Gameberry, the mobile gaming business behind popular titles such as Ludo Star and Parchisi Star, saw tremendous results in FY24. The company's operating income increased by 47% year on year, while its profit increased 2.5 times to Rs 92.8 crore in the fiscal year ending March 2024.

Gameberry's operating revenue increased by 46.9% to Rs 461.7 crore in FY24, up from Rs 314.3 crore in FY23, according to its consolidated financial statement filed with the Registrar of Companies (ROC).

The company earns money through in-app purchases and adverts. Revenue from in-app sales increased by 49.4% to Rs 365.4 crore in FY24, accounting for 79.1% of total operating revenue. Meanwhile, revenue from advertisements increased by 38.2% year on year to Rs 96.3 crore.

The company also earned an extra Rs 23 crore from interest income, bringing its total income to Rs 485 crore in FY24.

On the expense side, Gameberry's overall costs increased by 29.6% to Rs 360.5 crore in FY24, from Rs 278.1 crore in FY23. Employee benefit costs, the highest expense category, rose 9.6% to Rs 112.6 crore. Advertising costs increased by 51% to Rs 67.8 crore, while settlement expenses were Rs 50.8 crore. Other expenses, including IT and operational costs, increased by 37.1% to Rs 129.3 crore in the previous fiscal year.

The settlement expense includes payments made pursuant to an agreement with Moonfrog Labs Private Limited (MLPL) in connection with a case that was previously pending before the City Civil Court in Bengaluru. Gameberry agreed to a one-time payment of Rs 32.8 crore and a predetermined proportion of monthly net revenues until 2030 as part of the settlement.

Gameberry's profit margins increased as expenses were optimized and high-margin revenue streams expanded. Gamesberry's net profit increased 2.5 times to Rs 92.8 crore in FY24, from Rs 37.1 crore in FY23.

In fiscal year 24, the company's EBITDA margin was 26.05%, while its ROCE was 30.54%. The company spent Rs 0.78 each rupee earned during the fiscal year. As of March 2024, Gameberry's cash and bank accounts totaled Rs 325.7 crore, with current assets at Rs 411 crore.

In the real-money gaming sector, MPL increased income from operations by 22.2% in FY24, reaching Rs 1,068 crore  which comes to about USD 127.9 million, while also turning cash flow positive for the year. Meanwhile, significant competitors such as Dream11, Gameskraft, and A23 have yet to report their financial results for FY24.