Ladies and gentlemen, good day and welcome to the Q2 FY 2023 earnings conference call of Nazara Technologies Limited, hosted by ICICI Securities. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. The statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Banerjee from ICICI Securities. Thank you, and over to you, sir. Yeah, hi. Thanks, Kshitij. Hello, welcome everyone to the Q2 FY 2023 results conference call of Nazara Technologies. The management here is Mr. Nitish Mittersain, Joint Managing Director, Mr. Manish Agarwal, Group CEO, Mr. Rakesh Shah, Group CFO, and Ms. Anupriya Sinha Das, Head of Corporate Development. I will hand over the call to Mr. Nitish Mittersain for his opening comments. Over to you, sir. Thank you. Good morning and a very warm welcome to all of you to Nazara's Q2 and H1 FY 2023 earnings call. First of all, I would like to wish all of you a very happy Diwali and festive season. We have already uploaded a result presentation on the exchanges, and I hope you all have had an opportunity to go through the same. On behalf of Nazara, I am happy to share that for Q2 FY 2023, we generated revenues of INR 2,638 million, up 104% year-on-year, and an EBITDA of INR 213 million, up 9% year-on-year, and a PAT of INR 169 million, up 11% year-on-year. Similarly, for H1 FY 2023, we generated revenues of INR 4,869 million, which is up 87% year-on-year, an EBITDA of INR 514 million, which is up 4% year-on-year, and a PAT of INR 334 million, up 17% year-on-year. Our approach to capture growth opportunities across segments has been instrumental in us achieving better numbers in our growth estimates, and we continue to reinvest our profits for faster growth to achieve revenue scale and market leadership, at the same time maintaining healthy and positive cash flows and profitability to provide stability to the business. Given the strong H1 FY 2023 performance, we revised our revenue growth estimates upwards. We had earlier guided 50% growth for FY 2023. We are now revising this upwards to 70%-75% for FY 2023, and we will achieve this while maintaining our EBITDA margins at a minimum of 10%. As you would have already read, our CEO, Manish, will be stepping down effective November 30th, and I would like to take this opportunity to thank him for all his efforts over the years at Nazara. I will take over as CEO effective December 1st, 2022, and look forward to many opportunities to interact more closely with all of you in the days to come. I would also like to extend a warm welcome to Sudhir Kamath, who has joined us as Chief Operating Officer and will work closely with me going forward. Sudhir has 20 years of experience in strategy consulting, private equity investing, and running companies. His key responsibilities will include developing and executing the strategy for us, working closely with our subsidiaries, and working with me on the M&A side. I would request Sudhir to introduce himself, after which we will walk you through the quarterly highlights. Sudhir, over to you. Nitish, thanks for a very warm welcome, and good morning to everyone. I'm very excited to be part of Nazara. I think Nazara is clearly the pioneer in the Indian gaming ecosystem and has built a great platform, but I do believe there's a lot of potential in the coming years, and I look forward to working closely with Nitish and the entire leadership team as we continue to build a large and profitable business. I'm looking forward to having great interactions with fund managers and others on this side. Thank you. I will request Manish to take over, or Nitish. Hi guys, good morning. Hope everybody's doing well. Again, wishing you a very happy Diwali from Team Nazara. It is a great sign-off of results, which very happy to kind of really sign off with a century kind of a growth and a very, very privileged to be working with Nazara for the last 7.5 years and working with Nitish and the entire leadership team of our founders, to be able to kind of build a platform which can deliver these kind of growths, and not just the revenue growth but also operating cash flows as well as profitability increase. So very, very happy to share that, and I'll again reiterate that all our multiple growth engines strategy is really kind of firing, and which is all contributing to this growth. We grew 104% in the quarter two, year-on-year, and we grew 87% in the first half, year-on-year, which are amazing numbers. As the company continues to grow in size and scale, maintaining that kind of growth, usually people really are very, very skeptical, and we are very happy to really revise our estimates in revenue growth from 50%+ to 77.5%+. We are also very pleased to achieve this high trajectory of growth while maintaining positive EBITDA margins as well as operating cash flows, and while the revenue growth we are upwardly revising, we are also maintaining that we will deliver a 10%, thereabouts EBITDA margins for the year to come. I would request Anupriya to walk you through the key highlights of segments, and as in the past, we have found that the interactions and conversations through Q&A is a much better opportunity for us to explain to you various nuances of business. We would spend considerable amount of time on Q&A. Anupriya, over to you. Thank you, Manish. Good morning to everyone. So I'll quickly walk you through our segmental performance, and then we'll take on