Nazara Tech Q1 Review - KPIs Stabilise In Kiddopia; Concerns Subside: Prabhudas Lilladher


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Prabhudas Lilladher Report

Nazara Technologies Ltd. reported decent set of numbers with a topline beat of 7.9% and an Ebitda margin of 13.5% which was partially impacted by continued investments to fund growth initiatives of Nodwin.

Nonetheless, key highlight was stabilisation in unit economics (lifetime value/ consumer acquisition cost of two times) of Kiddopia after taking a price hike of 13% in June. We believe further headroom exists as Kiddopia’s monthly subscription plan of $8.99 is still at a discount to other players.

Further, even on Esports front performance was encouraging with 11.7% sequential growth in top-line despite seasonality effect (typically more events accrue in H2).

However, scaling in Freemium business remains sub-par while real money gaming segment is under the web of regulatory uncertainty restricting further investments, albeit temporarily.

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