WinZO's FY24 Earnings Report: Growth and Financial Insights
WinZO's Impressive Financial Performance in FY24
WinZO, the fast-growing real-money gaming platform, has announced its FY24 earnings, showcasing a phenomenal growth trajectory. The company reported a revenue increase of 70%, reaching Rs 1,055 crore, up from Rs 619.4 crore in FY23. This surge is attributed to the robust expansion of its user base fueled by ongoing global initiatives.
Profit Growth and Financial Adjustments
Furthermore, WinZO saw its adjusted profit after tax more than double to Rs 315 crore, compared to Rs 125 crore in the previous year. However, it's crucial to note that this figure excludes a significant caveat—an expense adjustment of Rs 999 crore due to changes in accounting treatment.
Impact of GST and Total Expenses
Despite an increased tax burden from the 28% GST introduced in October 2023, which adds a substantial cost for companies, WinZO managed to maintain strong performance. Its total expenses also rose by 35.8% to Rs 693.4 crore from Rs 510.5 crore in FY23. The EBITDA skyrocketed over threefold to Rs 397.2 crore from Rs 126.8 crore in FY23.
WinZO’s Vision and Market Position
WinZO's co-founders emphasize their platform's commitment to providing affordable entertainment to 250 million users, while shaping a scalable tech innovation ecosystem. With ambitions for growth beyond India, WinZO is positioning itself as a key player in the gaming landscape, offering over 50 third-party casual games and recently entering Brazil.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.