Nazara Technologies COO Sudhir Kamath Steps Down
Nazara Technologies Ltd, which is a well-known gaming tech firm, stock traded unchanged at Rs 930 on the NSE on Thursday after its Chief Operating Officer, Sudhir Kamath, stepped down.
The firm revealed that Kamath resigned to move back to his home city to stay with his family. In a formal statement, Nazara stated, "Mr. Sudhir Kamath, Chief Operating Officer, appointed as Senior Management Personnel (SMP) of the Company, has submitted his resignation. He will be relieved from his duties on April 1, 2025".
Kamath, an IIM Ahmedabad alumnus, was COO at Nazara Technologies following five years as founder and head of poker platform 9stacks.
In a separate development, Nazara's subsidiary Openplay Technologies has signed a loan agreement with associate company Moonshine Technology to extend a loan of up to ₹20 crore in tranches for business purposes such as working capital and expansion plans.
In Q3 FY25, Nazara Technologies posted a 67% increase in overall sales at ₹534 crore from ₹320 crore in the corresponding quarter last year. Operating profit increased 2% to ₹37 crore, while net profit fell 51% YoY to Rs 14 crore as a result of increased tax outgo.
Notwithstanding leadership transitions and pressure on the bottom line, Nazara's strategic bets and consistent top-line growth indicate a strong future as the firm charts its next period of growth.
