BUSINESS

Nykaa Appoints P Ganesh as CFO

Nykaa apponis P Ganesh as Chief Financial Officer to

P Ganesh will step into his role at the company on February 3, 2023.

Nykaa’s parent company, FSN E-Commerce Ventures, announced on Monday (January 23, 2023) the appointment of P Ganesh as Chief Financial Officer to further strengthen and facilitate Nykaa’s financial operations and critical long-term business strategies.

Ganesh is a qualified CA, Cost and Management Accountant and Company Secretary with more than 27 years of diverse industry experience in domestic and international markets.

P Ganesh joins Nykaa from TAFE Group, India’s leading manufacturer and marketer of tractors with iconic brands such as Massey Ferguson and Eicher. Ganesh previously held leadership and senior management roles in India.

Nykaa’s shares went down 1.96% to Rs 124.75 on January 23 2023.

Founded in 2012, Nykaa is a lifestyle-focused consumer technologies platform. Nykaa offers more than 4,500 brands and over 4.6 million product SKUs via its website and mobile applications.

On a consolidated basis, Nykaa reported a net profit of Rs 4.11 crore in Q2FY23, well above the Rs 1.17 crore posted in Q2FY22. Operating income rose 39.04% to Rs 1,230.83 crore for the quarter that ended September 30, 2022, from Rs 885.26 crore in the same period last year. Before-tax, profit surged to Rs 8.76 crore in Q2FY23 compared to Rs 1.37 crore a year earlier.

In November 2022, the company announced the resignation of its CFO Arvind Agarwal.

Shares of Nykaa were listed on November 10, 2021. The company issued five bonus shares per share (5:1) in November 2022.

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