Nayak's appointment follows the resignation of Dr Sriram Swaminathan due to attaining the age of superannuation/retirement. Swaminathan will be relieved from the services of the company on 30 April 30 2023 for smooth transition to his successor.

Nayak is a Chartered Accountant (CA) from ICAI and has a bachelor degree of Commerce from Bombay University. He has 26 years of rich & diversified experience in various sectors steering financials operations, IPO listing and handling SEBI regulatory requirements. He has worked with companies such as Supriya Lifescience, Malhotra Group, Crown Healthcare, Tommy Hilfiger, Timezone Entertainment, Kalpataru Group, Excel Industries.

Punjab Chemicals & Crop Protection is engaged in business of manufacturing of agro chemicals, speciality chemicals and bulk drugs and its intermediates.

The company's consolidated net profit declined 8.3% to Rs 20.06 crore despite of 2.1% rise in net sales to Rs 260.45 crore in Q3 FY23 over Q3 FY22.

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Punjab Chemicals & Crop Protection announced that CRISIL has assigned credit ratings as under:

Long term debt (cash credit Rs 20 crore) - CRISIL BBB+; Stable
Short term debt (letter of credit Rs 10 crore) - CRISIL A2

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Net profit of Punjab Chemicals & Crop Protection declined 8.32% to Rs 20.06 crore in the quarter ended December 2022 as against Rs 21.88 crore during the previous quarter ended December 2021. Sales rose 2.12% to Rs 260.45 crore in the quarter ended December 2022 as against Rs 255.04 crore during the previous quarter ended December 2021.

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The Board of Punjab Chemicals & Crop Protection at it meeting held on 24 January 2023 has accepted the resignation of V Srinivas as company secretary and compliance officer with effect from 24 January 2023. The Board has appointed Rishu Chatley as company secretary and compliance officer with effect from 24 January 2023.

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