Winzo FY24 Results: Profit Surges Over Twofold to Rs 315 Cr: Revenue Climbs 70%

Winzo, a homegrown gaming company, reported an adjusted profit after tax of Rs 315.12 crore in the fiscal year 2024 (FY24), more than doubling its earnings from Rs 125.71 crore in FY23.

The gaming platform's revenue from operations increased by 70.35 percent from Rs 619.42 crore in FY23 to Rs 1,055.22 crore in FY24.

During Fiscal Year 23, the company switched from IGAAP to the Ind AS accounting framework. The fair value treatment of compulsorily convertible preference shares (CCPS) as a liability rather than equity resulted in an additional expense of Rs 999 crore in FY24, in accordance with Indian Accounting Standards.

CCPS are financial instruments that function as debt until converted into equity. According to the Ind AS framework, they are recorded as liabilities, subject to conditions that may affect reported expenses.The company's total expenses for FY24 were Rs 693.37 crore, up 35.82 percent from Rs 510.48 crore in FY23.

The company's financials come as the online gaming industry faces higher goods and services tax (GST).

"While the company acknowledged the impact of the revised 28 per cent GST on gross receipts, applicable from October1, 2023, it noted that the full financial effect will be reflected in FY25," Winzo said in a statement.

The 50th GST Council meeting in July 2023 classified online games, which included both skill-based and chance-based categories, as subject to a 28 percent GST slab beginning October 1, 2023. Previously, skill-based games had a lower tax rate of 18%.

Winzo is available in markets including India and Brazil. The company has more than 250 million registered users. According to co-founder Paavan Nanda, the gaming firm has 30 million active users each month.

"We are essentially a cohort-based company. People join our platform. With each passing year, we add newer cohorts that generate more revenue for us, while older cohorts remain. "Retention and monetization become quite critical," Nanda said. 

It is expanding its game development efforts through a $50 million fund that seeks out opportunities to fund or acquire new games for the platform. The platform currently hosts approximately 100 games, eight of which were released as part of this initiative.

Co-founder Saumya Singh Rathore added that the company was also developing casual games of comparable quality to its global peers.

"We are starting to develop high-quality casual games for the global market. We want to participate in great sports engagement formats that aren't fantasy. Rathore explained that it could be used to buy player cards, among other things.

India has 20% of the global gamer base but contributes only 1% of global gaming revenue. According to data from India Gaming Report 2025, the United States represents only 7% of the global gamer base while accounting for 19% of total industry revenue.

According to the report, the global gaming user base is 3.4 billion, with an estimated market value of $300 billion.