Nitish Mittersain announced today that he has officially taken over the role of Chief Executive Officer (CEO) of Nazara Technologies Limited. Mittersain is the Founder & Managing Director of Nazara Group.
Chief Executive Officer (CEO):-
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Mittersain is taking the role as Manish Agarwal has stepped down from the post to pursue an entrepreneurial journey. Manish Agarwal resigned as CEO effective December 1st, 2022. He will continue to be associated with the company as a Nazara nominee on the boards of material subsidiaries of Nazara.
Commenting on Manish Agarwal’s departure, Mittersain had then said, “Manish and I have worked closely together over the last 7 years to build a strong foundation on which Nazara will continue to grow rapidly in the years to come. I wish him all the best in his future endeavors.”
Chief Operating Officer (COO):-
The company also saw some changes in management this year as it announced the appointment of Sudhir Kamath as its new Chief Operating Officer (COO) effective Oct 20, 2022.
Mittersain said, “I am delighted to welcome Sudhir Kamath as Nazara’s new COO. An alumnus of Delhi university & IIT,” on Kamath being appointed as new COO.
About Nazara:-
Founded in 1999 by Mittersain, Nazara offers diversified gaming products in categories like esports, gamified early learning, real money gaming, among others. Some of its subsidiaries include esports company NODWIN Gaming, sports news website Sportskeeda, and children-focused gaming firm WildWorks.
Revenue of Nazara:-
The company delivered strong growth driven by its esports, freemium and adtech business verticals in Q2FY23. Revenue increased by 104% to Rs 263.8 crore as against Rs 129.6 crore in Q2FY22, the EBITDA stood at Rs. 21.3 crore as against Rs 19.5 crore in Q2FY22 and profit after tax was Rs 16.9 crore as against Rs 15.3 crore in Q2FY22.
In the half yearly terms, revenue increased by 87% to touch Rs 486.9 crore against Rs 260.8 crore in H1FY22. The EBITDA stood at Rs 51.4 crore against Rs 49.6 crore in H1FY22 and the profit after tax was Rs 33.4 crore as against Rs 28.8 crore in H1FY22 clocking a growth of 16%.
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