Electrical goods company Polycab India's chief executive R Ramakrishnan has resigned from the company after more than eight years of service.
His last day in the company was June 30, said sources. Ramakrishnan had joined the company in March 2012 and also led the firm to its initial public offering (IPO). The company was listed in April 2019.
Ramakrishnan will now be taking a sabbatical for a few months to pursue his personal interests and also be a part of social impact projects.
Polycab did not immediately respond to a query by Moneycontrol.
Under Ramakrishnan, Polycab saw a growth in both revenue and profits. Total income grew from Rs 3,300 crore in FY12 to Rs 8,900 crore in FY20. Similarly, net profit grew from merely Rs 33 crore in FY12 to Rs 766 crore in FY20.
The IPO under his leadership had also seen a good response. Polycab's Rs 1,345 crore IPO was subscribed nearly 52 times.
Shares of wires and cables manufacturer Polycab India had a stellar rally on April 16, 2019, the first day of trading on exchanges, amid strong market conditions and after healthy subscription.
The stock had surged 21.7 percent to close at Rs 654.80 on the National Stock Exchange on April 16, 2020, against the issue price of Rs 538.
Apart from Polycab, Ramakrishnan is also associated with industry bodies such as CII, Bombay Management Association, Indian Society of Advertisers, and Advertising Standards Council of India.
Ramakrishnan has over 37 years of professional experience. Prior to Polycab, he worked with Asian Paints for 17 years and Bajaj Electricals for 12 years.
He was responsible for the introduction of new products at Asian Paints during his tenure and at Bajaj Electricals, he is credited with the introduction of the Morphy Richards brand.
Ramakrishnan did his post-graduation in business management from XLRI-Xavier School of Management in Jamshedpur.
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