The company’s nomination and remuneration committee, has appointed Ravi Kumar Pareek as a chief financial officer (CFO) of the company with effect from 22 April 2024.

Ravi Kumar is a qualified Chartered Accountant with Bachelor of Commerce degree having a post qualification of experience of more than 12 years.

He has skills, expertise and experience in strategic financial planning, budgeting, forecasting, GAAP, IFRS/IND, cash flow optimization, debt management, stakeholder communication, mergers and acquisitions, risk management, and capital allocation with a proven track record in diverse industries including tyre manufacturing, metals & mining, pharmaceutical, wires & cable manufacturing.

NIBE trades in electronic components, fabrication materials, and provides technical consultancy. It also provides services for the design, supply, erection, testing, and commissioning of low and medium voltage lines and substations on a turnkey basis.

The company reported a consolidated net profit of Rs 4.38 crore in Q3 FY24, steeply higher from Rs 0.73 crore in Q3 FY23. Revenue from operations stood at Rs 62.69 crore in Q3 FY24, a steep increase from Rs 15.18 crore in Q3 FY23.

The scrip fell 4.60% to end at Rs 1,604.50 on Monday, 22 April 2024.