questions. So if you look at eSports, our revenue growth for the quarter has been around 174% and 132% for half-year, as NODWIN revenues grew by 240% in the quarter and 144% in H1. So Sportskeeda revenues grew by 76% in the quarter and 89% in H1. Now, growth at NODWIN is driven by growth in media revenues led by Master Series and Playground IPs, along with strong growth in the gaming accessories business. At Sportskeeda, we continue to grow our U.S. revenues, which grew by 2.6x in the quarter, driven by increase in video revenues and strengthening offering in eSports as well as core American sports like American football, basketball, tennis, and baseball. Now, NODWIN EBITDA has reduced to 0.8% in H1 versus 4.8% in H1 FY22 due to, one, an investment in the gaming accessories business where we have achieved leadership positions within the gaming headphone category on Flipkart within a very short period of time. Also, we have built new IPs like Playground. Both of these initiatives require investment, and they have resulted in a revenue growth of 240% year-on-year in Q2. Benefits of operating leverage will kick in as we scale the media and eSports-focused gaming accessories business, providing a flip to the EBITDA margin for NODWIN. Now, if you look at our gamified early learning business, the Kiddopia CPT has stabilized at 37.9 in the quarter as the company optimized the channel mix for user acquisition. We will now scale the user acquisition cost to drive further growth. We've also acquired 100% stake in WildWorks for $10.5 $10.4 million on 30th August 2022. In the month of September, the WildWorks revenues were $65 million and $12 million in terms of EBITDA. Our growth strategy at WildWorks is focused on invigorating the core business by increasing user acquisition spend to drive subscriber growth as well as accelerating content updates to drive engagement. Moving on to the AdTech segment, so we added AdTech as a new business segment in the previous quarter. This segment contributed to around 14% of overall revenue in H1. The business grew by 38% in Q2 and 52% year-on-year in H1 and has added 23 new clients. Now, our skill-based real money gaming segment with OpenPlay witnessed strong revenue and EBITDA growth in H1. Within the freemium business, Nextwave witnessed around 51% growth in Q2 and 41% in H1 FY 2023. I would like to reiterate, all our major business segments are EBITDA positive and cash-generating, and we are happy to announce that our H1 FY 2023 EBITDA was INR 514 million, leading to an EBITDA margin of 10.6% for six-month periods. I'll close my remarks here and open to the Q&A call for Q&A and request Manish and Nitish to join me for the Q&A. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nitin Jain from Fairview Investment. Please go ahead. Yeah. Congratulations on the good revenue growth. So my question is, questions are relating to the profitability. So, as you can see that, this quarter, the margins have dipped below the last quarter guidance of 12%-14%. Now, we know that, you know, the management keeps reinvesting for growth, but, was the reinvestment not factored into the guidance, that was given, last quarter? And also, follow-up on that is, what gives us the confidence that, the, the 10% guidance will be defended, for till the end of FY 2023? The next question is related to NODWIN. So, in during the Q1 call, the management was confident that, you know, the NODWIN margins should revive to about 5%-6%, but they have dropped further below 1%. So can you provide some more color on that, and does the guidance of 5%-6% still hold? Thank you. Hi, thanks. This is Nitish, and I'll answer your questions. So, firstly, on the EBITDA, the earlier guidance of 12%-13%, it was linked to our, you know, revenue guidance of 50% for the year. But however, as, you know, the year has, you know, gone by, we have seen many more opportunities for growth, and we took a strategic call that, you know, we want to press the accelerator on versus, you know, optimize our, I mean, you know, achieve higher margins. But we have this unique opportunity to really build for market leadership and for scale, and therefore it's a very conscious decision, which you can see our actions reflecting in our revenue guidance, you know, increasing from 50% to 70%-75%, and also the much higher than expected revenue growth. I think for a company like us, it's very important we are working in very nascent businesses like eSports and achieving market leadership. We are already market leaders, but you know, building on top of that, running way ahead of competition at this point is extremely important for us. At the same time, as you know, our stated objective always has been that we will prioritize growth over margins, but at the same time, we do not want to drive growth by burning money or by making losses. So I think as long as we are able to maintain positive margins, as we have guided right now, we will maintain a minimum level of 10% and maintain positive cash flows as we have done in this quarter as well as H1, we are very comfortable prioritizing the growth and really going up the scale. So I think that's on the overall basis. In terms of the NODWIN margins, I think there are very similar aspects in play over here, but I can deep dive a bit more. In NODWIN, in this quarter, we have taken on significant investments, one in building new IPs. It