Ladies and gentlemen, good day, and welcome to the Nazara Technologies Q1 FY 2025 earnings conference call, hosted by ICICI Securities. As a reminder, all participant lines will be in 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 then zero on your touchtone 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. Hello, good morning, everyone. On behalf of ICICI Securities, I would like to welcome all of you to the Q1 FY 2025 earnings call of Nazara Technologies. We have with us from the management team, Mr. Nitish Mittersain, CEO and Joint MD, Mr. Sudhir Kamath, Chief Operating Officer, Mr. Rakesh Shah, Group CFO, and Ms. Anupriya Sinha Das, Head of Corporate Development. With that introduction, let me now hand over the call to Nitish for his opening remarks. Please go ahead, sir. Thank you, Abhishek. Good morning, everyone. For the first quarter of the financial year ending financial year 2025, we achieved a consolidated revenue of INR 250.1 crores and EBITDA of INR 24.9 crores and a PAT of INR 23.6 crores. This is our fourteenth successive profitable quarter since our IPO, and our focus remains on driving growth with profitability in FY 2025 and beyond through the organic growth of our existing businesses, as well as M&A, especially in the core gaming sector. Recently, we announced the acquisition of the remaining stake in Paper Boat Apps. Now our holding is 100%, and we believe that, there are several opportunities in front of us that can help grow this business going forward. We also acquired Fusebox, an exciting IP-based gaming studio in the UK that has, done very well. And again, we believe this will add a lot of value in terms of potential growth and profitability to our business. Our other subsidiaries have also been very active in the M&A side, with NODWIN recently acquiring 100% of a leading eSports company in Europe, Freaks 4U Gaming, as well as iconic property, Comic Con India. Sportskeeda also acquired Soap Central and Deltia's Gaming in recent days. In FY 2024, our team has worked very hard to create a strong pipeline of opportunities that fit our objectives, very patiently, but at the same time, you know, very actively. As can be seen, we are now deploying our cash reserves this year to acquire such businesses that we like, and we expect that these acquisitions will help us accelerate towards our FY 2027 goal of achieving EBITDA of INR 300 crores that we have set for ourselves. With that, I now hand over the call to Anupriya, our Head of Corporate Development, for further business highlights. Thank you, and over to you, Anupriya. Thank you, Nitish. Good morning, everyone. As you are aware, Nazara operates across three business segments: gaming, eSports, and AdTech. We are well diversified across demographics, geography, and business models. In Q1 FY 2025, gaming contributed 37% of revenue and 43% of EBITDA, while eSports contributed 53% of revenue and 55% of EBITDA. Our third segment, AdTech, co-accounted for the remaining share. If you look at businesses within gaming, Kiddopia reported revenues of INR 49 crore, EBITDA of INR 10.4 crore, with an EBITDA margin of 21.4% in Q1 FY 2025. Most of our key performance indicators have either improved or stabilized this quarter. Especially, our cost per trial has decreased, our activation rate has increased, and the average revenue per user has improved. The churn has also reduced in the same period. As a result, the rate of decline in subscribers in Q1 FY 2025 was lower compared to other quarters in the past. With stable or improving KPIs, we anticipate that our subscriber base will begin to grow again in the coming quarters. We are also making progress on our, on closing IP partnerships, which will provide a boost to organic user acquisition going forward. Moving to Animal Jam, Q1 FY 2025 revenue increased by 7% to INR 23.6 crores, driven by the ongoing success and monetization of Wishing Coins and the launch of a new pet, Dragons, via the Wishing Well within the game. We had higher investments in user acquisition in Q1 FY 2025, which is expected to pay back over 12-18 months time frame. Going to OpenPlay, the RMG business. While gross gaming revenues have declined only slightly, that is, customers are still playing almost the same, increased GST has led to a sharp decline in net revenue after GST. Our organic focus has been on enhancing operating efficiency to achieve profitability within the constraints of the new GST regime. Our eSports segment revenue grew by 12%, while EBITDA grew much faster by 85% in Q1 FY 2025. Going to NODWIN. The NODWIN revenue grew by 3% compared to the last year to INR 71 crore. However, accounting for the deconsolidation of Wings, which took place on third February 2024, the revenue growth is much higher, of 35%. The growth is led by strong performance from NODWIN's proprietary IP, including Vainglory, Gaming Matters, Comic Con, and others, and the media business, which showed 44% growth year- on- year. Profitability was muted as NODWIN continued to invest in new events and IP. With a healthy pipeline of upcoming events in the next two quarters, we expect accelerated growth for the year ahead with profitability. On the M&A side, NODWIN