Nazara Technologies Ltd clarifies on GST impact on its business

Nazara Technologies Limited has clarified with reference to the GST Council's decision to levy a 28% goods and services tax (GST) on online gaming. This tax, once implemented, will apply only to the skill-based real money gaming segment of our business. The contribution of this segment to our overall consolidated revenues for the financial year FY23 was 5.2%.

To the extent required, the Company will proactively take steps to mitigate any potential impact to this segment of our business, and we anticipate minimal impact to our overall revenues.

The company remains committed to its growth agenda and will continue to pursue organic and inorganic opportunities across various segments in which it operates.

Shares of Nazara Technologies Limited was last trading in BSE at Rs. 706.50 as compared to the previous close of Rs. 726.30. The total number of shares traded during the day was 20739 in over 1438 trades.

The stock hit an intraday high of Rs. 736.00 and intraday low of 703.40. The net turnover during the day was Rs. 14920297.00.

Source : Equity Bulls

Keywords

NazaraTechnologies INE418L01021 OnlineGaming GSTCouncil Skillbased BusinessImpact