includes IPs like Playground, which we have launched, and which have been received well. There is also if you would remember, NODWIN usually has seasonality. Q3, Q4 are much, you know, larger, larger quarters for them with higher margins. And also, the gaming accessories business that we have launched, Q2 was, you know, the peak period for that because of the festive season, and we have aggressively, you know, spent money in marketing and building the brand over there. So I think, again, you will see it's the same approach that we are investing to build our IPs. We are investing to build our brands, and if we see opportunities, we will aggressively go after them, even if that means that we need to reduce our margins by a bit. I hope that answers your question. Yeah. That's quite clear. Just one last question. So, many congratulations to Manish for moving on. Just wanted to clarify whether the entrepreneurial venture will be, you know, in competition with Nazara. Thank you. Hi. I think I'm in here so that when the house is not, we can hear it. I know Nitish had to answer that. So, I'm very excited always in building nascent areas much earlier ahead, and I think blockchain is some of that area which over the next 7-8 years will evolve. And there are a lot of leading issues on basic blockers or ecosystem friction, and I'm very excited always to build those blockers and look at those ecosystem plays. And so from that perspective, building blockchain gaming space in India is so nascent that it will take a lot of time and more and more entrepreneurs with appetite. And that's why I'm really stepping out to build that. However, what is important to underline here is that I will continue to be on the board of the data subsidiaries as I've always been there, and plus, I'll continue to work with Nitish because it's a relationship of 10 years and formalizing. We'll work together as an advisor to Nazara. I'll continue to be associated. It is important to note that my significant holding is there in Nazara, and I've not sold anything, and that's where my interest and heart lies. Thank you. That's appreciated. Thank you. The next question is from the line of Jinesh Joshi from Prabhudas Lilladher. Please go ahead. Thanks for the opportunity. I have a question on Kiddopia. I think we spent about $ 3 million on Kiddopia in marketing in Q2. So with these kind of spends, are we back to getting the trial figure which we used to get pre-Apple policy change? Basically, just a thought of asking, as our activation in Germany more or less constant, and does if our trial figure has improved, there should be no further subscriber losses from these levels? Because sequentially, even if I look at our subscriber base, it is more or less constant as such. And from here on, I mean, how should we look at the subscriber growth given the fact that the CPT has stabilized at about 37-38? Sure. Hi. Thanks for that question. This is Nitish. I'll just answer this one. So, with Kiddopia, you know, what we are feeling very good about is if you see in this quarter, we spent $3.1 million, which has been higher than the preceding quarters. You know, our spends have dropped after the Apple IDFA issue. And if you will see, the cost per trial has actually declined from $39.3-$37.9. What that really shows is now we are able to scale back spends, not at the cost of increasing, you know, our, our trial cost, but actually improving it. So I think we are very comfortable, as we also mentioned in the last call, with the $37-$38 cost per trial because of our LTV increase, which is now starting to reflect in the ad pool. You see this quarter's ARPU is $6.8 and is increasing, and we expect this to continue to increase as more and more users come in at the new price point. So I think, to answer your question, yes, I think with this spend level, we expect Kiddopia, you know, user base to be stable, any further decline to be stemmed, and we expect that we should start showing growth in the coming quarters back. And we also expect that we will increase this spend as we get the opportunity to do so. Sure. One last question from my side. I mean, after Google allowed the Play to download the Fantasy Sports and Rummy on its app store, is it possible to share any what kind of savings can we expect in the customer acquisition cost as the organic discovery will improve meaningfully? Because if I look back at this quarter, we have given the customer acquisition cost at about INR 1,977. So how, how can to what quantum can this decline? And also, how has been the response so far in terms of downloads post-Play Store as such? Sure. So look, with the current apps being allowed on Google Play and our Classic Rummy went live just a week or 10 days back. So very early for me to share specific data or stats for you. We are also still optimizing and, you know, accessing the data. But I think, if you zoom out, there are going to be two major benefits of, you know, promoting the app or advertising the app on Google versus off-Google as we used to do earlier. One is, the friction for people to download an APK outside of the Google Play Store was a lot, and that gets eliminated when the user is downloading via Google Play. And therefore, the funnel should improve significantly, which means, we should see lower costs for trials or costs for, you know, paid users, I would say, depositing users. The