Nazara Technologies shares trade flat after COO Sudhir Kamath steps down

Shares of Nazara Technologies Ltd, India’s leading gaming technology company traded flat on Thursday at ₹930 apiece on the NSE after the resignation of its Chief operating officer.

The company announced the resignation of its COO, Sudhir Kamath as he wishes to relocate to his native city to be with his family. The company said,” Mr. Sudhir Kamath, Chief Operating Officer, designated as Senior Management Personnel (SMP) of the Company, has tendered his resignation to relocate to his native city to be with his family. The Company has accepted his resignation and he will be relieved from his responsibilities with effect from April 01, 2025”.

Mr Sudhir Gupta was an Alumnus of IIM Ahmedabad and joined as COO at Nazara Technologies, before which he was a founder and CEO of poker platform 9stacks for five years.

Earlier on Wednesday, the company also announced, that Openplay Technologies Private Ltd, a subsidiary of the Company, has entered into a loan agreement with Moonshine Technology Private Ltd, an associate of the Company, to grant a loan for an aggregate amount not exceeding ₹20 Crore, in one or more tranches, for business purposes such as working capital requirements, expansion plans, etc.

IN Q3FY25, the company reported a nearly 67% jump in total sales at ₹534 crore as against ₹320 crore in the previous year's similar quarter. The operating profit for the quarter jumped 2% at ₹37 crore as compared to ₹36.3 crore in the previous year similar quarter. Lastly, the net profit dropped by -51% YoY at ₹14 crore due to higher tax out go for the quarter.