Seven years on, Nitish Mittersain is once again CEO of Nazara Tech

Nitish Mittersain, cofounder and joint managing director of gaming firm Nazara Technologies, has resumed his role as the firm’s chief executive officer following the exit of
Manish Agarwal in October. Mittersain became joint managing director in 2015 after serving as CEO from 2000 to 2015.

“I’m back as #Nazara CEO from today and look forward to making a strong impact filled with positive intent and hard work!” he wrote on Twitter.

He also took to
LinkedIn to post the Robert Frost poem ‘Stopping by Woods on a Snowy Evening’ and thanked everyone who helped him in his journey.

Meanwhile, Agarwal is leaving the firm to pursue entrepreneurship, as the company announced after he resigned. “He will continue to be associated with the company as a Nazara nominee on the boards of material subsidiaries of Nazara,” Nazara Technologies had said in an exchange filing in October.

The company also announced the appointment of Sudhir Kamat as chief operating officer that month. Kamath was previously CEO of Sparskills Technologies, which he founded.

Nazara reported a profit after tax of Rs 16.9 crore for the September quarter, down from Rs 19.5 crore in the same quarter last year. Revenue was up 104% at Rs 263.8 crore, while Ebitda (earnings before interest, tax, depreciation and amortisation) was at Rs 21.3 crore.

The company delivered strong growth in Q2FY23 driven by its esports, freemium and adtech verticals. It has now revised its FY23 guidance upwards and expects consolidated revenues to grow in the range of 70-75% year-on-year, with an Ebitda margin above 10%.

However, Nazara Technologies’ stock – like those of other tech firms – has taken a big hit over the past year and is down about 49% year-to-date.

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