Nykaa slips after CFO Arvind Agarwal resigns

FSN E-Commerce Ventures slipped 2.37% to Rs 171.05 after the company announced the resignation of its chief financial officer (CFO) Arvind Agarwal.

In an exchange filing made after market hours yesterday, the company said: "This is to inform you Mr. Arvind Agarwal, Chief Financial Officer of FSN E-Commerce Ventures (the company) will be leaving the company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy & start-up space," the company said in a statement post market hours today, 22 November 2022.

Arvind Agarwal will also cease to be key managerial personnel (KMP) of the company w.e.f. close of business hours on 25 November 2022.

FSN E-Commerce Ventures, which runs the fashion and beauty platform Nykaa, said it is in the process of appointing a new CFO.

Arvind Agarwal remarked - "It has been great to be a part of the incredible Nykaa journey thus far. All my learning & experiences to date, have set me up for pursuing different personal growth opportunities in the digital economy & start-up space. I wish Nykaa the very best for the growth path ahead and will always be a part of the Nykaa Family."

Falguni Nayar, founder and chairperson, stated- "Arvind deserves kudos for the critical role he has played in Nykaa's emergence as a listed and profitable start-up. While we do regret losing him, we are conscious of his personal dreams, and wish him all the luck."

In a separate development, bulk deals data on the BSE showed that Lighthouse India Fund III sold 1,84,46,200 shares of the company (equivalent to 0.65% stake) yesterday (22 November 2022) at an average price of Rs 182 per share.

Lighthouse India Fund III held 5,81,35,440 shares or 2.04% stake in Nykaa as on 30 September 2022.

Shares of Nykaa entered the bourses on 10 November 2021. The company recently issued 5 bonus equity shares for each share held (5:1).

Adjusting for bonus issue, the stock hit a record high of Rs 429.86 on 26 November 2021 and a record low of Rs 162.91 on 28 October 2022.

Founded in 2012, Nykaa is one of India's leading lifestyle-focused consumer technologies platforms. It offers over 4,500 brands and over 4.6 million product SKUs through its website and mobile applications.

On a consolidated basis, Nykaa reported a net profit of Rs 4.11 crore in Q2 FY23, steeply higher than Rs 1.17 crore posted in Q2 FY22. Revenue from operations jumped 39.04% to Rs 1230.83 crore in quarter ended 30 September 2022 from Rs 885.26 crore recorded in the corresponding quarter previous year. Profit before tax surged to Rs 8.76 crore in Q2 FY23 as against Rs 1.37 crore posted in the same period last year.

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