other benefit of Google potentially is, the discovery, right? There are millions of users that actually go to Google Play every day, and, you could also see like we've seen Kidopia and other apps which are there on the app stores. You could start seeing organic discovery and organic, downloads for our, RMG apps, which means overall blended, costs should come down also significantly. So this will help in two ways. It will either increase the number of users they're able to acquire, or it will, decrease the cost that we share acquiring, or most probably both. But I think, next quarter will be the first quarter where we'll be able to present, specific data to you on this, trial. Sure, sir. Thank you so much, and congratulations to Manish, sir, for his leadership. Thank you so much. Thank you. Thank you. Thank you. The next question is from the line of Deep Shah from B&K Securities. Please go ahead. Yeah. Morning. Thanks for the opportunity. My first question is around this BGMI event that we had. So yes, I, I think it's very clear that the ban might not be over anytime soon. So what is the way out now? Do we hold these events somewhere else, or do we host other games as part of the same IP? What is the idea there? That is one. Second, we have highlighted that Freemium will be a focus area for acquisitions. So any update on that, and the Halaplay integration now done, how should we think about real money gaming? Are we still looking to add more apps to increase liquidity on that portal? So any update on that would be really useful. Hi, Deep. Thanks for asking, Manish here. How are you doing? I'm good. I'm good, Manish, and also all the best for your future. Thanks. Thank you. So yeah, you have asked three questions. Let me answer them. The BGMI ban is a hit for the entire eSports nascent market because when you have a very large game, it creates some sponge. Nothing wants a viewership, influencers. The entire ecosystem activity really keeps growing. And that's where the eSports, such events are not great for, high, highly very, very ugly day kind of an ecosystem which has a very strong tailwind of consumer behavior. The good thing is there are three levers which NODWIN has. One, the gamers are really kind of playing, and if you look at what is popular in India is the first-person shooter, and there is a 100 million-odd people who are really playing that. These guys are now trying to look at playing Valorant or playing Call of Duty Mobile or even, if you look at PUBG: New State, which is still there. So you see an audience which is playing. The second lever which we have is the South Asia, where we run PUBG Championships. The teams, local teams in India, are very, very keen to be part of their South Asia Championships, and maybe we relocate them to Dubai or relocate them to somewhere else because there are two parts of eSports. One is the tournament, and one is the players, and the other is the tournaments and viewership. I think the tournament and viewership can continue to happen through broadcasting while the teams are located outside India. Viewership is not an issue. So that's the second lever. The third lever is our ability to kind of create and leverage this whole excitement around getting entertained with gaming content. This is what we are looking at creating IPs like Playground which are not based on live tournament content but which are on-demand content. So that's how we are really continuing to work in this ecosystem to keep growing, while not even suggesting that BGMI is a setback for the whole ecosystem. And the entire industry should work together to really create right frameworks so that these things can't keep hampering the growth of eSports. So that's on the BGMI part. On the freemium part, M&A, we are absolutely working on that. As you know, that our M&A is something which doesn't happen in haste. We like to really engage with the different teams, their thought process, their how they really look at growth levels, what's their softer ambitions, and then only kind of really move. So these are very important capital allocation decisions for us. So we are having a very healthy pipeline, but we don't have anything complete which we are going to really announce today on the Freemium part. On the Halaplay OpenPlay, I think to kind of link it to the previous question, we are very excited about the whole Google Play fee and trying to see, is one of the large volume consumer drivers with the platform integration of OpenPlay, the tech being in place. I think, as Nitish shared, it's a hard day today, but we are very excited about leveraging OpenPlay's tech platform and the opening of Google Play to see what could be done in Halaplay. Though, I would like to caveat that space is a very strong network effect space, and there are very large incumbents. So again, how much of the benefit can accrue to us, we'll only come to know in coming quarters. Right. Manish, I think this was very useful. Thanks a lot, and once again, all the best. Thank you. Thank you. Before we take the next participant reminder to the participants, anyone who wishes to ask a question, may press star and one. The next question is from the line of Abhishek Kumar from JM Financial. Please go ahead. Hi. Good morning. And first. Morning. Manish, for your future inter and. I'm sorry to interrupt you, Mr. Abhishek, but you are not clearly audible. One