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Dolat Capital Report
Nazara Technologies Ltd. reported a revenue decline of 5.8% QoQ (our estimate: down 0.5%) due to higher than expected seasonality and Covid-19 affecting E-sports segment (down 12.2% QoQ).
While Nodwin saw de-growth of 12%, Sportskeeda was down by 28%. GEL business saw de-growth of 3.8% QoQ, on an adjusted basis as it continues to reel under impact of Apple's privacy policy change.
Real money games grew 9.3% QoQ, on back of lifting of restrictions in Karnataka, and increased retention of repeat users.
Ebitda margin declined to 8.5% (our estimate:14.0%), driven by lacklustre performance in Sportskeeda and marginal losses in Nodwin Business.
Nazara Technologies continues to maintain preference for growth acceleration with at-least breakeven profitability across segments.
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