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Prabhudas Lilladher Report
Nazara Technologies Ltd.'s operational performance was in-line with our estimates.
Kiddopia witnessed net new subscriber addition of ~2900 (lost ~18,700 subs in Q1 FY22) despite change in Apple's privacy policy. While cost per trial remained elevated at $33 as alternative marketing channels were explored, it is expected to revert back to earlier range of $26-29 in coming quarters.
Nazara Technologies' next high growth category, E-Sports, grew 34.2% YoY with media rights contributing 61% to revenues in Q2 FY22.
We increase our sales (focus is on scale and not profit maximisation given hyper-growth nature of the gaming industry) estimates by 11%/8% for FY23/FY24 respectively to account for OML Entertainment's acquisition impact (pre-Covid-19 revenue was Rs 909 million with Ebitda margin of ~10%).
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