has increased its investment in Freaks 4U Gaming from 13.5% to 57% initially, and subsequently 100%, eventually through a share swap deal valued at INR 271 crores. Notably, Freaks 4U reported revenues of INR 223 crores in CY 2023, and we will consolidate this business in NODWIN from July 1, 2024 onwards. Moving to Sportskeeda. Sportskeeda continued its growth journey for both revenue and EBITDA this quarter, reporting a year-on-year revenue growth of 33% in Q1 FY 2025, while EBITDA increased by 28%. Sportskeeda has done two acquisitions. In June 2024, the company acquired SoapCentral.com for $1.4 million, approximately, which is approximately INR 11.6 crores. This acquisition aligns with the overall strategy of acquiring smaller niche assets and expanding them under full ownership and control for Sportskeeda. In August 2024, the company agreed to acquire Deltia's Gaming in an all-cash deal worth $900,000. Deltia's Gaming produces high-quality content for specific games, such as Baldur's Gate III and Elder Scrolls Online, on platforms including YouTube, Twitch, and its own website. Moving to the third segment, AdTech. During Q1 FY 2025, we strategically shifted away from lower margin business, resulting in a year-on-year revenue drop to INR 25.7 crores from INR 27.6 crores. However, gross margin improved significantly, leading to a gross profit increase of INR 7.3 crores from INR 6.2 crores, due to a higher share of product business. We continue to invest in product development and increase marketing efforts, especially in the U.S. market, which has kept EBITDA subdued compared to Q1 FY 2024. We expect these investments to positively impact business outcomes in the coming quarter. With this, I conclude my remarks and will now open the call for Q&A. I would like to invite Nitish, Sudhir, and Rakesh to join me for this session. 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 their 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 Abhishek Kumar from JM Financial. Please go ahead. Yeah, hi. Thank you. Good morning to the management team. First question is on the GST notice. I saw that we've got INR 1,100-odd crores of notice. Now, we understand this is a industry-wide phenomena. What is our view on this? And is there any provision that we plan to make against this notice? Sure. Let me take that. This is Nitish. So there are a couple of things. Of course, it's an industry-wide, known issue, and it is subdivided, you know, the various hearings are going on, and we will see how that pans out, as well as the position that, this GST council takes. In terms of the notices, we are not, they are in two of our subsidiaries, OpenPlay and Halaplay, and, as you know, both of these do not, at this point of time, contribute material revenues or profitability to our overall performance. At this point of time, we do not require to take any provisions on the Nazara balance sheet. Okay, sure. Second, on our recent acquisitions, I just wanted to understand, given the, you know, speed with which we've been acquiring some of these assets, you know, what is the risk and governance framework that we have to select these, you know, to basically assess their future potential, et cetera? Given these are not in India, and, you know- Yeah. We're doing it at a fast pace. Yeah, thanks. Yes, sure. Again, I'll answer the, that one. You know, while, it may look like we are, you know, executing at a, a very fast pace, there are a couple of points here. One is, as I mentioned in my earlier commentary, you know, most of last year, we spent a lot of time diligently looking at opportunities and, you know, going through, because we have a very clear framework of opportunities, that we want to, you know, go ahead and acquire in terms of the potential business of the company, the management, the structure of the deal, as well as the value that we pay. So I think, we've been very selective in what we are buying and not, you know, going after every deal that is offered to us. So that's one point. The second point is, also, as you can see, many of our subsidiaries are active in M&A, whether it is NODWIN, Sportskeeda, for example, and these have focused managements who understand their core business really very well. And alongside support from Nazara and the Nazara corporate strategy team, they are able to execute these transactions, which provides us with a lot of bandwidth. This is, I think, one of the unique unique positionings of our company's platform that allows us to, you know, do this at a scale, with a lot of bandwidth. Lastly, I think there's a common set of format agreements, you know, legal teams that work on this, so that a lot of our, you know, basic thought process of M&A remains constant in the way we have done over the years, and also incorporates the learning that we have gathered over the years. I hope that answers your question. Yeah, that's very clear, Nitish. Maybe just one last question, again, on the, you know, acquisition. So, this 100% stake in Paper Boat Apps, you know, I think this is the second instance. Earlier, we had done it with WCC- Yeah. If I'm not wrong. So, you know, what is the rationale here, to take this up? Because that would