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Prabhudas Lilladher Report
We cut our earnings per share estimates of Nazara Technologies Ltd. by 6%/18% for FY23E/FY24E respectively as subscriber acquisition continues to remain a challenge in Kiddopia.
While Nazara Technologies' management is exploring additional marketing channels and has ear-marked a higher sum of $1.5-1.6 million per month for Q1 FY23E; achieving pre-apple policy era's subscriber addition figures will be difficult in near term.
Though Kiddopia is facing growth headwinds, E-Sports and Real Money Gaming is expected to grow at a strong pace due to consolidation of OML Entertainment and OpenPlay respectively.
Overall, we expect revenue/profit after tax compound annual growth rate of 28%/52% respectively over FY22-24E and the growth story remains intact despite near term challenges.
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