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FSN E-Commerce Ventures (Nykaa) on Monday (23 January 2023) announced the appointment of P Ganesh as their chief financial officer to further strengthen and boost Nykaa's financial operations and key long-term business strategies.
Ganesh is a qualified chartered accountant, cost and management accountant and company secretary with over 27 years of diverse industry experience in domestic and international markets.
P Ganesh joins Nykaa from the TAFE Group, a leading manufacturer and marketer of tractors in India, with iconic brands like Massey Ferguson and Eicher. Ganesh has previously held leadership and senior management roles in India and overseas and has been associated with the Godrej Group, Glenmark Pharma and Pidilite. Ganesh brings with him vast experience in financial reporting, business finance, domestic and international taxation, investor relations, banking, mergers and acquisitions and corporate law.
"We are pleased to welcome Ganesh to our leadership team and be part of Nykaa's growth story that will benefit from his rich financial experience. His knowledge about the Indian financial market and insights into International markets will be valuable in guiding Nykaa's journey as a leader in beauty and lifestyle omnichannel retail," said Falguni Nayar, Founder and CEO, Nykaa.
Shares of Nykaa fell 1.96% to Rs 124.75 on Monday, 23 January 2023.
Founded in 2012, Nykaa is a lifestyle-focused consumer technologies platforms. Nykaa offers over 4,500 brands and over 4.6 million product SKUs through its website and mobile applications.
On a consolidated basis, Nykaa reported a net profit of Rs 4.11 crore in Q2 FY23, steeply higher than Rs 1.17 crore posted in Q2 FY22. Revenue from operations jumped 39.04% to Rs 1230.83 crore in quarter ended 30 September 2022 from Rs 885.26 crore recorded in the corresponding quarter previous year. Profit before tax surged to Rs 8.76 crore in Q2 FY23 as against Rs 1.37 crore posted in the same period last year.
In November 2022, the company announced the resignation of its CFO Arvind Agarwal.
Shares of Nykaa entered the bourses on 10 November 2021. The company issued 5 bonus equity shares for each share held (5:1) in November 2022.
Adjusting for bonus issue, the stock hit a record high of Rs 429.01 on 26 November 2021. The stock hit a record low of Rs 120.75 on Monday, 23 January 2023. The company's current market capitalisation stands at Rs 35,545.92 crore.
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