Ramkumar Krishnamachari, chief financial officer of online local business search engine Just Dial Ltd, has resigned from the firm.
Krishnamachari will be relieved from his duties with effect from 30 September 2017, Just Dial said in a stock-exchange filing.
He joined Just Dial in 2010 and was instrumental in laying the groundwork for its initial public offering (IPO) in 2013. In his role as CFO, Krishnamachari led the firm’s finance, legal, taxation and secretarial functions besides being responsible for investor relations and stakeholder management.
This is the second high-profile exit at Just Dial in less than a year since the departure of its chief technology officer RV Raman who stepped down in October 2016. Raman was the second CTO to leave the company in a year after his predecessor Sandipan Chattopadhyay resigned in December 2015.
Just Dial, which was founded by VSS Mani in 1996, is one of a few digital businesses to get listed on stock exchanges. Its stock price peaked at Rs 1,800 two years ago but has slumped since then and currently stands at Rs 364.
The company recorded a 37.2% dip in its net profit for the quarter ended 31 March 2017. It posted a net profit of Rs 25.3 crore for the fourth quarter compared with Rs 40.3 crore a year earlier.
Its net profit stood at Rs 121.3 crore in FY2016-17 compared with Rs 142.7 crore in FY2015-16.
As of 31 March 2017, the company conducted around 435,360 campaigns for paid advertisers compared with 368,800 campaigns as of 31 March 2016, representing a year-on-year growth of 18%.
The company’s database consisted of approximately 17.9 million listings compared with 16.3 million listings, representing a year-on-year growth of 9.5%.