale and controlled expenditure helped Moonshine to increase its profits by 26.3% to Rs 24 crore in FY24, compared to Rs 19 crore in FY23. The company's ROCE and EBITDA margin stood at 20% and 10.1%, respectively, while its expense-to-earnings ratio was recorded at Rs 0.94. During FY24, Moonshine’s total current assets stood at Rs 236 crore with cash and bank balances of Rs 196 crore. Out of Rs 982 crore ($118 million), Nazara has already invested $100 million and acquired a 47.7% stake in the company through a combination of secondary and primary share purchases.