mean that the founders of that business will no longer be associated with us. So does that create any sort of risk going forward? Thank you. Yeah. No, I think the founders have done a fantastic work of bringing the business to the stage it is, right? In any business that we would acquire 100%, and we believe that there is potential in the business, which is why we are acquiring 100%. We also believe that the value we are acquiring is, you know, accretive to us and our, our stakeholders, which is why we are acquiring the business. I think, if you look at Sportskeeda as an example, where we acquired, you know, stake from the founder, who built Sportskeeda into a fantastic company. The professional management over there has done a fantastic work beyond that, in being able to scale the business to the next level. So we also believe that in the most recent acquisition of Kiddopia, for example, by acquiring 100% stake, it opens up a lot of synergies that we directly at Nazara can operate. We do have a strong management team in place, and we'll continuously, you know, strengthen it and try and scale the business. We have specific ideas. Some of these we have actually shared in our presentation, which we are very actively working on, which we believe can help Kiddopia break out of the kind of, you know, plateau it has been since a few quarters. Okay. Thank you, and all the best. Thank you. The next question is from the line of Jinesh Joshi from Prabhudas Lilladher Private Limited. Please go ahead. Yeah, thanks for the opportunity. So my question is again on Kiddopia. I understand you have shared some insights with respect to how you plan to scale the business up, for instance, by expanding beyond the U.S. geography or for that matter, entering into India. But, I mean, wherever you choose to operate, the Apple ID definition will continue to trouble us, right? So what exactly are we trying to, I mean, think through, why acquiring this balance sheet, and how do we plan to get back on the growth path? I'm asking this because for quite some time, we have seen the subscriber base fall off in Kiddopia. So just your thoughts on that. I think the biggest opportunity here is to boost organic traffic. And, for achieving that, we need to partner with popular IP characters of kids from all over the world and integrate them into Kiddopia. We are very actively in discussions with many such large IP holders. Most names you would know, but I will not disclose on the call till we have a agreement in place, which I believe will lead to a large boost in organic traffic for the company. I think what we need to do is move away from the pure user acquisition-led model, and we have seen competitors of ours in the U.S., for example, do very well through this organic, IP-driven route. Given that Kiddopia's core product remains very popular, remains very sticky, we think the combination of Kiddopia product with popular IP can be a very successful one. We are hoping that in the coming months, we announce and integrate these and take them to market to give a fresh lease of life to the product. We still believe there is a lot of potential. This can be a much larger scale business, but we need to think out of the box, which is what we are currently very actively working on. Sure. By when do we plan to induct the IP characters that you just spoke about? You know, the companies that we are talking to are very large corporations, and therefore they have their own processes. We've been in discussions for the last two quarters at least, and I believe we are coming to a point where maybe in Q2 or latest by Q3, we should be able to announce some deals. We will go with the content that we have that is easily adaptable to these characters, so that the time to market is not, you know, takes a lot of time. I think Q3 or latest Q4, which is October to December period, is when we look at launching IP-driven content in Kiddopia. Sure. So my second question is on Fusebox. So from whatever I've understood is that we basically publish games based on popular TV IP. So are we supposed to pay any kind of royalty to the production studio? That is question one. And secondly, if our game is dependent on some TV show or an IP for that matter, basically the content intelligence is with someone else, and we are just trying to basically mimic it. So just wondering how durable and successful this format can be? Yeah. No, it is. Actually, you know, the way this works is, firstly, of course, it's actually an IP play, so similar to what we're talking about Kiddopia, which is licensing popular IP. In this case also, the studio is licensing popular IP, which gives them a significant boost in organic traffic. So in Fusebox, we can already see the success of what IP can do, which is what we are trying to replicate in Kiddopia. And if you've seen the Fusebox numbers we uploaded, right? You've seen rapid growth, with a lot of the revenue coming from iOS, despite the IDFA issues, et cetera. Now, the model that works is basically a revenue share. So usually you are paying net revenue after, in some cases after UA, in some cases before UA. You're paying, you know, anywhere from 12%-20% range for IP. But