minute. Yeah. Is it better now? Yes, much better. Please go ahead. Yeah. So, congratulations and all the best to Manish, you know, for your new role, and, you know, welcome to Sudhir, to Nazara family. My first question is, you know, on guidance, Nitish, so first half of this year, we have grown at 87% YoY. So that essentially looks like there is going to be some deceleration in the second half, which is traditionally the stronger quarter, and also the fact that we have actually acquired WildWorks and some of the other acquisitions which are not there. So, any specific areas where we are seeing trends slowing down, which has resulted in or is there just some conservatism built in the guidance? Yeah. No. So, so I think, there are a couple of things here. One is, if you see our numbers, right, usually Q3, Q4 have been larger numbers even in the previous year, which means that the base is much higher compared to Q1, Q2. Q2, in fact, for last year, if you look, it was a much smaller number compared to the increase in Q3, Q4. The Q2 growth has been higher because, with our gaming accessories business and wins, Q2 now becomes a, you know, key peak period, I would say, because of festivals. You know, the major sales happen through Flipkart and Amazon, and they run these large, you know, sales, and business really happens in this quarter, which means you are seeing Q2 catch up much faster in posting a 104% growth because it's coming off a much smaller base last year, and you've got a new product which kind of peaks in this quarter, this second quarter. So I think that's one key reason why you are seeing the 104% growth but a 70%-75% growth for the entire year. I think if you look at our overall business, even if you were to exclude Datawrkz and WildWorks, which have been our recent acquisitions, we would have grown 70% in this quarter and 58% in H1 over next year. So I don't really see a deceleration happening, but I think more of normalization happening over the year. Sure. That's helpful. Now, one question specifically on Datawrkz. I mean, the company used to grow at, you know, well over 100%, before the acquisition. And I think the first time we have grown around 50%, 54%. Also, if we look at, you know, globally, what is happening, in, you know, ad-driven, businesses like Snap, for example, you know, they're missing estimates, dropping guidance, etc. So is there any challenge in that ad tech, world because of, you know, either because of demand or, or change in Apple's policy, the impact, are we seeing on Datawrkz's, you know, growth as well? Hi. Again, an answer on two key trends over here. One is even in Datawrkz business, there is a seasonality. Q3, Q4 are usually larger than, you know, the first two quarters because we run into the festive period, in the U.S. where the advertising spends are more. So I think, that's one reason. The second reason really is the growth lever. Datawrkz in the last few months has been, you know, since the acquisition being a lot more aggressive in acquiring new clients, and we believe that growth will come in. Now, you have to remember, in a very, very large industry of the U.S., right, of a $700 billion advertising industry, Datawrkz is just a $15 million-$20 million business. So I don't think macro levels will affect Datawrkz a lot today. Also, as advertisers cut spend, I think Datawrkz, with its operations out in India, provides a significant arbitrage and cost benefit for many clients. So I think as efficiencies become more important, Datawrkz should benefit going into FY 2024 rather than suffer from the overall market climate. So we, we remain very bullish about this business. We think there is a lot of scale-up opportunities here, and we will continue to work very closely with the team over there to achieve this. Great. Thank you so much. I'll come back in the queue for any follow-up. Thank you. Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Ankit Dave from JM Financial. Please go ahead. Hello. Yeah. Hi. Oh, hi. So I have a couple of questions. One on if you can just help us with the revenue split in NODWIN as to OML and D2C. And the other one being there's a one line item on balance sheet as to borrowings of INR 106 million. So can you just help us with that? Yeah. Let me take the second one to see. Manish here. Hi, Manish. On the borrowing part here, there is a Brand scale. This is a gaming industry business, which has a working capital requirement always because you are, kind of, ordering your stocks before, and you are paying to your manufacturers and all that stuff. So that company would continue to have a working capital requirement, and that's what you see in your balance sheet items, which in other parts of the Nazara business is not required. So that's the addition to the balance sheet line item. On your first question, which was around, sorry, I forgot the split of NODWIN. So on the split of NODWIN, we have always given you two splits, media and non-media. And we do not want to at this juncture give you further splits because each of those splits are still very, very small. We do not want to really kind of get into any kind of more data information till we have very strong, tangible, predictable, scalable, levers proven to ourselves. And hence, that's point one. Point two, the true value creation is in NODWIN is on two points. One, how do you really kind of create and