Gameberry Labs reports Rs 110 Cr PAT in FY25

Gameberry Labs, the parent company behind popular online board games such as Ludo Star, Ludo Titan, and Parchisi Star, reported another year of strong growth in FY25, with operating revenue rising 28% year-on-year and profit increasing 18% to Rs 110 crore.

Gameberry Labs’ operating revenue climbed 28% year-on-year to Rs 591 crore in FY25 from Rs 461.7 crore in the previous fiscal, as per its consolidated filings with the Registrar of Companies (RoC).

Gameberry Labs operates four popular games: Ludo Star, Ludo Titan, Parchisi Star and BackGammon Friends, which together have recorded nearly 150 million downloads, as per the company’s website. The company primarily earns from in-app purchases, contributing over 84% of its total revenue at Rs 499 crore, a 37% year-on-year increase. The remaining 16% came from advertising, which declined marginally by around 5% to Rs 92 crore in FY25.

The company also earned Rs 31.3 crore from interest income, taking its total income to Rs 591 crore in FY25.

On the expense front, platform hosting and payment facilitation charges emerged as Gameberry’s largest cost component, accounting for over 30% of total expenses at Rs 143.37 crore, a 33% year-on-year increase. Employee benefit expenses rose 20% to Rs 135.48 crore, while advertising costs surged 42% to Rs 96.7 crore in FY25.

Gameberry paid Rs 64 crore in FY25 as part of a settlement agreement with Moonfrog Labs Private Limited (MLPL), linked to a case previously pending before the City Civil Court, Bengaluru. The settlement included a one-time payment of Rs 32.8 crore in FY20, along with a commitment to pay a fixed percentage of its monthly net revenue until 2030.

The controlled expenditure and growth in high-margin revenue streams helped Gameberry strengthen its profitability. The company’s net profit rose 18.5% to Rs 110 crore in FY25, up from Rs 92.8 crore in FY24.

On a unit basis, the company spent Rs 0.79 to earn a rupee in the fiscal year. Its EBITDA margin stood at 14.6% and a ROCE of 15.3%

As on March 2025, Gameberry’s current assets stood at Rs 564 crore, including cash and bank balances of Rs 114.8 crore.

As a free to play gaming firm, Gameberry labs might have escaped unscathed from the August ban on real money gaming in India. But there will be second order effects that will play out in the sector that will become more apparent as financials for FY26 start coming out. For Gameberry labs, a stated ambition to go global from the beginning is likely to be tested fiercely, to see if the firm can deliver now. 

With multiple job openings still up on its site, we would like to think the firm is giving it a very good go.