Maruti Suzuki India Ltd has appointed Arnab Roy as Chief Financial Officer (CFO) of the company with effect from January 1, 2024, the country’s largest carmaker said in an exchange filing today.
According to the company’s exchange filing, Arnab Roy will join in as CFO – Designate with effect from October 16, 2023, and as a whole-time CFO of the company from January 2024.
Ajay Seth, the company’s current CFO, will be superannuating from his post as the company’s full-time CFO with effect from the end of business on December 31, 2023, according to the company. After that he remains a Member of the Executive Board (MEB).
Arnab is a seasoned professional with more than 26 years of experience working with US, British, and French multinational corporations in every area of finance and accounting.
He has been the Greater India Region’s Zone CFO since January 2022, overseeing all Schneider companies with a combined annual revenue of almost 22,000 crores. He oversees a finance team of more than 200 individuals in the Greater India Region, as well as shared services, and serves as a director in more than 12 Schneider Companies, including one that is publicly traded, according to company’s exchange filing.
He has been working with the CEO to manage the company for the past 17 years as Country and Business Unit CFO, including assessing the financial implications of business decisions and regulatory implications.
On Tuesday, Maruti Suzuki shares were hovering near its 52-week high levels. At 14:58, Maruti Suzuki share price was up 0.13% at ₹9,607.90 apiece on BSE.
“The appointment of Arnab Roy as the new CFO with his diverse and extensive experience with an impressive professional journey spanning 25 years, is a positive development for Maruti, in our view. His vast experience and expertise in managing operations of large multinational corporations will be crucial in steering Maruti Suzuki towards a path of sustained growth and success as it seeks to strengthen its position in the evolving automotive landscape,” said Himanshu Singh – Research Analyst, Prabhudas Lilladher Pvt Ltd.
Maruti Suzuki India, the largest passenger car manufacturer in the country, reported a standalone net profit of ₹2,485.1 crore in the quarter ended June 2023. The company’s net profit jumped by a robust 145% as compared to ₹1,012.8 crore in the same quarter last year.
However, the company’s net profit declined sequentially from ₹2,623.6 crore in the March quarter.
The auto major’s standalone revenue in Q1FY24 grew 22% to ₹32,326.9 crore from ₹26,499 crore, YoY.
Also Read: Maruti Suzuki Q1 Results: Net profit jumps 145% to ₹2,485 crore; revenue rises 22% YoY
Download The Mint News App to get Daily Market Updates & Live Business News.
More
Less
Updated: 29 Aug 2023, 03:09 PM IST
www.livemint.com
Source link