build IPs and see the media numbers really growing? Because that's where your elasticity on margins will happen, and your operating leverage will happen. Second, the IP which you build is access to community. And how do you leverage that access to community through more and more community-related transactions? These are the two growth, essentially, value creation drivers and, and operating leverage drivers in the future. Media is something which we started looking at four or five years back, and hence, we have been giving that. The other lever is access to community. As we concretize it and formalize it more enough, then we will start splitting it. But not for now. We'll continue to give you media and non-media. Okay. Thanks for that. Just if I get to raise one more. So there's a steep rise in other income line items during this quarter. So any reason for that? And can you speak on the color, please? Yeah. So there's a steep rise in other income during the quarter. Yeah. For the. The other income, is, you are seeing a spike, because of, our investment in Rusk Media. There was an external investor that came in at a much, higher valuation. So that investment has been marked up, which has been, included in other income. Okay. Thanks. Thanks, Nitish. Thanks, Manish. Yeah. Thank you. The next question is from the line of Rahul Jain from Dolat Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. I have a couple of questions. Firstly, on this Animal Jam business, it's been some time this business is integrated now. So, any input in terms of how the metrics or the strategies have evolved ever since it has come into our fold, and what kind of growth or margin thought process we can think of in this business in the current fiscal? Secondly, on the question specific to the CEO, basically, it's coming from a, if my understanding is right, coming from a background from a running kind of a business which he has also created. While that kind of a business for us right now is pretty small. So any thought process in terms of how this would change with Sudhir coming in? Definitely, the question related to Manish that, given that, we as an organization are acting very powerfully as a VC plus PE kind of a situation in this gaming ecosystem, and with most of this transaction happening with Manish being around. So how we try to fill up this capability, which probably would see a gap once he's not around. Thank you. Sure. So, let me answer all of them one by one. So on WildWorks, as you know, you know, the acquisition has been fairly recent, you know, less than a couple of months back. And, we are in an initial phase of understanding and integrating, you know, our, our process into that business. What we have already achieved is, well, I would say, is do some very crucial hires over there. For example, you know, a director of data engineering was missing, and data analysis was missing. And, we've found a very good resource, who has already joined and, and started to throw up a lot more, you know, in-depth data, I would say, which can be actionable by us as well as the WildWorks team. So I think that's one thing we've started. We've started working with the UA team at WildWorks. And also, naturally, with the way the transaction was done, you know, WildWorks team is now able to refocus again a lot onto the Animal Jam product. So small things like, you know, improving, increasing budgets for customer service, bringing down turnaround time to customer responses, etc., have started happening. And we are already a lot more updates have started happening regularly. And we are already starting to see an uptick on that business. We did, in this September, the business did $65 million in revenue and $12 million EBITDA. And we believe this Q3, the business should grow well because it's also the festive Christmas season in the U.S. I think WildWorks has a lot of potential to grow, which is the reason we really went into it. But it's very early to guide specific numbers. We would like to get a lot more grip ourselves before we start guiding specific numbers there. But we remain very excited with the opportunity. The team is fantastic. The IP is fantastic. It has a very strong community of users, if you check on Instagram or Facebook or any social media. The fans and community is very engaged. And I think that's a great foundation to build on. On the second question, with regard to Sudhir coming in from a RMG background, I think, and how that will impact our RMG plans, I think we will, of course, surely engage with Sudhir, take his inputs on, in what direction RMG is going in and how Nazara can scale up here. We're also very keenly looking to watch how the impact of Google Play, positive impact of Google Play for, our products. We will evaluate this, alongside our earlier stated objectives of getting clarity on GST, etc., before we continue to scale this business, right? Sure. There was a question around Manish, on M&A. Yes. So I think, on the M&A business, one is that me and Manish have worked very closely together on all M&A deals, right from the start. And, I think I will be taking the lead there, on the M&A side, at least from a structuring, valuation, network perspective. The good part is, over the years, Nazara having executed many M&As successfully, we have built a brand. We've also built a very strong soft asset in terms of how to be able to work