Home / Companies / News /  Nykaa ropes in P Ganesh as Chief Financial Officer, effective from 3 Feb

Fashion e-retailer, Nykaa on Monday announced the appointment of P Ganesh as their Chief Financial Officer to further strengthen and boost its financial operations and key long-term business strategies. Ganesh is currently CFO of TAFE Group and will take up his role at Nykaa from 3rd February.

Ganesh is a successor of Arvind Agarwal who resigned from his post of CFO at Nykaa in the month of November last year.

On the CFO appointment, Falguni Nayar, Founder, and CEO, Nykaa said, "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."

Meanwhile, Ganesh said, "I’m excited to join Team Nykaa and become a part of the remarkable Nykaa growth journey as it expands its presence further by entering new markets, products and geographies. I look forward to leveraging my expertise and contribute to what I believe is an exciting phase in the Nykaa journey as it continues to grow and scale its businesses.’’

Ganesh joins Nykaa from the TAFE Group, a leading manufacturer and marketer of tractors in India, with iconic brands like Massey Ferguson and Eicher. He previously held leadership and senior management roles in India and overseas and has been associated with the Godrej Group, Glenmark Pharma, and Pidilite.

He brings with him vast experience in Financial Reporting, Business Finance, Domestic and International Taxation, Investor Relations, Banking, Mergers and Acquisitions, and Corporate Law.

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.

Nykaa shares have been in a free fall for the past eight consecutive day. On Monday, Nykaa shares closed at 124.75 apiece down by 1.96% on BSE. Earlier, in the day, Nykaa shares dropped to a new record low of 120.75 apiece.

Nykaa is yet to announce its third-quarter results for FY23. However, in Q2 of the current financial year 2022-23, Nykaa posted a multi-fold increase in its consolidated net profit at 5 crore as compared to 1 crore in the same period a year ago. The consolidated Gross Merchandise Value (GMV) grew 45%year-on-year (YoY) to 2,345.7 crore in Q2 FY23.

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