Nazara Technologies Ltd — Q4 FY26

Nazara Technologies Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=_A1k2y11D3I Published: 18 hours ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Q4 FI26 earnings conference call of Nisara Technologies 0:08 8 seconds Limited hosted by Ambit Capital. As a reminder, all participant lines will be in the listen only mode and there will 0:16 16 seconds be opportunity for you to ask questions after the presentation concludes. 0:22 22 seconds Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that 0:31 31 seconds this conference has been recorded. I now hand the conference over to Mr. Vikan from Amber Capital. Thank you and over to you. 0:41 41 seconds Thank you Sophali. 0:43 43 seconds Good morning everyone. A very warm welcome to all of you on behalf of Ambit Capital. We are proud to host the 4Q 0:52 52 seconds FI26 and FI26 post results conference call of Azara Technologies Limited. I 0:59 59 seconds would like to take this opportunity and welcome the senior management team of the company. Joining us on the call today. 1:08 1 minute, 8 seconds Connected on this call are participants from Nazara including Nitish Mr. 1:14 1 minute, 14 seconds Nitishhar Singh joint MD and CEO Mazara Technologies Limited 1:20 1 minute, 20 seconds Mr. Rohit Sharma Executive Director Mr. Rakkesh Sha PFO 1:28 1 minute, 28 seconds Miss Anupria Shinhadas head of corporate development Nazara Technologies 1:35 1 minute, 35 seconds Mi Mr. Shrias Minan head offline gaming Mr. Mr. Terry Lee, CEO, Fusebox Games. 1:45 1 minute, 45 seconds Mr. Seart Disney, CEO Curve Games. 1:50 1 minute, 50 seconds Mr. Raymond Staer, CEO and founder, Blue Tile Games. 1:56 1 minute, 56 seconds Mr. Manish Korov, head of business. 2:01 2 minutes, 1 second Mr. Jeff Amis, co-founder and CEO, Wild Works. 2:08 2 minutes, 8 seconds Mr. Mayan Kumar, director operations, Absolute Sports Private Limited. 2:14 2 minutes, 14 seconds Mr. Akshhatrai, founder Nordin Gaming Private Limited. 2:20 2 minutes, 20 seconds Mr. Central Goindan, CEO, Data Works Business Solutions Private Limited and Mr. Chris Jones, CEO Space and Time. 2:31 2 minutes, 31 seconds I would like to now call upon Mr. Nitish for his opening comments. 2:38 2 minutes, 38 seconds Thank you. 2:41 2 minutes, 41 seconds Hi, good morning everyone and thank you for joining us uh this morning. FI26 was a pivotal year for Nazara. 2:50 2 minutes, 50 seconds Revenue reached INR 1829 crores and AITA grew 66% to INR 255 crores, our highest 2:58 2 minutes, 58 seconds ever with Q4 AITA margins reaching 19.5% almost doubling on a year-on-year basis. 3:05 3 minutes, 5 seconds Importantly, cash generation also send in significantly with pre-tax operating cash flow growing 81% yearonear to INR 213 crores. 3:16 3 minutes, 16 seconds More importantly, the shape of mazara has fundamentally changed in FI26. 3:21 3 minutes, 21 seconds Gaming contribution to air increased from 56% in FI25 to 90% in FI26 as we 3:29 3 minutes, 29 seconds sten taren our focus on building a high margin globally diversified gaming platform across mobile PC and console 3:36 3 minutes, 36 seconds and offline gaming. FI26 also included our largest acquisition to date of Blue Title and Best Play, which significantly 3:45 3 minutes, 45 seconds expands a casual gaming scale while adding AI native development capabilities and a rewarded engagement 3:52 3 minutes, 52 seconds network to our platform. At the same time, our existing gaming businesses and IPs continue to strengthen. Kopia has 4:00 4 minutes returned uh to subscriber growth. We saw growth in Q3 and now again in Q4. and Animal Jam has expanded its margins. 4:10 4 minutes, 10 seconds Fusebox has scaled it narrative engines across multiple IDs such as uh Big Brother, Big Boss, Traitors and our PC 4:20 4 minutes, 20 seconds and console game Newman fall flat crossed 58 million lifetime units globally. 4:26 4 minutes, 26 seconds The operating system behind all of this is a center of excellence playbook which we have actively strengthened over the 4:33 4 minutes, 33 seconds last 12 to 18 months across user acquisition, data analytics, artificial intelligence, growth and product. Every 4:42 4 minutes, 42 seconds gaming IP we own and increasingly every IP we acquire plugs into the same system. 4:49 4 minutes, 49 seconds Going into FI27, Nazara is at a materially different scale than it was 12 months ago. The quality and earnings 4:57 4 minutes, 57 seconds capacity of the platform have also expanded significantly and we will continue to accelerate growth both in revenues and EITA in FI27. 5:10 5 minutes, 10 seconds I do believe our operating leverage is real and it is now starting to compound. 5:15 5 minutes, 15 seconds With that I will hand over to Anupria to discuss segmental performance before we enter a Q&A session. Thank you very much and over to you Anupria. 5:26 5 minutes, 26 seconds Thank you Nitish. Good morning everyone. 5:30 5 minutes, 30 seconds uh at the consolidated level as Nitish mentioned Nazara delivered FI26 revenue of 1829 crores up 13% year-on-year and 5:39 5 minutes, 39 seconds EITA of 255 crores up 66% yearonear with our EIA margin expanding to 13.9%. 5:48 5 minutes, 48 seconds In Q4 FI26 the company reported revenue of INR 398 crores and EIT of INR 78 crores with EITA margin reaching 19.5%. 5:58 5 minutes, 58 seconds Within this, our gaming business delivered particularly strong growth and profitability with FY26 revenue growing 6:04 6 minutes, 4 seconds 107% year-onear to INR 1072 crores and EITA growing 157% to INR 265 crores resulting in an EITA margin of 24.7%. 6:16 6 minutes, 16 seconds In Q4 FI26, gaming revenue grew 78% yearonear to INR 278 crores while EITA grew 127% to INR 76 crores. 6:27 6 minutes, 27 seconds Within mobile gaming, revenue grew 38% year-onear to INR 713 crores with EITA growing 33% to INR 137 crores. 6:36 6 minutes, 36 seconds Performance was driven by stronger execution across Live Ops user acquisition and data analytics through a COE operating model. Kopia had returned 6:46 6 minutes, 46 seconds to subscriber growth in the previous quarter and has sustained that journey with improving unit economics while Animal Jam delivered meaningful margin 6:54 6 minutes, 54 seconds expansion during the year. Our narrative uh games also continue to grow with grow with multiple reality TV IPs getting 7:03 7 minutes, 3 seconds launched in uh FI26 with additional launches planned in FI27. 7:08 7 minutes, 8 seconds During the quarter, we also completed the acquisition of Blue Tile and Deslet sign uh which has significantly expanded our casual gaming scale and AI native AI native capabilities. 7:20 7 minutes, 20 seconds This business will be uh will be consolidated from FI27 onwards pending uh some regulatory approval. 7:28 7 minutes, 28 seconds PCM console publishing business continue to deliver strong profitability with FI26 revenue of INR 261 crores and EIT of INR 101 crores at 39% EITA margins. 