Prithvi Exchange (India) Limited has announced a key leadership appointment, naming Ms. Shuba Lakshmanan as the company's new Company Secretary and Compliance Officer. The appointment was formally approved by the Board of Directors during their meeting on January 2, 2026, based on the recommendation of the Nomination and Remuneration Committee.

Board Meeting and Appointment Details

The Board of Directors convened on January 2, 2026, to deliberate on various business matters. The primary agenda item was the appointment of the new Company Secretary and Compliance Officer, which received formal approval following the committee's recommendation. The company communicated this appointment to BSE Limited on the same date through an official intimation letter.

Appointee Profile and Qualifications

Ms. Shuba Lakshmanan brings substantial expertise to her new role at Prithvi Exchange (India) Limited. Her professional credentials and background are detailed below:

Professional Background

Ms. Lakshmanan is a qualified Company Secretary and Associate member of the Institute of Company Secretaries of India. Her extensive hands-on experience spans over a decade across various industries, with specialized expertise in company secretarial functions. This diverse industry exposure positions her well to handle the compliance and regulatory requirements of Prithvi Exchange (India) Limited.

Regulatory Compliance and Disclosure

The appointment has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also complied with the disclosure requirements under SEBI Circular no. SEBI/HO/CFD/CFD-PoD-I/P/CIR/2023/123 dated July 13, 2023, regarding changes in Key Management Personnel.

The formal intimation was communicated to BSE Limited, where the company's scrip is listed under code 531688. The appointment letter was signed by Managing Director Pavan Kumar Kavad (DIN: 07095542) and submitted with all required disclosures as per regulatory guidelines.

Prithvi Exchange (India) Limited , a Reserve Bank of India licensed foreign exchange dealer, has reported a mixed financial performance for the second quarter of fiscal year 2025-26. The company faced several challenges, including currency fluctuations, intense competition, and regulatory compliance issues, which impacted its profitability despite revenue growth.

Financial Performance

The company's financial results for Q2 FY26 show a contrast between top-line growth and bottom-line pressure:

The significant decline in net profit despite revenue growth highlights the margin pressure faced by the company during the quarter.

Operational Highlights

Segment Performance

• Business Travel: Grew by 17% year-over-year
• Travel Remittances: Increased by 23% compared to the same period last year
• Education Remittances: Posted a 3% volume growth, outperforming the market which saw a decline

Challenges and Impacts

1. Currency Volatility: The quarter witnessed currency fluctuations, contributing to margin pressure across segments.
2. RBI Compliance: The company's banknotes business was affected by compliance with the RBI's 75:25 rule, leading to a drop in this segment.
3. Education Remittances: Tighter visa norms in Canada, USA, and UK resulted in muted education remittances. Despite this, Prithvi Exchange managed to grow its volume by 3% against the market trend.

Expansion Plans

Prithvi Exchange is actively working on expanding its presence:

• Awaiting RBI approval for 3 additional centers
• Exploring expansion opportunities in tier-2 and tier-3 cities such as Visakhapatnam, Vijayawada, and Goa

Management Commentary

While specific management quotes were not provided, the company acknowledges the challenging environment and highlights its ability to outperform in certain segments despite market headwinds. The focus on travel remittances and business travel appears to be yielding positive results, as evidenced by the growth in these areas.

Outlook

The company expects the decline in the banknotes business to reverse in the future, potentially improving its metrics. However, the ongoing challenges in the education remittances sector and the competitive landscape may continue to impact profitability in the near term.

Investors and market watchers will likely keep a close eye on how Prithvi Exchange navigates these challenges and capitalizes on its expansion plans in the coming quarters.