A few months ago, Nazara Gaming invested a whopping INR 982 crore in PokerBaazi’s Parent Company, Moonshine Technology, after seeing the strong financial performance of the online poker platform during the Financial Year 2024.
Moonshine’s FY24 Performance: ₹415 Crore Revenue & 26% Profit
Moonshine Technology, the well-known company operating India’s top online gaming platforms such as PokerBaazi, SportsBaazi, and CardBazzi, reported an impressive 55% increase in operating revenue, reaching a massive ₹415 crores in FY24, up from ₹268 crores in FY23, according to the consolidated financial statements with the Registrar of Companies.
As per reports, Moonshine Technology‘s fees/service transaction fees paid by users were the sole source of revenue for the company. The firm reported a total income of ₹424 crore in FY24, up from ₹273 crore in FY23. This massive boost in income for FY24 also included ₹9 crore earned mainly from interest in bank deposits.
PokerBaazi Plays Key Role Contributing To 85% of Net Revenue
PokerBaazi, known as one of India’s top poker platforms, remains Moonshine Technology’s primary revenue stream, contributing over 85% of its net revenue. Besides PokerBaazi, SportsBaazi, the company’s fantasy sports platform, accounted for 12%.
Moonshine Technology spent around 60% of its total expenses on advertising, and in FY24, these advertising costs increased significantly by 83%, rising to ₹232 crore compared to ₹127 crore in FY23. The company also worked towards its employees’ welfare, as employee salaries and benefits grew by 62% reaching ₹89 crore in FY24.
On top of this, Moonshine faced higher costs for services like payment gateways, maintaining its website and servers, verifying customers’ details, and legal services. These additional expenses contributed to a significant rise in the company’s overall spending, which increased by 55.6%, totaling ₹389 crore in FY24 compared to ₹250 crore in FY23.
The massive surge in scale and controlled spending helped the company to increase its profit by 26.3%, resulting in ₹24 crore in FY24, up from ₹19 crore in FY23. Moonshine recorded a return on capital employed (ROCE) of 20% and an EBITDA margin of 10.1%, respectively with an expense-to-earnings ratio of ₹0.94. As of FY24, its total current assets stood at ₹236 crore, including ₹196 crore in cash and bank balances.
Moreover, Mobile Premier League (MPL) also recorded a 22.2% growth in operational revenue, reaching ₹1,068 crore, while Dream11, Gameskraft, and A23 have not yet disclosed their financial results for the last fiscal year.
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Source: ENTRACKR
