The after market demand for each automotive and UPS batteries remained robust.
As Exide Industries (EIL) MD & CEO Gautam Chatterjee’s five-year time period is coming to an finish on April 30, the board of administrators on Thursday accepted the elevation and appointment of Subir Chakraborty as the brand new managing director and chief government officer of the nation’s largest storage battery maker for a interval of three years from Could 1.
Chatterjee, a veteran within the firm for final 39 years, was reappointed as MD & CEO for 2 years from Could 1, 2019 until April 30, 2021. He may also stop to be a member of the board of administrators of the corporate with impact from Could 1.
Based mostly on the advice of the nomination and remuneration committee (NRC) and topic to approval of the shareholders, the board of administrators accepted the appointment of Chakraborty as MD and CEO, Exide mentioned in a inventory trade submitting.
Chakraborty, a mechanical engineer from IIT, Madras and PGDM from IIM, Calcutta, was appointed as deputy managing director (DMD) of the corporate since Could 1, 2019. He joined the corporate in 1996 and has been serving as a director on the board for final eight years.
On Thursday, the corporate reported a 36% year-on-year bounce in its consolidated web revenue to Rs 320.17 crore for the fourth quarter ended March 31, from Rs 235.57 crore for the corresponding interval a 12 months in the past. Through the interval beneath assessment, its income from operations soared round 31% y-o-y at Rs 4562.86 crore, the corporate mentioned in a BSE submitting.
Commenting on the efficiency of the fourth quarter, Gautam Chatterjee mentioned Exide “posted spectacular” progress in each automotive and industrial division. The after market demand for each automotive and UPS batteries remained robust. Because of a number of methods adopted by the corporate, it bounced again very strongly within the second half of the final monetary 12 months and was capable of surpass the gross sales it had reported for 2019-20.