Maruti Suzuki appoints Schneider’s exec Arnab Roy as new CFO; Ajay Seth to retire

Indian automaker Maruti Suzuki has appointed Schneider executive Arnab Roy as its Chief Financial Officer (CFO) from January 1, 2024. Prior to the appointment as whole-time CFO, Arnab will join Maruti Suzuki as CFO-designate, with effect from October 16, 2023.

Present CFO Ajay Seth shall be retiring from the post of whole-time CFO with effect from Dec 31, and shall continue as member of executive board afterwards, the company said in an exchange filing.

Roy is a seasoned professional with over 26 years of experience with US, British and French MNCs handling all aspects of Finance and Accounts. He earned his Bachelor’s degree in Economics, Statistics and Maths from Ranchi University and further pursued Chartered Accountancy and Cost Accountancy. He also holds an Executive MBA from IIM Bangalore.

In January 2022, he was appointed as the zone CFO for the Greater India region, covering all Schneider businesses with a business span of around Rs 22,000 crore.

"During his career, he has successfully handled Mergers & Acquisition and other growth initiatives like contract manufacturing, licensing, working with investment bankers on potential acquisition opportunities etc. He has been involved in analysing value chains, designing distributor footprints, evaluating channel partners and deciding on optimum channel strategy," the company added.

Meanwhile, Maruti Suzuki India Ltd had reported a 145.31 per cent jump in its first quarter profit for financial year 2023-24 (Q1FY24). The company posted a net profit of Rs 2,485 crore for the that quarter ended on June 30, compared with Rs 1,013 crore last year.

Revenue from operations jumped 21.99 per cent to Rs 32,327 crore in Q1 FY24 as against Rs 26,500 crore in the year-ago period, Maruti stated in an exchange filing.

"In the June 2023 quarter, the sales in the domestic market stood at 4,34,812 units, up by 9.1 per cent over that in Q1 FY23. The export sales were at 63,218 units as compared to 69,437 units in Q1 FY23. Shortage of electronic components in this quarter resulted in over 28,000 vehicles not being produced. Pending customer orders stood at about 3,55,000 vehicles at the end of the quarter and the company is making efforts to serve these orders fast," Maruti said.