Nykaa appoints P Ganesh as chief financial officer

Former CFO Arvind Agarwal quit Nykaa in November last year to join PayU, the fintech and payments arm of Dutch investment giant Prosus.

Ganesh is a chartered accountant, cost and management accountant and company secretary with over 27 years of industry experience in domestic and international markets.

“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.

P Ganesh is set to join Nykaa from the TAFE Group, a manufacturer and marketer of tractors in India.

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.

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Commenting on his appointment, Ganesh said, “I am 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.”The company reported a 344% year-on-year (YoY) jump in its September quarter net profit at Rs 5.2 crore. Its quarterly revenue from operations recorded a 39% YoY increase to Rs 1,230.8 crore.

The lifestyle retailer’s gross merchandise value or GMV rose 45% YoY to Rs 2,345.7 crore during the quarter while the gross margin improved to 45.3% in Q2 vs 42.7% in the year-ago period.

Nykaa said its EBITDA improved to Rs 61 crore vs Rs 28.8 crore in the year-ago period while EBITDA margin improved to 5% vs 3.3% in Q2 FY22.