with these teams and scale the business. And I think that is already attracting a lot of inbound M&A approaches to us. So our funnel has really increased. That said, also, we are starting to work with a lot of investment bankers because not only in India but outside because we have, you know, our scale of potential scale of acquisitions is also increasing. And that is bringing in a lot of interested parties, you know, to the table. Lastly, we have, as you will remember, we've also become an LP in some gaming funds, like Griffin Partners in the U.S. and BITKRAFT in Europe, which also provide us good funnel for us to invest in or potentially acquire companies. So I think, I will be really taking the lead on the M&A side. Sudhir will work with me. We have a strong team. And at some point of time, we may also bring in a dedicated, you know, M&A head into the organization. Sure. Sure. Thanks for all those answers. Best of luck, Manish, for your future venture. And I think you're part of this ecosystem, and we never know how the path goes again, even for Nazara and for the larger ecosystem. Thank you, and best of luck. And, congratulations on your new venture. Thanks, Rahul. Thank you. Thanks so much. Thank you. For all the support and interaction. Enjoy it, Rahul. Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Aparna Shanker from SB Mutual Fund. Please go ahead. Yeah. So, congratulations on a good set of numbers, Nitish. Just a small bookkeeping question. What is included in media, and what is included in non-media? If you, I am not looking at granular data, just the heads. Aparna. Hi, Manish here. Kathy here. Yeah. Yeah. Congratulations. Thank you, Ji. What is included in media? Is any money which collects from the platforms such as OTT platforms, Media-TV platforms, that that's the money which comes in media? What, what generates that revenue? Your live content, your on-demand content, your talent content, talent thing. So these are the things which you really look at in the part of media. And anything which is there on the non-media, it comprises of D2C. It comprises of white-label events. It comprises of any brand sponsorship from your own IP. And these are the three big components from your non-media. There's, we also run the whole infrastructure for Steam and everyone. That's a very, very small component. So that's the fourth one. So that's these four things comprise of non-media part. And the media part, I explained to you. Yeah. Thank you. Thank you so much, Nitish. Thanks. I'm done. Yeah. Thank you. Participants who wish to ask a question may press star and one. The next question is from the line of Raj Joshi from Ace Securities. Please go ahead. Hello? Yeah. Hi. Thank you, sir. Thank you, sir, for the opportunity. Sir, there is an incremental loss of around INR 76 million. May I know it is related to what? Yeah. This is related. We took a write-down on our Halaplay investment, partially. And this is impairment of that. Okay. Sorry if this has been asked, but what level does eSports starts making money? We had a very low EBITDA margin despite substantial revenue growth. Yeah. Well, eSports will start making money as of today also. It's up to the direction we want to take that business in. Like I stated earlier, I think, being a nascent market which will become a very large market, and Nazara being a market leader over there and NODWIN being a market leader over there, our priority today is to really drive scale and achieve market leadership. The only guardrail we have put is we do not want to achieve the same by going into losses. So you will never see, you know, large losses being incurred, to achieve market leadership. But, trying to maximize margins or increase margins at this time at the cost of growth at the cost of growth may also not be a very good idea. So we are trying to find the right balance over here, the priority that we need to increase, you know, our market leadership. Also, as, what is important to understand is as the eSports community for us grows, our IPs become larger. The elasticity on value that we can generate will be much higher. And this eventually should turn into a very, high margin business. It's not a long-term, it's not a low-margin business. Why you see low margins today is because of reinvestment into growth. And, as we will achieve scale, you will see much heavier margins. Thank you, sir. That's it from my end. Thank you. Participants who wish to ask a question may press star and one. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. Sure. I would once again like to thank all of you for joining the call. I hope we have been able to address all your queries. If there's any further information, kindly get in touch with Anupriya or our IR firm. I would like to sign off by saying that, you know, the opportunity in India's gaming landscape for Indian companies to dominate the global gaming landscape is huge. I think Nazara has a fantastic foundation to continue building on. As the incoming CEO from December, I am very excited about the opportunity. I would like to sign off with a quote from my favorite poet, Robert Frost. "The woods are lovely, dark, and deep, but we have promises to keep, and miles to go before we sleep, and miles to go before we sleep." Thank you very much. Thank you. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us. You may now disconnect your line.