7:39 7 minutes, 39 seconds Human Forlat cost 58 million lifetime units globally in it. While our broader publishing portfolio continue to 7:46 7 minutes, 46 seconds demonstrate durable monetization and growing platform reach, our offline gaming businesses with Smash and Funky 7:54 7 minutes, 54 seconds Monkey also delivered profitability during FI26 with revenues of INR 999 crores and a bit of INRA 27 crores. We 8:02 8 minutes, 2 seconds continue expanding expanding the funky monkey footprint during the year and progressing towards the launch of the re-imagined smash 2.1 or 2.0 format 8:12 8 minutes, 12 seconds within our other businesses. Adtech delivered strong growth and profitability with both revenue and EIA growing 32% yearon year. Both KA remains 8:20 8 minutes, 20 seconds profitable despite a softer traffic environment following Google core updates supported by continued cost discipline and improving performance across Neo properties. 8:30 8 minutes, 30 seconds Norman Norwin, our associate company, also delivered a significant evida turnaround during FI26, moving from a loss of 14 crores in FI25 to a profit of 8:39 8 minutes, 39 seconds PAR 21 crores in FI26 while continuing to scale its youth media and live events platform globally. With this, I conclude 8:47 8 minutes, 47 seconds my remarks and we'll now open the call for Q&A. 8:54 8 minutes, 54 seconds Thank you very much. We will now begin with the question and answer session. 8:59 8 minutes, 59 seconds Anyone who wishes to ask a question may press star and one on the touchstone telephone. 9:07 9 minutes, 7 seconds If you wish to remove yourself from the question queue, you may press star and two. 9:12 9 minutes, 12 seconds Participants, you are requested to use handsets while asking a question. 9:18 9 minutes, 18 seconds Ladies and gentlemen, we will wait for a moment while the question assembles. 9:31 9 minutes, 31 seconds A reminder to all you may press star and one to ask a question. 9:41 9 minutes, 41 seconds We have the first question from the line of Gene Jooshi from PL Capital. Please go ahead. 9:47 9 minutes, 47 seconds Uh yeah, thanks for the opportunity and congratulations on the uh margin performance. Uh I have uh two bookkeeping questions uh to begin with. 9:58 9 minutes, 58 seconds Uh first is on the other income bits uh which was at about uh 51 crores in this quarter and apparently it appears to be 10:07 10 minutes, 7 seconds uh materially higher. Uh so was there any one-off in this quarter? I mean I just uh thought of checking because 10:13 10 minutes, 13 seconds there is no uh disclosure in the footnote. Uh that is one. Uh secondly if I look at our uh share of losses from uh 10:22 10 minutes, 22 seconds associates I think in this quarter that uh figure was 31 crores and I believe after uh the deconolidation of nil uh we 10:32 10 minutes, 32 seconds will own about uh 46 to 47% stake in the company. So is it uh safe to assume that the overall losses for Nwell in the quarter were at about uh 65 66 crores? 10:44 10 minutes, 44 seconds Uh I just wanted to crossverify this thing because uh Nville reported a libert of 4 crores in this quarter which implies that the amotization figure is 10:52 10 minutes, 52 seconds very high in the business. So if you can just clarify on these two things. Sure. 10:58 10 minutes, 58 seconds Hi Janesh. Uh this is uh Nesh. So uh let me take uh both these uh questions. The 11:06 11 minutes, 6 seconds other income uh predominantly driven by uh one is uh uh gain of 31 crores on our 11:15 11 minutes, 15 seconds investment in Rusk media. Uh the holding that we had in Rusk media was revised upwards basis there. No round of 11:22 11 minutes, 22 seconds investment that they have reached. So uh that contributed 31 crores and the balance was a mix of things including 11:30 11 minutes, 30 seconds some uh currency gains etc on restatement of loans to Nazara UK. So 11:37 11 minutes, 37 seconds that largely uh forms uh uh the other income including some 11:44 11 minutes, 44 seconds mutual fund gains etc. Uh in terms of uh the uh normal question on the losses 11:52 11 minutes, 52 seconds from associates, these are contributed by uh one uh some losses from Moonshine uh which is continuing to find a way to 12:00 12 minutes you know uh recover some of its business in a program compliant manner. Uh but uh 12:08 12 minutes, 8 seconds largely it came from Nordin which wrote off some goodwill. It was carrying of 50 crores relating to an acquisition of OML 12:17 12 minutes, 17 seconds assets done 3 4 years back uh predominantly coming from NX7 weekender which has not delivered the cash flows 12:26 12 minutes, 26 seconds that were projected at the time the goodwill was established. So we took a conservative view and sorry Rodman took a conservative view and wrote it off 12:33 12 minutes, 33 seconds although N7 weekender as an IP is bouncing uh back pretty well. So I think 12:40 12 minutes, 40 seconds that's largely what is driving at an operational uh level. Lwin has been profitable this year and also in this quarter. 12:51 12 minutes, 51 seconds Got that 50 crores is the number that you mentioned right? Yeah. Right. 12:56 12 minutes, 56 seconds Got it. and and sir perfect uh and s secondly on the on the PC and uh console gaming bit I mean in the presentation we 13:05 13 minutes, 5 seconds have uh mentioned that we launch new IPs like uh dragon shelter uh wax etc. uh so 13:12 13 minutes, 12 seconds if you can just uh give what is the timeline for the launch and also if I compare the fullear revenue of 261 13:19 13 minutes, 19 seconds crores with the previous year uh there's hardly any growth uh so what are the plans to kind of uh boost the organic uh 13:27 13 minutes, 27 seconds traffic over here uh if you can uh share some thoughts on that what I will do is I will uh call in 13:35 13 minutes, 35 seconds Stewart who is a CEO of curve who is dialing in from London and also ask Rohit Sharma D who's uh you know driving 13:44 13 minutes, 44 seconds a lot of our PC and console business uh to also have add-on comments. So if Stuart you can go in first and just give a little overview of your upcoming 13:52 13 minutes, 52 seconds titles timing and then Ro you can have your comments. 13:58 13 minutes, 58 seconds Yes thank you Nish. Uh yeah in answer to that question since acquisition there has been a period of transition. 14:06 14 minutes, 6 seconds We've um completed that in a way that hasn't distracted the business. We're very happy with that and we have begun 14:13 14 minutes, 13 seconds investing in new games to deliver long-term growth. Um we expect to launch at least six new releases 14:22 14 minutes, 22 seconds uh in this current year, maybe a couple more. Um they the games that you mentioned, they will start M Wax Heads 14:30 14 minutes, 30 seconds actually released last week. Um and other releases in the summer will include um Sovereign Tower and Dragon 14:38 14 minutes, 38 seconds Shelter. Um, we believe that the the release of these games will bring long-term growth for the company. Um, 14:47 14 minutes, 47 seconds and we will continue to look at uh retaining a high margin from our lowcost base where we can whilst increasing our 14:55 14 minutes, 55 seconds development spend to build that pipeline. 