ECONOMY

Nazara Technologies – Breaking Through The ESports Landscape: Prabhudas Lilladher

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Prabhudas Lilladher Report

We hosted the management of Nazara Technologies Ltd. for a NDR recently. Management indicated that Battle Grounds Mobile India Master Series IP which is to be telecast on Star Sports from June-24 to July 17 is likely to be profitable from first year itself.

With respect to off-line events in ESports, incremental revenue addition is expected to be Rs 600-700 million (more or less in-line with the guidance given earlier) in FY23E.

However, for Kiddopia while $400K was earmarked to be spent on YouTube, Nazara expended just $100K and since lifetime value to customer acquisition cost went beyond guard rate, incremental spends have been curtailed.

Even the brand building exercise (sum ear-marked was $300-400K per month) has not yielded desired results and hence fresh spends have been paused.

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