Raymond appoints Amit Agarwal as its chief financial officer

Fabrics and garment major Raymond Ltd has named Amit Agarwal as its new chief financial officer. Agarwal will be replacing Sanjay Bahl, who has resigned from his position.

Agarwal joins Raymond from Jindal Coated Steel Products Ltd, where he was the CEO, and assumes the new role with effect from July 2. Agarwal has previously worked with large corporations like Arcelor Mittal, Essar Steel, Suzlon, and Jet Airways, where he was the CFO and acting CEO.

Commenting on the appointment, Raymond, in a statement said: “Agarwal joins Raymond at a crucial juncture when the business is witnessing tough market conditions due to Covid-19 impact and the group is also in the process of de-merger that would lead to two separate listed entities.

“On the other hand, Bahl, who was the Raymond CFO for about five years, will continue to be associated with the company as an advisor for six months to support the leadership team through the transition period. During his tenure, Bahl was instrumental in steering the group through GST implementation, demonetisation and now Covid-19,” the statement added.

For the financial year 2019-20, Raymond Ltd has reported a net profit of Rs 202 crore ($27.1 million) and revenue of Rs 6,482 crore.