15:00 15 minutes Yeah. And and this is Rohit here. Uh just to add to your second question um uh previously before Nazara acquired uh 15:09 15 minutes, 9 seconds Curve Games uh under the previous parent uh Curve Games was not for the last two years has not been signing a lot of 15:18 15 minutes, 18 seconds games. So therefore you see uh that kind of growth. uh but the good part is that 15:24 15 minutes, 24 seconds the the uh our existing IPS like human fall plat and wobbly life have still given us the growth this year and as to 15:32 15 minutes, 32 seconds mentioned now we have already gone on a very uh fast speed of signing new titles which will be launching in this 15:41 15 minutes, 41 seconds financial year and subsequent financial years and that's where we will see the growth as we go on. 15:48 15 minutes, 48 seconds Understood. Uh one last question on sportska. uh I think the revenue declined by about uh 38% in FI26 while 15:55 15 minutes, 55 seconds the beta margin has also come off quite a bit to about uh 12%. uh I understand this has been because of the Google core 16:03 16 minutes, 3 seconds issue that you have uh highlighted in the past calls but I believe it has been four quarters since you are trying to 16:09 16 minutes, 9 seconds get over this uh problem with uh limited success. uh so just wanted to understand I mean is it really possible to mitigate 16:17 16 minutes, 17 seconds uh this challenge or uh should we build in uh a materially lower aida margin of about uh 12 to 15% in this business uh 16:26 16 minutes, 26 seconds going ahead and and how to think of growth uh from here on so yeah that is my last question 16:35 16 minutes, 35 seconds uh unfortunately I couldn't hear it clearly can you quickly uh repeat it uh so the problem sports ka uh I think 16:44 16 minutes, 44 seconds the revenue decline and the margin problem that we have been yeah on that sure no I think we've yet not seen uh uh 16:53 16 minutes, 53 seconds the kind of recovery we want to see over there we continue to do many things to try and achieve that although some of 17:00 17 minutes our uh existing other IPS outside of sports like pro football network and prime timer are showing very good 17:07 17 minutes, 7 seconds positive signs and good numbers so I think at this point of time we continue to optimize costs. We continue to do that. We actually expect margins to 17:15 17 minutes, 15 seconds increase in FI27 on potentially a smaller base. But I can also have my uh come in here. May is uh leading sports 17:23 17 minutes, 23 seconds GA and share his comments. 17:30 17 minutes, 30 seconds Hi. uh like uh Nitish said the focus on this year was more to drive or retain 17:37 17 minutes, 37 seconds the aenda than growing revenue uh recovering the revenue loss that we have seen in the last year and that focus will continue going into the next year 17:45 17 minutes, 45 seconds as well as we uh plan to mitigate our expenses and then also accordingly increase our in the next year. 17:56 17 minutes, 56 seconds Okay sir, thank you. Thank you so much and all the best. 18:02 18 minutes, 2 seconds Thank you. Before we take the next question, a reminder to all you may press star and one to ask a question. We 18:11 18 minutes, 11 seconds will take the next question from the line of Vivean from Ambit Capital. Please go ahead. 18:18 18 minutes, 18 seconds Yeah, Natish, how do you rate your preparedness as an organization including your center of excellence to 18:27 18 minutes, 27 seconds now serve multiple gaming growth engines across segments including publishing and and of course 18:36 18 minutes, 36 seconds new technologies and of course these are all in addition to the existing ones that you have like Love Island, Kopia 18:44 18 minutes, 44 seconds etc. So that is my first question and uh the second question is on NWIN. 18:51 18 minutes, 51 seconds So could you discuss the IPO timelines there and what is the plan you have for NWIN? Uh will NWIN be raising cash? 19:03 19 minutes, 3 seconds Will will you also be looking to monetize some of your shareholding? 19:08 19 minutes, 8 seconds Yeah, I I'll stop with these and then ask follow-ups where needed. Thank you. 19:12 19 minutes, 12 seconds Yeah. So yeah, so I think for your first question uh you know the centers of excellence that we've you know invested in and built over the last 18 months and 19:21 19 minutes, 21 seconds accelerated in FI26 I think are really becoming uh center stage to support the expanding portfolio 19:28 19 minutes, 28 seconds of IT teams and technologies. Uh most of these centers of excellence are led by very senior people uh with uh a lot of indepth experience at scale I would say. 19:41 19 minutes, 41 seconds So I think uh we are feeling very confident that we've put in these efforts over the last 12 to 18 months and they will actually start showing 19:48 19 minutes, 48 seconds real results in FI27. I would say Kopia is one good example of you know being benefited from the these initiatives 19:57 19 minutes, 57 seconds which we've seen in Q3 and Q4 but this will play out more actively across the portfolio in FI27. 20:05 20 minutes, 5 seconds uh AI of course is a very big theme for us not a narrative but a very important uh aspect of what we are doing today and 20:14 20 minutes, 14 seconds uh across the studios that we operate across the different functions of gaming whether it's the development process how 20:20 20 minutes, 20 seconds we do user acquisition how we analyze data how we engage with the user right we're seeing a lot of uptake we're also 20:28 20 minutes, 28 seconds very excited about blue tiles uh AI capabilities and maybe I can get uh Raymond uh just to interject 2 minutes 20:37 20 minutes, 37 seconds uh how blue tile is leveraging AI because some of that we hope to adopt in FY27 in uh many of our other studios you 20:44 20 minutes, 44 seconds just want to give a quick uh uh update on that. 20:48 20 minutes, 48 seconds Sure. So um in in our case and and especially after the the the ongoing integration, we're we're able to to 20:57 20 minutes, 57 seconds really um scale our operations due to applying um AI to each individual 21:04 21 minutes, 4 seconds department that we have across all the different uh functions and and processes. So from marketing uh creative 21:11 21 minutes, 11 seconds marketing to marketing operations uh product development uh technical development ad monetization data 21:19 21 minutes, 19 seconds segmentation um we're we're starting to apply I in different capacities both through LLM but also through different 21:26 21 minutes, 26 seconds complex algorithms uh such as reinforcement learning and and other types of of AI. Um as Natish mentioned 21:35 21 minutes, 35 seconds uh a lot of these capabilities are also being uh developed and leveraged from the centers of excellence. So the interaction between them and our 21:43 21 minutes, 43 seconds specific team has been really fruitful and uh we've seen the the capacity the team has now with these tools uh increase exponentially. 21:59 21 minutes, 59 seconds Yeah. Uh just moving on to the second question. I think from a Nazara perspective uh you know uh we will look 22:09 22 minutes, 9 seconds at potentially monetizing non-core uh businesses for us. This could be northern it could be sports ke 22:18 22 minutes, 18 seconds business in due course. We are not in any hurry but we definitely see the potential to unlock value and redeploy in our core gaming business. So we will 22:26 22 minutes, 26 seconds continue to evaluate opportunities as and when they come or get created uh with specific uh non-wind IPO related 22:34 22 minutes, 34 seconds questions Aar can come in and give an update over to you. 22:43 22 minutes, 43 seconds Hi can you hear me? Just a sound check. Yeah we can. Perfect. 