that cost generally is lower than the cost that you would pay for user acquisition. So it, the margin profile is much higher, even after factoring in for this cost. In terms of content, for example, in the case of Fusebox, while you draw on some of the characters of the show, the content is actually fairly delinked. It's within the guidelines of the show, but it is pretty delinked. Now, with AI, et cetera, the ability to produce this content is much faster. With Fusebox, particularly why we were very excited is that they've got a proven engine for narrative-based, story-based games. We believe that beyond the current IPs that they have, one which is very successful, one which is going to launch in the next two months, we believe this is, we can take this engine across the world in different geographies, partner with local, you know, popular television, serials or shows and launch. So I think it's quite a scalable platform that we've acquired, and we will build on. Sure, sir. One last question from my side. I believe we still own about 40% in Brand scale, and our exposure is about INR 53 crore as of date. But I believe the business is not making money, and currently we are also evaluating options to raise money. So just wanted to know, have we taken any write-down in our investment so far within Brand scale? No. So we own 40%, and we've, as you know, that we deconsolidated this business, due to two reasons. One, they wanted to venture into the laptop space, which was not, you know, conducive to our own model, or where we wanted to go. And second, it was not able to, you know, it was making losses, which we could not really want to sustain. So at this point of time, we are evaluating options to either sell our stake, if we can get a buyer, or the company is looking to raise capital. At this point of time, we have not taken any impairments, but there is a potential risk of impairment in the future. We got it, sir. All the best for your future acquisitions, and good luck. Thank you so much. Thank you. Thank you. The next question is from the line of Manan Poladia from MKP Securities. Please go ahead. Am I audible? Sir, I would request you to please use your handset. I am on my handset. Am I audible now? Yes, sir. Okay. Hi, hi, Nitish. So my first question is, on the Datawrkz business. I think it's been, I'm not sure, five or six quarters or more since we've acquired the business. Ladies and gentlemen Hello. We have lost the connection of the current participant. We will move on to the next participant. The next question is from the line of Samarth Patel from Equirus Securities. Please go ahead. Thanks for providing me this opportunity. Am I audible? Yes, you are. I had three questions. The first one is, with the BGMI Master Series tournament now streaming on Star Sports, how should we think about the growth trajectory and margin outlook for esports segment this particular year? I'm going to call for Sudhir to take up the questions around the esports business. Samarth, I think as you mentioned, streaming has started. In this quarter, if you look at the numbers, we have seen an uptick in media revenues from audience business, so almost a 45% kind of an uptick compared to the same time last year. That doesn't actually reflect a lot of the BGMI Master in the revenue yet, so that will still come in the coming quarters. So we do expect a pretty nice growth on that front. Would that quantum be similar to what we had last time when the streaming used to happen on Star Sports? Or is there any material difference in terms of media revenue? I think it's still a little early to say that. Earlier with Star Sports, there was, apart from the series, there was also different packages that we were providing. I think on that front, there is still work being done. So I think maybe just wait a quarter or two, and then we'll give you a more detailed update on that. Okay. And apart from that, with considering the SMAAASH Entertainment, which operates the physical entertainment centers across various cities in India, and, like, how do you envisage the synergy between Nazara's core gaming business, esports business, and the SMAAASH Entertainment going forward? Yeah, I'd just like to first call out that SMAAASH, as you know, it's in a NCLT led process. So the committee of creditors has selected Nazara as the preferred bidder, but, it's still awaits NCLT court approval. So that, we think, will take a few more months. So until then, we're not really, we can't say anything much about SMAAASH at this point. But just broadly from a strategic point of view, the way we see it is, there is an emerging kind of hybrid gaming model that we see, where, you will have physical centers like SMAAASH or others, which also become an avenue for online games like ours to have, cross-selling synergy. The same customer segment is there, and they can get exposure to both sides. So we do see, you know, the especially with the two parts of the business, one is the kids gaming side of the Kiddopia and Animal Jam, and the second is with the esports and live event side. And I think both will, will hopefully come through in future. Okay. That was really helpful. And my last question is