CCL Products declined 1.58% to Rs 676.50 after the company announced that its chief financial officer (CFO), Lakshmi Narayana, has resigned due to personal reasons.
Narayana's resignation will be effective from the close of business hours on 6 February 2025.Meanwhile, the companys board of directors appointed Chaithanya Agasthyaraju, chief financial officer (key managerial personnel) of the company, effect from 7 February 2025.
Chaithanya Agasthyaraju has 19 years of experience in finance strategy, including Treasury, Controllership, Financial Planning & Analysis, P&L Management, Auditing, Corporate Finance, and People Management. Prior to joining the company, Agasthyaraju served as the chief financial officer (CFO) and director of finance at Griffith Foods.
Chaithanya holds a Chartered Accountant (ICAI) qualification and a B.Com. degree. He began his career in 2005 as a senior officer in internal audit at Hyundai Motor India. Over the years, he transitioned into finance, assuming various key positions and progressively taking on more responsibilities. Chaithanya has worked with several prominent organizations, including Ashok Leyland Limited and OLA Electric Technologies.
CCL Products is a leading manufacturer and exporter of instant coffee and private label coffee products. It has become the largest exporter of instant coffee worldwide, with a global clientele base in over 90 countries.
The coffee product makers consolidated net profit increased 21.51% to Rs 73.95 crore on 21.5% rise in net sales to Rs 73,819.77 crore in Q2 FY24 over Q2 FY23.
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