22:47 22 minutes, 47 seconds Uh no thank you so much for the time. Um and I appreciate the question. Look, Nodin been uh trained extremely well as 22:55 22 minutes, 55 seconds a team listed company under Nazara for the last uh five years of our life, right? So, ever since uh Nazara acquired us, we've been in training. uh and I 23:04 23 minutes, 4 seconds think there is no better gift that a parent company can go ahead and give to a uh company like ours to go ahead and uh take us through everything from 23:12 23 minutes, 12 seconds compliance to regulatory to go ahead and having the discipline to go ahead and have a um closing our books every quarter and then going with guidances 23:20 23 minutes, 20 seconds that we can go ahead and uh uh live up uh Norwin itself has uh had a very good year despite the freaks uh uh uh hiccup 23:31 23 minutes, 31 seconds that he had we've been able to go ahead and do many more integrations and natural growth been sitting at between 25 and 35% of the of the whole business 23:39 23 minutes, 39 seconds itself and the positioning as a live youth media company because gaming remains the core heart of what we do has 23:47 23 minutes, 47 seconds allowed us to uh have very meaningful conversations and Northern is uh looking both to raise funds between 100 to $200 23:56 23 minutes, 56 seconds million independently and uh uh then this will be a mixture of primary and secondaries and then also prepare for an 24:05 24 minutes, 5 seconds IPO um in uh as soon as possible. Uh but I say as soon as possible is let's do it right. I don't think we get multiple 24:13 24 minutes, 13 seconds chances to go ahead and do this and with uh with the conversations I have with all of you in the analyst community and 24:20 24 minutes, 20 seconds obviously our bankers uh we've had uh uh uh very good outcomes to some of our conversations. So we remain in line to 24:28 24 minutes, 28 seconds go ahead and go public uh independently with the blessings of Nazara um uh as soon as the timing and the business is right. 24:40 24 minutes, 40 seconds Okay. Thank you. 24:44 24 minutes, 44 seconds Thank you. Thank you very much for the comments. Nish on yeah blue tile specifically. I have a followup just to 24:52 24 minutes, 52 seconds understand the segment that it is operating in. you mentioned it's casual social mobile games and u my 25:01 25 minutes, 1 second understanding is that this business is designed mostly for global audiences right so 25:08 25 minutes, 8 seconds if you can help us understand the TAM that this business operates in and the kind of u scalability that say some of 25:17 25 minutes, 17 seconds the peers of blue tile globally have achieved I think that will help investors understand how to think about blue tile let's a threeear sense. 25:28 25 minutes, 28 seconds Sure. 25:28 25 minutes, 28 seconds I think Raymond is best suited to answer that. Raymond, over to you. 25:33 25 minutes, 33 seconds Sure. So, um we're operating in the in in several uh gaming verticals, but uh predominantly in the casual uh space uh 25:42 25 minutes, 42 seconds concretely in the casual evergreen space, which are uh traditional uh games that everybody um uh knows. They have a 25:50 25 minutes, 50 seconds very large global exposure such as solitire uh word search uh word puzzles 25:58 25 minutes, 58 seconds um other kinds of uh you know board games and and other p puzzle games. So that will be the casual evergreen 26:05 26 minutes, 5 seconds category and um in that category we can see other competitors such as triple dot which uh has been valued at over a 26:13 26 minutes, 13 seconds billion. Um, we also have Easy Brain, uh, which was acquired, um, by Mini Clip from the Embracer Group by by a billion 26:21 26 minutes, 21 seconds uh, dollars. So, there's quite a few competitors with, um, um, quite a a large volume. Um, the other space that 26:29 26 minutes, 29 seconds we we are actively developing games in is the hybrid uh, casual vertical. Um these games are essentially a mix 26:38 26 minutes, 38 seconds between the traditional hyper casual games um that are being casualized um per se. So essentially introducing 26:45 26 minutes, 45 seconds long-term mechanics, social mechanics and allowing users to play these games for a very long time, increasing long uh 26:53 26 minutes, 53 seconds cohort retention. And so these games will have um other competitors such as a 27:00 27 minutes recent competitor has has just uh sold to Scopi um a stake in their company, a 27:07 27 minutes, 7 seconds company called Loom Games from Turkey uh for over 500 million. So um essentially the the market is is extremely uh big 27:16 27 minutes, 16 seconds and and very profitable and and it expands into pretty much any geography in the world. 27:26 27 minutes, 26 seconds Okay, that's that's great. I have one followup for Akshhat. 27:31 27 minutes, 31 seconds So, Aad, thank you for your comments on how you're thinking about the fundraising. Now, as far as Nwin goes, 27:42 27 minutes, 42 seconds again like we see the rest of Nazara pivoting more to global markets given the monetization constraints in India. 27:51 27 minutes, 51 seconds Is that also something that you are now mulling? Uh what will you ideally use 27:57 27 minutes, 57 seconds the funds for in terms of expanding uh either either through new events or is it going to be mostly international? 28:07 28 minutes, 7 seconds It's a very deep question and thank you again for this. You've literally had asked me the two uh growth levers of 28:14 28 minutes, 14 seconds Norwin and uh so Nordin is uh complex but very simple. We have two lines of our business. um we consider them the 28:21 28 minutes, 21 seconds live part of the business and the content part of the business. The content part of the business think of it at is very grassroot. It allows people 28:30 28 minutes, 30 seconds to discover their entertainment passions. Young people to go ahead and discover their entertainment passions and across the world their entertainment 28:39 28 minutes, 39 seconds passions are multitude. They can be games, they can be music, they can be pop culture, cosplay, they can be space festivals. It it's okay and we don't 28:48 28 minutes, 48 seconds judge. It can be reality television that we do with Rusk, with Playground, uh with our IPs. Um so that's fine. That's how all our influencer lineups, right? 28:58 28 minutes, 58 seconds That's the content play. In the age of AI, we believe this will go out and increase both in volume um and uh value 29:06 29 minutes, 6 seconds in this would be um organic growth of between 5 and 10% because monetization still will catch up over a long time. 29:14 29 minutes, 14 seconds But this is the discovery in model. It's profitable. um and uh they'll subume both live and IPs. On the other side, we 29:23 29 minutes, 23 seconds have the live business. The live business is the manifestation of super fandom for the things that people love. 29:30 29 minutes, 30 seconds So, if you love an influencer, this is where you come and meet the influencer at a YouTube fanfest or a Comic-Con kind of an event. This is the place where you go ahead and come for a music festival. 