on RMG. So, is there any change in our acquisition strategy in the RMG segment? And, like if we are, like pursuing it, how close are we to securing a deal of any significance we can scale here? So there's no change in the strategy. We're looking at, as we mentioned in previous quarters, we are looking at sizable companies which are market leaders or in the top three, at least in their segments. And that continues to be the focus, so this will be sizable. The alternative is, which we're also looking at, is very small targeting, which can combine entirely with OpenPlay and use their tech and product platform, which would be smaller in nature. So both are still in the pipeline. I would say that we're working on this indeed. It's very difficult to predict when things will close, and specifically in RMG, there is also the added complexity of the legacy tax streams which are there. So we do need some resolution. I do believe, as we've seen in the budget, the government has now got the power to waive past tax streams. We're waiting to see how the government uses this, and then I think the options are much more quickly. Understood. Understood. That was it from my side. Thank you so much, and good luck for the upcoming quarters. Thank you so much. Ladies and gentlemen, you may press Star and One to ask a question. The next question is from the line of Nikhil Gupta, who is an individual investor. Please go ahead. Hi, my question is for Nitish. It is all around SMAAASH only. I know you cannot share more details at this point, but I just want to know, let's say we go ahead with the deal, what is your vision for the next five years? How do you see getting integrated, the offline and the online, and the revenue growth, the projection we can see in the next five years? Yeah. So I'll answer in context to offline or physical gaming zones and entertainment zones versus a specific response to SMAAASH. So we think that, as we mentioned, one is esports with NODWIN, what we have. NODWIN esports already has a lot of offline tournaments, et cetera, which we believe can integrate very well with a footprint that we have in the offline gaming zones. I think that is one clear-cut opportunity for us. The second is we believe that VR, AR, et cetera, are, you know, taking off very well. We've been actively looking at acquiring some VR studios, for example, and I think online/offline VR experiences could be also a very interesting play. Third is we want to roll out our online/offline Nazara loyalty platform, which can also integrate into this. So we have several ideas, on how we can really make this value accretive for both online and offline. In terms of just the offline entertainment, I think, increasingly with India's growing consumerism, you know, the ability to expand, significantly across the country. The scale and opportunity for such businesses over the next years is going to be immense, and we want to, have our own, you know, play in the game. Yeah, that's quite helpful. So if you can have some tentative number you have in mind, which can grow in the next five years in this segment? Not at this point. Understand. Thank you so much. Thank you. Thank you. A reminder to all the participants, you may press Star and One to ask a question. The next question is from the line of Abhishek Banerjee from ICICI Securities. Please go ahead. Yeah, hi. A couple of questions from me. So, with regards to the Kiddopia business, see, I understand that the CPT has remained in a band, you know, and you managed to contain that, but the marketing spends are still pretty low, right? So, you used to have a $2.7 million-$2.8 million kind of run rate, and it is much lower than that as of now. So, given that the subscriber number has been, you know, declining, I take your point that the decline has arrested a little bit, but it's still a decline nevertheless. So why are we not being more aggressive on acquisitions at this point, by, you know, increasing the marketing spend? Let me take that one. So Abhishek, Abhishek, thanks for hosting this, and thanks for the question. I think on the CPT side, what you said is correct. I mean, we have managed to keep it at the current level, but that's at the current spend level of about INR 2.4 million or so. What we've seen in the past is that when we've scaled up, CPTs and churn have typically increased a little beyond what we think is a comfortable level for the business. So, I think as Nitish said in one of the earlier answers, I think for Kiddopia, the growth, I think we'll keep the UA profile stable at this level or maybe slightly higher as we can, and we keep exploring other channels for that. But eventually, the bigger chunk of growth will come from non-UA-led measures. So IP integration is probably the number one idea, initiative there, which is where we want to acquire minimum organic users, and that's what actually drives the growth for this category. Understood. But, if we even look at that route, right? So whatever royalties we'll be paying, will that be in the same—I mean, the cash, will it come to the similar kind of a number, as what we are seeing today? Yes, we've done various simulations on this, and we've also seen how some