Online rummy platform A23 Rummy reported flat revenue growth for the fiscal year ending March 2024, with net revenue at Rs 841 crore, a slight increase from Rs 839 crore in FY23. Despite this, the company achieved a 24% rise in net profits to Rs 72 crore, driven by controlled expenses and a boost in non-operating income.

A23’s gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, leaving a net revenue of Rs 841 crore. The platform also earned Rs 37 crore from interest and investments, bringing its total revenue to Rs 878 crore.

The platform, which offers games such as rummy, fantasy, poker, carrom, and pool, claims over 5 crore players. While A23’s primary revenue comes from platform fees, its employee benefits rose by 41% to Rs 138 crore in FY24. Miscellaneous costs, including advertising and server expenses, accounted for Rs 515 crore, pushing total expenditure to Rs 761 crore.

A23’s ROCE improved to 11.5%, with an EBITDA margin of 15.26%. The company’s cash reserves stood at Rs 534 crore by the end of FY24.

In comparison, MPL saw a 22.2% revenue increase to Rs 1,068 crore, while Gameskraft and Gameberry posted 30% and 46.9% growth, respectively.

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