29:40 29 minutes, 40 seconds This is the place where you come for a esports tournament where you go ahead and meet the biggest uh players in the uh in the world and in the country to go 29:48 29 minutes, 48 seconds ahead and do this. And we believe both of them juxtip goes against each other. 29:52 29 minutes, 52 seconds One does the discovery and the other goes and gives you the super fandom and super fandom obviously is much more profitable as such. Um and again 30:01 30 minutes, 1 second subsumes both white label and uh IPs and the second part of the question is the growth path. Uh Norwin runs on three 30:09 30 minutes, 9 seconds vectors. Norwin's core vector uh the first vector that Norwin was going on and doing an expansion something called the global south. It's a geographical 30:17 30 minutes, 17 seconds play where we believe we are the youth media company for the world and for the world we we want to be focusing uh 30:25 30 minutes, 25 seconds specifically on the global south. The global south being everything from Philippines to Mexico to a line of which is the tropic of Capricorn and all those 30:34 30 minutes, 34 seconds countries uh that are really large in size and material would be uh part of the play where we want to be and I think 30:42 30 minutes, 42 seconds we are nearly there in completing the global belt around the south. We have uh empty um spaces right now in Southeast 30:51 30 minutes, 51 seconds Asia and in Latin America and those are the ones we keep on exploring on. And um uh the other question on where do we do 30:59 30 minutes, 59 seconds this? We also have the X byz. The X is geography, Y is IPS and Z is ways to monetize for people. So we we look at 31:09 31 minutes, 9 seconds everything from uh merchandising being one way to monetize but also um uh uh 31:17 31 minutes, 17 seconds new payment methods that might be really relevant in another country. So we build we build and acquire around uh youth 31:25 31 minutes, 25 seconds media touch points and engagement uh across geographies across uh IPS and 31:32 31 minutes, 32 seconds across payment across monetization methods. That's our investment thesis for uh expansion. We believe we will 31:39 31 minutes, 39 seconds always be an India company first because uh India remains one of the most robust uh places where not only the core Indian 31:47 31 minutes, 47 seconds runs. Uh on the contrary for us through proga uh the law and uh the live entertainment exploding in India I think 31:54 31 minutes, 54 seconds India is going to remain one of our anchor 50% core market. 32:02 32 minutes, 2 seconds Thank you Akshhat and Nish those uh answers were very comprehensive. 32:07 32 minutes, 7 seconds Thanks a lot. So you may take um the next participants question. 32:15 32 minutes, 15 seconds Thank you. Before we take the next question a reminder to all you may press star and one to ask a question. We have 32:23 32 minutes, 23 seconds the next question from the line of Atul Borsi from GMAT. Please go ahead. Um hi Tim uh thanks for the opportunity. 32:32 32 minutes, 32 seconds I have two three questions. Uh first is on um h how do you think uh overall the 32:39 32 minutes, 39 seconds Nazara's growth or margin profile will look like in F27 post the brutal consolidation 32:48 32 minutes, 48 seconds and uh you also mentioned that you plan to uh divest the non-core gaming segment. Do you have any timeline in 32:56 32 minutes, 56 seconds mind like uh by when you want to divest the sports or atte 33:03 33 minutes, 3 seconds that uh there was a sequential decline in AT so any reason for that growth slowdown and how does the seasonality 33:11 33 minutes, 11 seconds work for this segment those are my question uh let me take the first one which is 33:19 33 minutes, 19 seconds growth in FI27 so I think uh Nazara's existing businesses is uh we expect uh you know 33:27 33 minutes, 27 seconds to drive uh organic growth and expansion of margins uh due to two things. One is 33:34 33 minutes, 34 seconds uh output or outcome of the centers of excellence activity that we've been doing in FI26. 33:40 33 minutes, 40 seconds Second is stronger faster implementation of AIA and how that plays out for us. So while I don't have specific guidelines 33:49 33 minutes, 49 seconds uh I think these two make us feel very positive that we will be able to deliver both on organic growth and margin expansion 33:56 33 minutes, 56 seconds uh from this point onwards as well. uh if you look at blue tile their c by 25 numbers calendar year 25 numbers was 34:04 34 minutes, 4 seconds around 1,400 crores INR revenue and 254 crores of evita sim the evita profile 34:13 34 minutes, 13 seconds for ci25 for blut was similar to what's nazara's reporting for fi26 so on a performer basis if you combine 34:22 34 minutes, 22 seconds these two then obviously a bita at the least would double and then uh you can add organic growth for both businesses 34:30 34 minutes, 30 seconds uh you know on top of it. So we don't have specific guidelines on uh we don't have a specific guidance at this point of time but uh very bullish on overall 34:38 34 minutes, 38 seconds very strong performance on financials in FI27. 34:42 34 minutes, 42 seconds In terms of uh divestment of noncore like I said we will continue to evaluate opportunities. We are not in a rush but 34:50 34 minutes, 50 seconds we do see the opportunity to you know extract value and monetize and redeploy in core 34:58 34 minutes, 58 seconds gaming which kind of is much more synergistic with our core business and now our stated goal also will help us drive higher margins going forward. I 35:07 35 minutes, 7 seconds would imagine that we will try and have some actions happen in FI27 and FI28 to achieve this goal. on the ATT tech side. 35:17 35 minutes, 17 seconds Uh I would like Santel and Chris to give maybe Rohit can set the context and then Sil and Chris can uh chime in on what's happening on the ad tech business. 35:28 35 minutes, 28 seconds Rohit to you. 35:29 35 minutes, 29 seconds Thanks thanks Mish. Uh so yeah I think on your question on ad tech uh I think 35:35 35 minutes, 35 seconds we have and Chris can add more uh you know we have consciously and that that's why there's a bit of a decline. We have 35:42 35 minutes, 42 seconds consciously taken a call to focus on our techdriven uh uh DSP business which is visible 35:51 35 minutes, 51 seconds where we see more growth coming and some of the traditional ad tech businesses which are anyways declining globally. We 35:58 35 minutes, 58 seconds have we have kind of reducing our focus from there which were earlier contributing to u uh some numbers 36:05 36 minutes, 5 seconds further. So in fact even Sensin who uh has now moved to UK uh UK and uh US are 36:13 36 minutes, 13 seconds our key market tech product for adtech is our key focus area and I think that is why because of the shift of focus and 36:22 36 minutes, 22 seconds uh not going behind uh scalable revenues is where you have seen some bit of a decline but Sen over to you if you want to add on to this. 36:33 36 minutes, 33 seconds Um yeah thanks uh Rohit. So uh so just to continue from where Roick left off uh 36:40 36 minutes, 40 seconds uh as he said sorry as he said that sorry can I be uh can everyone hear me? 36:50 36 minutes, 50 seconds Yes sir. Yeah. 36:52 36 minutes, 52 seconds Okay. All right. Just making sure. So um yeah. So as Roy was saying we're focusing a lot more on a product driven 36:59 36 minutes, 59 seconds