of our competitors, not just in kids, but also in other segments which are used, I think, have done. We do firmly believe that the cost, including royalty, of what we pay for those users, so the cash there will be lower than what we've seen from a purely utilized strategy. Understood. Okay. And my next question would be on the Pro Football Network, right? So there you've talked about some changes to the product that has happened. So first, I mean, so PFN has been an exceptional performer for you guys. So exactly what, what has been, you know, modified here? And, what kind of growth are you expecting in PFN, for the Q2, I mean, the peak season? I think it's not so much changes. It's actually new products, which PFN has been able to create, with the support from the, Sportskeeda team. So PFN had a very small team, and Sportskeeda obviously has a much larger, infrastructure in terms of, people who could help them both on the tech side and on the content tool side. And many tools have been developed, which will then be given to customers in the coming NFL season, which actually starts in September. So that's what we're looking forward to. In Q1, what we saw, there was about a 50% kind of revenue growth over the previous year. I mean, obviously, that's off-season. We're waiting to see if that gets replicated in the actual season as well or not. I don't want to really put a number on it at this stage, but I think by next quarter's results, you will start seeing some numbers. Got it. And finally, on the esports business, there also you've spoken about a lot of new IPs which are coming in the next quarter. So any clarity on what is exciting you there? So, I think, obviously, the biggest excitement is around the whole Fusebox acquisition, and that allows us to expand into a very high-value geography. And at the same time, leverage teams which are in India, Turkey and other places. So we think that combination is going to be quite powerful. That also brings with it a bunch of IPs for those markets and the IPs from the Indian market as well, which are coming up. So I think it's very, very exciting times for gaming and esports. Got it. So, thanks a lot for the answers. But just a request from my side, if you can give some sort of guidance on what happens to the organic business at least, that would really help us, you know, to make our models, at least for the next one year. Thanks. Thanks again. Thank you. The next question is from the line of Kewal Shah, who is an individual investor. Please go ahead. Hello. Yeah, thanks for the opportunity. So my question is related to the publishing division of Nazara. So I think we have recently tied up with FAU-G, one of our decent-sized games, I believe. So I just wanted to understand in detail, what is the business model here for publishing? What is the opportunity size, and how do we have revenue sharing, et cetera, and what are the long-term margins possible in this division as well? Thank you. Thank you, Kewal. So, first I want to clarify what we have signed is the contracts for publishing a new game, which is called FAU-G: Domination. There was a game called FAU-G a couple of years back, that's a different game from the same team, but we are basically going to be focusing on the new game which is being launched. So at this point, we're still in the pre-registration kind of a process of this item. We expect the full release to happen around Diwali time, end of October or thereabout, and our target is to have at least five million pre-registrations before that. If we do that, then the game will be one of the biggest successes out of India. The way, the revenue would work is, again, there is a revenue share kind of a structure. Commercially sensitive, so we've not actually disclosed the percentages, et cetera, here. But I think, broadly, the way this would work is, as you would understand, that we as Nazara would invest in the marketing and promoting that game, making it a case, and then the revenues get shared between the studio which developed it, nCore and, Dot9, and us. So overall- I think you also asked what is the kind of margin structure there? Overall for the publishing division... So sorry, I just wanted to know, overall for the publishing division, how does the business model works in general, not only specific to FAU-G? So publishing follows the same model, which is somebody else actually has developed a game which we like and which we think works in our selected markets, which could be India, could be Middle East, or could be global rights. For those markets, Nazara would then invest funds for user acquisition, marketing, branding, any other kind of support which we need. And the revenue typically flows through Nazara, and then a percentage of that is given to the developers. So that's the typical model. Okay, thank you. Thank you. Thank you, Kewal. The next question is from the line of Rahul from Dolat Capital. Please go ahead. Yeah, hi. Thanks for the opportunity. Just wanted to understand, you know, the seasonality, how this some of the newer businesses that we are integrating soon. How this would play out in some of these businesses, and even on the, revised way, how we have to