Diversified gaming and sports media company Nazara Technologies founder - Nitish Mittersain - has been appointed as chief executive officer of the company, the company informed stock exchanges.
Meanwhile, Nazara Technologies delivered strong growth driven by its e-sports, freemium and adtech business verticals in second quarter of current financial year. Following the strong first half performance, the company has revised the guidance upwards for FY23 and expects consolidated revenues to grow in the range of 70-75 per cent annually with EBITDA margin above 10 per cent.
Nazara Technologies revenue from operation more than doubled to Rs 264 crore compared with Rs 130 crore during the same period last year. Its operating profit came in at Rs 21.5 crore versus Rs 15.3 crore during the same period last year.
“We are happy to report an accelerated growth of 104% YoY growth for Q2FY23 & 87% YoY in revenues for H1FY23. Our approach to capture opportunities across business segments has continued to deliver high revenue growth in successive quarters. We have many growth opportunities ahead of us and will continue to make investments to accelerate revenues and achieve market leadership in each segment we operate in,” Mittersain said.
The company also appointed Sudhir Kamath as its new Chief Operating Officer (COO) effective October 20, 2022.
An alumnus of Delhi University and IIM Ahmedabad, Sudhir has 20+ years of experience in strategy consulting, private equity investing, operations and entrepreneurship, Nazara Technologies said.
“We are delighted that Sudhir has joined us at Nazara as our COO. Sudhir is an established business leader who has built highperformance teams across ventures and brings a wide network of relationships in the gaming world. With his deep operating expertise and entrepreneurial mindset, we are confident that he will contribute immensely in propelling Nazara to new heights. I welcome him to the Nazara family,” Mittersain said.