um uh part of the business. uh we have we had relaunched our DSP visible uh about uh two and a half years ago and we 37:07 37 minutes, 7 seconds are seeing uh really high growth in that area. So what we're doing is reinvesting in that uh both from a sales and 37:15 37 minutes, 15 seconds marketing standpoint. As Rohit mentioned, I myself have moved uh to the UK so that I can more closely oversee uh our growth in Europe and the US. 37:26 37 minutes, 26 seconds uh we're also rolling out additional products which are um you know again uh through the acquisition that data works 37:34 37 minutes, 34 seconds in turn had made of space and time in the UK. Um there's there are requirements that their clients have 37:41 37 minutes, 41 seconds that they have for their uh client set which uh which we are now leveraging our uh product unit based out of Bangalore 37:49 37 minutes, 49 seconds in order to build additional technology for um uh for their clients and through that the expectation is that we'll also 37:58 37 minutes, 58 seconds be able to expand these products to the broader market. Right? So, so all told um you know there is uh a temporary uh 38:06 38 minutes, 6 seconds decline but uh but what we are seeing is that uh the pivot to uh high marginled 38:14 38 minutes, 14 seconds uh productled growth business is uh clearly underway and uh that shows a lot of positive signs for FI27. 38:24 38 minutes, 24 seconds Chris, do you just want to add to that on space and time since it contributes a large amount to the revenues of ACT? 38:37 38 minutes, 37 seconds We have Chris on. Yes. Hello everyone. Can you hear me? Okay. Yeah. Yeah. 38:43 38 minutes, 43 seconds Great. Um, yes. I I I would echo um some of the points that were were made uh 38:51 38 minutes, 51 seconds both by and there I think from a space and time uh specific point of view. Um looking at Q4 specifically 39:00 39 minutes um we we saw a uh a a decline in in overall revenue. Um but this was 39:07 39 minutes, 7 seconds anticipated uh earlier in the year. So in the fullear picture, we came uh we finished slightly ahead of where we were 39:15 39 minutes, 15 seconds expecting to be in the in the in the AOP and we'd uh expected this uh reduction in in the final quarter for a number of 39:23 39 minutes, 23 seconds reasons. The um uh the main impact on it is is really to do with the the um 39:30 39 minutes, 30 seconds market conditions we face in the UK. So we operate in a um in a number of verticals but one of the core verticals 39:37 39 minutes, 37 seconds we operate in is the new homes market uh and that's facing some very um well publicized uh challenges at the moment 39:46 39 minutes, 46 seconds and that's just having a knock-on effect in terms of their kind of discretionary marketing spend. Um fortunately the 39:53 39 minutes, 53 seconds business has a strategy to diversify our income into more productled and techdriven uh services which is meaning that that impact isn't 40:01 40 minutes, 1 second felt to the same degree of gross margin and and uh and in fact obviously in a fullear uh position we outperformed uh 40:09 40 minutes, 9 seconds eidar um quite significantly. Um so our view uh on on that um variance is one of 40:16 40 minutes, 16 seconds uh we're not overly concerned because the business is well positioned to uh to capitalize on the changes that are going on in the market. Um and also the the 40:25 40 minutes, 25 seconds fact that the the the nature of what we uh of what we do is becoming more focused on capturing gross margin and 40:32 40 minutes, 32 seconds and sort of profitability uh from the revenue as opposed to the revenue itself. So it's kind of following a kind of very natural trend that's in the industry at the moment as ownership of 40:41 40 minutes, 41 seconds of platform advertising platforms move inhouse. Um so we're not overly worried by the trend and actually the fullear position for the agency was very very 40:50 40 minutes, 50 seconds positive and we're we're optimistic and bullish about the following uh FY27 as well. Okay. Thank you Chris. 40:59 40 minutes, 59 seconds Uh thank you for the answer. just from follow up that uh so you think that this poor Q uh decline is temporary in nature 41:08 41 minutes, 8 seconds right it will bounce back to the normalized levels going on 41:18 41 minutes, 18 seconds you want to respond yeah I think as both uh as both Chris 41:24 41 minutes, 24 seconds and have mentioned that uh in case of space and time there is a seasonality that is happening uh and the and the 41:33 41 minutes, 33 seconds market is facing a bit of a challenge but I think again uh space and time has built very strong tech and data and AI 41:40 41 minutes, 40 seconds capability which is mitigating that for them and similarly on data work side as Senel mentioned uh we are we are 41:49 41 minutes, 49 seconds shifting our complete focus to productdriven techdriven uh businesses especially in the western markets. So to 41:58 41 minutes, 58 seconds answer your question, yes, I think as we go on uh we we'll be able to see both. Okay. 42:04 42 minutes, 4 seconds Thank you. Thank you for the answers. Can get to the next question, please. 42:13 42 minutes, 13 seconds Thank you. Before we take the next question, a reminder to all you may press star and one to ask a question. We 42:21 42 minutes, 21 seconds will take the next question from the line of Vikanand from Ambit Capital. Please go ahead. 42:28 42 minutes, 28 seconds Hey Nish uh on on the portfolio that you have uh appreciate the job you've done 42:34 42 minutes, 34 seconds in simplifying it and focusing the company on gaming while uh while 42:42 42 minutes, 42 seconds identifying appropriate non-core businesses and divestment plans. Just to un double click a bit more on this we we 42:51 42 minutes, 51 seconds have seen that under the leadership of of the of the founder of uh Nordin 42:58 42 minutes, 58 seconds Akshhat's leadership and of course uh looking at Nazara's own u support that 43:06 43 minutes, 6 seconds would have gone in in scaling up the business. Uh we we've seen this business scale up to uh maybe $70 million in revenue. 43:16 43 minutes, 16 seconds uh quite sizable right so when I look at Nazara today it seems like the portfolio has many assets individually small 43:25 43 minutes, 25 seconds collectively meaningful that's how I look at it so just to understand better the success that you had with Nwin 43:33 43 minutes, 33 seconds uh in terms of scalability and now profitability as well how should one think about your overall portfolio let's say if one is taking a 3 43:42 43 minutes, 42 seconds to 5 year view today What could be the one thing or two things that can be very 43:49 43 minutes, 49 seconds big in size and also can gather investor interest in their own life just like not win. 43:56 43 minutes, 56 seconds Yeah. Yeah. So no I get your question. I think our focus one has always been to 44:02 44 minutes, 2 seconds build uh you know uh growing businesses or grow businesses uh businesses profitably and while NWIN is one example 44:11 44 minutes, 11 seconds that we spoke of if you see our history over the last few years as we have invested and acquired companies uh Kopia 44:19 44 minutes, 19 seconds was acquired you know with a 15 crore revenue run rate and 2 three years we took it to 200 crores plus when we acquired sports skater it was a 15 44:26 44 minutes, 26 seconds crores uh revenue company which delivered 80 cr of AITA last year before taking a hit in FI25 before taking a hit in FI26. 