Desai holds a Chartered Accountancy qualification from the Institute of Chartered Accountants of India, New Delhi. He has an experience of over 25 years covering various sub-functions of business & finance like project finance, revenue / financial accounting including consolidation, MIS, treasury, statutory / internal audit, direct & indirect tax, USGAAP financials including participation in management review and board meetings.

In his last assignment, Desai was with Voltas, as Head of Corporate Finance. Before joining Voltas, he worked with MIRC Electronics and BPL Mobile Communications.

Further, the company said that Neetu Kashiramka, managing director & CFO will be re-designated as managing director of the firm, effective from 14 February 2024.

Kashiramka is a qualified Chartered Accountant having over 26 years of post-qualification experience. She brings in more than two decades of experience in the corporate finance function across several organizations. Before joining the company, she was working as CFO with Greaves Cotton.

VIP Industries is the leading manufacturer of hard and soft luggage in Asia.

The luggage manufacturer’s consolidated net profit dropped 83.79% to Rs 7.15 crore in Q3 FY24 as compared with Rs 44.10 crore recorded in Q3 FY23. Revenue from operations increased by 3.8% year on year to Rs 546.42 crore in the quarter ended 31 December 2023.

Shares of VIP Industries shed 0.23% to settle at Rs 530.05 on the BSE.