Gameskraft Defies Tax Challenges, Achieves Remarkable 14% Profit Surge, Crossing INR 1,000 Cr Milestone in FY23

In a remarkable feat, gaming startup Gameskraft has defied the recent challenges faced by the real money gaming industry and recorded a 14.2% increase in its consolidated net profit for FY23, reaching a staggering INR 1,061.9 Cr. This impressive growth comes despite the GST Council's decision to hike the GST rate for real money gaming to 28%, which has impacted the industry significantly.

Gameskraft's strong performance is driven by a 24.8% jump in its revenue from operations, which reached INR 2,662.5 Cr in FY23 compared to INR 2,133.1 Cr in the previous year. However, the company's total expenses also witnessed a significant rise, soaring 45.7% to INR 1,300.7 Cr in FY23.

It's noteworthy that these figures pertain to the period before the implementation of the increased GST rate, which suggests Gameskraft's robust financial health and its ability to navigate challenging market conditions. This achievement further solidifies the company's position as a leading player in the real money gaming landscape.

Gameskraft's success highlights its strong business model, loyal customer base, and focus on innovation. Despite facing headwinds from the recent tax decisions, the company has demonstrated its resilience and potential for continued growth in the future.