44:37 44 minutes, 37 seconds So I think our focus has always been that how do we acquire businesses where we can add value or grow the business after acquiring it. Another example is 44:46 44 minutes, 46 seconds uh Cbox Games in uh the UK uh which has the story based uh you know games on popular TV shows and they were doing a 44:55 44 minutes, 55 seconds very successfully uh one game Love Island after acquisition we worked closely with the team to expand that to now four titles and you know we will 45:03 45 minutes, 3 seconds look at scaling it. The second thought has always been is to have a diversified profitable cash flow generating 45:11 45 minutes, 11 seconds uh business because we've often seen that gaming businesses can get disrupted or become one wonders whereas our intent 45:18 45 minutes, 18 seconds always was to one build a very resilient business second uh know have multiple IPs that can be leveraged across 45:27 45 minutes, 27 seconds platforms as these platforms and technologies change. So I think we've very successfully established that. I think the third aspect that you said is 45:36 45 minutes, 36 seconds you know uh a portfolio of small uh studios or or smaller games which have combined become meaningful. I think it's 45:45 45 minutes, 45 seconds a it's a journey right and for us uh you know we've slowly over the years built our M&A capabilities in the last 18 45:53 45 minutes, 53 seconds months we built our synergies uh centers of excellence that are going to drive synergies. So I think those the platform 46:01 46 minutes, 1 second the value ad by the platform is only going to increase going forward and is giving us confidence to take larger steps. So if you see the most recent 46:10 46 minutes, 10 seconds acquisition which is blue tile that in itself is as large as our combined business. So I think going 46:17 46 minutes, 17 seconds forward you will also see a step change in terms of how we look to scale up the overall Masara business and platform 46:24 46 minutes, 24 seconds through potentially larger acquisitions as well as focus on uh you know larger margin expansion. We see multiple tailwinds on the margin expansion size. 46:34 46 minutes, 34 seconds Couple of them on the top of my head. 46:36 46 minutes, 36 seconds One of course is AI and how we are leveraging AI to deliver more content to our existing user bases while maintaining the same costs. Right? So I 46:45 46 minutes, 45 seconds think uh that is definitely a large margin expansion. The second is today the platforms like u Google etc take you 46:54 46 minutes, 54 seconds know 30% of uh the subscription or IP fees but over a period of time that is also coming down and I think that will 47:02 47 minutes, 2 seconds help lead in margin expansion. So I think u you should look at Nazara as a platform that will continue to grow 47:09 47 minutes, 9 seconds profitably generate cash and the resilience is actually a you know underrated uh asset for us where we can 47:17 47 minutes, 17 seconds really whenever there's disruption in the market uh you know grow faster. I hope that answers uh some of your question. 47:26 47 minutes, 26 seconds No, I think Natish that that's a very very good point that you make that don't just look at it from the perspective of 47:33 47 minutes, 33 seconds say uh a very big asset that you create rather focus on some of the other levers 47:41 47 minutes, 41 seconds the portfolio diversification and also the ability of the COE's to leverage on technologies like AI and also drive 47:50 47 minutes, 50 seconds towards greater profitability. I think that that's great. Thank you so much. Sure. 47:56 47 minutes, 56 seconds Thank you. We will take the next question from the line of Pranav Marshall from Dal Capital. Please go ahead. 48:05 48 minutes, 5 seconds Yeah. Hi. Am I audible? 48:08 48 minutes, 8 seconds Yeah. Yeah. Uh just a few bookkeeping uh questions from my side. Uh so the 48:14 48 minutes, 14 seconds depotization expense in Q4 was down by about 24%. Uh so which were some of the 48:21 48 minutes, 21 seconds subverticals that uh had witnessed this uh uh decline key on key? 48:29 48 minutes, 29 seconds Uh uh total depreciation uh in uh this quarter was 45.5 cr you want to take this? 48:38 48 minutes, 38 seconds Yeah. So the total depreciation was around 45 crores and uh because and a large part of it is coming from curl 48:46 48 minutes, 46 seconds games which continues to build uh games across years uh which have life of multiple years and uh the deconolidation 48:55 48 minutes, 55 seconds of Nordin has also led to the sequential decline in the uh overall uh depreciation number that we report because the depreciation from the Nordin 49:04 49 minutes, 4 seconds business is not getting consolidated in the books and it's coming a So that is the reason why you're seeing the sequential decline. 49:14 49 minutes, 14 seconds Okay. Uh second on the blue tile u so as we have mentioned that we have completed the acquisition. So uh some color on the 49:23 49 minutes, 23 seconds consolidation timeline uh given some uh approx. 49:29 49 minutes, 29 seconds Yeah. So the acquisition uh will actually close. We still pending uh the Spanish FDI approval which is in process. 49:38 49 minutes, 38 seconds and we expect to close uh the transaction of the acquisition as soon as that comes in. Uh at this point of 49:45 49 minutes, 45 seconds time we're expecting uh to uh it to come in in the next few weeks uh I think 3 4 weeks and that's when the actual closing 49:53 49 minutes, 53 seconds will happen. We expect to consolidate from Q1 of uh FI27. 50:00 50 minutes Okay, great. Uh few questions on the business if I may. uh one of uh in fuse box in Q3 we had seen uh almost a 49% uh 50:10 50 minutes, 10 seconds Q1 decline due to seasonality and it uh bounced back well in Q4. So uh my question is uh can some of the newer IPS 50:19 50 minutes, 19 seconds like uh uh big brother traers uh which poised to launch in FY27 uh meaningfully smoothen the quarterly volatility. 50:30 50 minutes, 30 seconds Yeah, I think there will always be some seasonality in these businesses, but uh I think we are very excited with what we are doing on those IPs. And why don't we 50:38 50 minutes, 38 seconds get Terry, the CEO of Fusebox to give us an update. 50:45 50 minutes, 45 seconds Um yeah, I think as as Natish mentioned, there's always going to be some seasonality. Uh I think in regards to um 50:54 50 minutes, 54 seconds the the other IPs that we have, Big Brother, Big Boss, Tracers, um offsetting some of that seasonality, it 51:01 51 minutes, 1 second will take it will take potentially uh a couple of years for them to meaningfully take a chunk out of the season. 51:12 51 minutes, 12 seconds Uh Terry, do you want to give you an update on where these new launches are on Big Brothers? 51:24 51 minutes, 24 seconds Mister is not connected. Anop Anopia you want to update? 