Nitish Mittersain takes over as CEO of Nazara

Nitish Mittersain, the founder and joint managing director of gaming and sports media company Nazara Technologies is taking charge as the CEO.

While Manish Agarwal who resigned as the company’s CEO effective to pursue an entrepreneurial journey continues to be associated with the company as a Nazara nominee on the boards of material subsidiaries, the Nazara Board of Directors recommended the reinstatement of founder Nitish Mittersain as CEO citing his leadership skills and close involvement with the company since its inception in 2000.

Effective Dec 1, 2022 Mittersain is the CEO and joint managing director of the company.

“Manish 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,” Mittersain said.

The company also announced the appointment of Sudhir Kamath as its new Chief Operating Officer (COO) effective Oct 20, 2022.

The developments came in soon after Nazara Technologies Limited announced its un-audited standalone and consolidated results for the quarter and half year ended 30th September 2022, in October.

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%. Storyboard18