see from the existing businesses that how this should play out? Sorry, Rahul, I didn't exactly get the question. In terms of- Maybe- Coming up, or? Yeah, yeah. So what I'm trying to understand, like, for example, the bigger units like Freaks 4U or Fusebox, what are the right way to think about in terms of the flow of revenue through the year? Are they more seasonal because of the kind of a backend events that they are linked to, or they are more like through the year kind of a businesses? And at a overall level, if you could give that, you know, how the weight of the revenue for Nazara as a company should play out over four quarters. Is it going to be bigger, two big quarters versus two smaller quarters, or anything of that flavor will be of help. Sure. I think, Nazara, you know, is very diversified across businesses, so it does help us to smooth out these kind of variations. But at the individual business level, there definitely are seasonalities in play. We will go through a couple of them individually. So if you take something like Freaks 4U, or Freaks 4U, that definitely sees significantly higher revenue in the second half, just given the nature of, how tournaments will happen in Europe, again, this is winter kind of season, which works better. Similarly for PFN, there is very high seasonality. The season typically runs from September to January, for them. On the eSports side, as well as for, sports gaming, there is an IPL season, which is Q1. But other than that, for U.S. sports and for the U.S. part of the business, second half is again higher. Ad rates are also higher in that period, so again, from revenue quality, there's a significant seasonality there. If you look at something like Fusebox, which was in one years. Fusebox, because it is linked to a TV IP, there is a linkage to when the season is airing, and historically, they had high seasonality linked to that. But what the team has done successfully over the last year, and one of the reasons why we really like that business, is they've been able to kind of delink how the seasons in the game go versus seasons on the TV shows. So that makes it now a lot more spread out over the course of the year. Overall, if I would say, I think for Nazara as a whole, second half of the year is definitely higher, seasonality wise, in our business, but it does balance out a bit more when these individual businesses. Right. Right. And just, follow up on the, Fusebox, question. Of course, there's some more input that you have shared in terms, in the PPT. But just to trying, to understand how, the scalability potential out here is, because I think we are going to widen, the number of IPs, that it would... I think there's a mention of Big Brother. So is that already, baked into the Jan-July number, or this is going to be, a bigger part of it is going to be, in the future? No, all of this is in the future, let me clarify. So the current revenue is almost 90% plus from a single game, which is the Love Island game. And that has scaled very nicely over the last year, year and a half for us. And we do expect that specific game itself to continue scaling for the coming quarters and years. In addition, if there is a new game, new IP, new IP-based game which is going to be launched, which we expect to launch maybe by the end of this financial year or the next financial year. However, we are most excited about is that the platform that they have built, the tech platform and the product and the processes around it, that can be leveraged for other IPs as well, which is beyond these two, and which we would like to work with the team to figure out, for those same markets and other markets as well. Obviously, that will require more investment also in terms of team and, content creation ability scaling, but we do believe there is ability to grow that platform for beyond the first and the second game. Yeah. One last question from my side. Given that now we have the entire control on the Kiddopia business as well, so does that changes the way we could possibly strategize it, given that the operational day-to-day is now in a much more control? Is it going to change the way we strategize, or it won't, it's more about the consolidation thing that is going to happen, but from an operational point of view, it would not have much of a difference? No, I think there will be differences which you will see in the coming quarters. I think the consolidation is one part of it, but especially the focus on IP-based games, which Anupriya spoke about, and other expansion plans which we have. I think you will see a difference in the next quarter. Thank you. That's it from my side. Thank you. Ladies and gentlemen, you may press star and one to ask a question. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Nitish, would you like to? Yeah. Thank you everyone for joining the call. I believe that you know, with all the activity that is currently ongoing, the remainder of FY 2025 should be exciting for us, and we will continue to work hard to deliver value for all our stakeholders. Thank you very much. On behalf of ICICI Securities, that concludes this conference. Thank you for joining us, and you may now disconnect your line.