51:28 51 minutes, 28 seconds Uh yeah sure. So uh there one is on the question of uh seasonality. We have a seasonality in the business because there whenever there is a new TV show of 51:37 51 minutes, 37 seconds the original Love Island IP scene there is a good influx of uh of installs or organically etc. In terms of our and as 51:46 51 minutes, 46 seconds Nitish mentioned we launched two new games Big Brother and Big Boss in the last year and uh we have a very extensive release road map in the coming 51:55 51 minutes, 55 seconds year. We are we are already live with another fresh seasons of Love Island and Big Brother and we are looking to expand 52:02 52 minutes, 2 seconds the Big Brother season from one season in the last one year to three seasons in this uh fiscal year as well as we are looking to launch traitors in the 52:11 52 minutes, 11 seconds current fiscal year as well. uh this plus four seasons of uh sorry three seasons of Love Island in FI27. We'll 52:19 52 minutes, 19 seconds have a very well-rounded uh season calendar which will be some amount of evening out of uh of the earnings but 52:27 52 minutes, 27 seconds there will be seasonality as Terry mentioned. 52:32 52 minutes, 32 seconds Sure. Uh there's this uh second one on uh curve gains. So uh uh curve games had about 39% Avida margin in FY26. 52:42 52 minutes, 42 seconds So uh as we scale with some of the larger launches on switch to uh console uh can margins uh be sustained about uh 30 35%. 52:57 52 minutes, 57 seconds Yeah, I do think uh they will sustain uh especially as we're launching new IPS that uh across you know many platforms. 53:05 53 minutes, 5 seconds Uh but uh I can uh let's toward uh dive a bit more deeper in it. 53:12 53 minutes, 12 seconds Thanks Mish. Yes. Um our margin target is always 50% on on any game that we 53:19 53 minutes, 19 seconds sign. Ultimately, we're a publisher, so royalties payable to the developers can vary depending on the agreement and the 53:26 53 minutes, 26 seconds risk, but um as we invest in new games, uh depending on the size of the 53:33 53 minutes, 33 seconds investment, we would expect our margin to certainly be maintained on uh where where we've been currently, which is um 53:42 53 minutes, 42 seconds actually comparatively high uh compared to the market. 53:49 53 minutes, 49 seconds Yeah. Uh thank you so much for answering. That's all. That's that's all from it. 53:56 53 minutes, 56 seconds Thank you. A reminder to all you press star one to ask a question as at this moment. 54:08 54 minutes, 8 seconds As there are no further questions from the participants, I'll now hand the conference up to the management for closing. Thank you. And over to you, sir. 54:17 54 minutes, 17 seconds Oh, thank you. So maybe what we'll do is we'll just take 2 minutes each on uh uh uh on talking a bit about Kopia and 54:25 54 minutes, 25 seconds Animal Channel because both the CEOs are online and they haven't had a chance to speak. So maybe Manish if you can give a quick two minutes on what's happening on Kopia that will be interesting. 54:35 54 minutes, 35 seconds Yeah, sure. Thanks. Uh I hope I'm audible. Yeah. Yeah. 54:42 54 minutes, 42 seconds Uh so uh we definitely seeing uh recovery in Poptopia and we feel very confident about it being sustainable and 54:51 54 minutes, 51 seconds uh it's driven by largely uh three four uh growth levers. One is you know the center of excellence has made our org 54:58 54 minutes, 58 seconds much stronger and cleaner and that has uh giving us the growth that we needed uh in this particular business. Uh the 55:06 55 minutes, 6 seconds second is the IP strategy. uh you know we integrated four IPs in the last one last 12 months and that has seen a 55:15 55 minutes, 15 seconds significant improvement in the overall funnel and that's really helped uh uh there has been lot of focus in improving 55:23 55 minutes, 23 seconds our you know you know data visibility across the or that has made our decision making and uh the overall uh we are much 55:32 55 minutes, 32 seconds more informed and faster in decision- making and that has really helped and lastly the pay deficency has also improved which has helped uh to improve the unit unit economics in the business. 55:43 55 minutes, 43 seconds So all put together we feel very confident about this business. Uh in the coming financial year we expect to 55:51 55 minutes, 51 seconds launch few more uh apps as well in the adjacent category which will continue to drive growth in this business. Uh as well as more IP integrations, free 55:59 55 minutes, 59 seconds traffic growth and CRM uh will help us to monetize our traffic better. So those are some of the things that will drive growth this year in the coming years. 56:12 56 minutes, 12 seconds Okay. Thank you Manish. And uh Jeff, over to you. A quick update on Animal Jam and the new game you're launching. 56:20 56 minutes, 20 seconds Uh thanks Natish. Uh so uh this FY27 is an exciting year for us. uh this uh in 56:30 56 minutes, 30 seconds this upcoming quarter we've got our first IP integration with Mattel into Animal Jam uh through their Monster High 56:37 56 minutes, 37 seconds property and it's uh was successful in April and we look for uh quarterly updates that are going on over the next six quarters. We've been the 56:46 56 minutes, 46 seconds beneficiaries at WildWorks with uh the centers of excellence in both data analytics uh and prepping us for greater 56:54 56 minutes, 54 seconds ramping of user acquisition to really hit uh the engine is Animal Jam for the 57:01 57 minutes, 1 second monetization of our players and and u we've uh Apple has been more than complimentary about uh the ability of 57:10 57 minutes, 10 seconds our game to monetize. It's just getting the the the right users into the game and with the COE's now um helping us do 57:18 57 minutes, 18 seconds that uh we're quite optimistic about uh our prospects uh expansion of our IP to 57:25 57 minutes, 25 seconds new platforms is important and as uh we're launching Animal Jam into Roblox and a new Roblox native experience of 57:34 57 minutes, 34 seconds the beloved Animal Jam property there and have great aspirations for what it can be in uh in FY20. 27. And as Natish 57:43 57 minutes, 43 seconds uh hinted, we are releasing a new game in Q2 of of FY27. 57:49 57 minutes, 49 seconds Um and that's a hyper casual game for kids and women uh here principally in the in North America where we're based uh kind of on the lines of Monopoly Go. 58:00 58 minutes Uh taking a a a page out of their playbook and experiencing a a nostalgic 58:08 58 minutes, 8 seconds property that we're bringing to life again. uh that's been dormant for a while. Uh so these uh this is what's ahead for WildWorks and what we're doing 58:16 58 minutes, 16 seconds with Animal Jam now in its 16th year of operation. We take great pride in that and protecting uh the the community that 58:25 58 minutes, 25 seconds we've built. We're introducing a new um moderation tool through IBA, a nor a 58:31 58 minutes, 31 seconds Norwegian company that using AI in chat moderation and looking forward to looking for new opportunities for AI 58:40 58 minutes, 40 seconds development in uh in our new game as well. Thank you. 58:51 58 minutes, 51 seconds Okay, thank thank you uh Jeff. Uh thank you everyone for joining us uh today and uh have a good day. 59:01 59 minutes, 1 second Thank you members of the management. On behalf of Ambut Capital that concludes this conference. Thank you all for joining with us today and you may not disconnect your lines. Thank you.