MAM
Gargi by PNGS’ sales skyrocket 76.07 per cent to Rs 50.48 crore turnover last fiscal
Mumbai: PNGS Gargi Fashion Jewellery Ltd (Gargi), a leading name in the fashion jewelry industry, has clocked a stellar financial performance for the financial year from April 2023 to March 2024. It has reported a substantial increase in annual sales, up 76.07 per cent to Rs 50.48 crore, compared to Rs 28.67 crore in the preceding year. Looking at the full-year performance, Gargi continued its upward trajectory, with net profit rising by 80.38 per cent to Rs 8.46 crore for the year ended March 2024, compared to Rs 4.69 crore in the previous year.
For the last quarter ending March 2024, the company showed a remarkable growth rate of 116.93 per cent and achieved sales of Rs 15.38 crore, showcasing robust performance and market resilience. The quarter also witnessed a substantial increase in net profit, which soared by 74.07 per cent to Rs 2.35 crore compared to the previous quarter ended March 2023, when it stood at Rs 1.35 crore. This impressive growth is a testament to Gargi’s strategic initiatives and ability to adapt to evolving market dynamics.
Speaking about this, Gargi by PNGS co-founder Aditya Modak said, “We are thrilled to witness such remarkable growth in sales and net profit, which reflects the dedication and hard work of our team, as well as the trust and support of our customers. These results underscore our commitment to delivering exceptional products and experiences.”
Gargi has achieved remarkable milestones, boasting a portfolio of over 15,000 SKUs and experiencing exponential growth in its first year, with a 6x increase in revenue. The company’s listing on the Bombay Stock Exchange (BSE) further solidified its position as a market leader, a position that will continue to attract customers and drive its growth. With a quadruple increase in customer numbers, the company is now confident in its customers’ trust and confidence in them. With a footprint spanning 18 locations across 10 metro cities and six states, Gargi is poised for continued growth and success and has a robust plan for the financial year 2024-25.
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Adobe CEO Shantanu Narayen to step down after 18 years in role
Board begins CEO search as Narayen prepares to move to chair role
SAN JOSE: After nearly two decades at the helm, Adobe’s long-serving chief executive Shantanu Narayen is preparing to pass the baton.
The company announced that Narayen will transition from his role as chief executive officer once a successor is appointed, ending an 18-year run that reshaped Adobe from a boxed software seller into a global cloud and AI powerhouse. He will remain chair of the board following the leadership transition.
Adobe’s board has formed a special committee to oversee the succession process, led by lead independent director Frank Calderoni. The committee will evaluate both internal and external candidates.
“Shantanu’s leadership has been instrumental in Adobe’s transformation and in positioning the company for the AI-driven era,” Calderoni said in a statement. “As we begin the next phase of succession planning, our focus is on identifying the right leader for the company’s next chapter while ensuring a smooth transition.”
In a note to employees, Narayen described the moment not as a farewell but as a pause for reflection after a long journey with the company.
“I love Adobe and the privilege of leading it has been the greatest honour of my career,” he wrote, adding that he will continue to work closely with the board over the coming months to ensure a seamless leadership change.
Tributes from the technology industry quickly followed the announcement. Microsoft chairman and chief executive officer Satya Nadella congratulated Narayen on what he described as a “legendary run” at Adobe.
“Congrats Shantanu, on a legendary run at Adobe! You’ve built one of the most important software companies in the world, and expanded what’s possible for creators, entrepreneurs, and brands everywhere,” Nadella wrote on LinkedIn.
“What has always stood out to me is the empathy you’ve brought to the creative process and the example you’ve set as a leader. Grateful for your friendship, mentorship, and for all you’ve done for Adobe and for our industry.”
Narayen’s career at Adobe spans nearly three decades. He joined the company in 1998 as vice president and rose steadily through the ranks before becoming chief executive officer in December 2007.
During that time, he orchestrated one of the most significant reinventions in the software industry. In 2013, Adobe made the bold decision to abandon traditional boxed software sales and move its flagship creative tools such as Photoshop to a subscription-based Creative Cloud model. The shift initially rattled investors but ultimately transformed Adobe into a predictable recurring revenue business and a case study in digital reinvention.
Narayen also pushed Adobe beyond creative tools into the world of marketing technology and data-driven customer experience, spearheading acquisitions such as Omniture and Marketo. Those moves helped build Adobe’s digital experience division and broaden its reach far beyond designers and photographers.
The numbers tell the story of that transformation. When Narayen took over in 2007, Adobe generated roughly $3 billion in annual revenue. Today the company reports more than $25 billion. Over the same period, its workforce expanded from around 3,000 employees to more than 30,000.
In recent years, Narayen has steered Adobe into the generative AI era with the launch of Adobe Firefly, aiming to keep the company ahead in a rapidly evolving creative technology landscape.
Born in Hyderabad in 1963, Narayen studied electronics and communication engineering at Osmania University before moving to the United States for a master’s degree in computer science from Bowling Green State University. He later earned an MBA from the Haas School of Business at the University of California, Berkeley.
Widely regarded as one of Silicon Valley’s most steady and effective leaders, Narayen has earned multiple honours during his career, including India’s Padma Shri in 2019.
For Adobe, the upcoming leadership change marks the end of a defining chapter. For Narayen, however, the story is far from finished. As he told employees, the company’s next era of creativity, powered by AI and new digital workflows, is only just beginning.
