Anuj Poddar elevated to the role of managing director and chief executive officer of Bajaj Electricals Limited

Shekhar Bajaj shall continue as executive chairman of the company.

Anuj Poddar elevated to the role of managing director and chief executive officer of Bajaj Electricals Limited
Bajaj Electricals claims to have undertaken multiple initiatives including strengthening of the leadership, streamlining of its corporate structure.

Consumer durables company Bajaj Electricals Limited has elevated Anuj Poddar to the role of managing director (MD) and chief executive officer (CEO). Shekhar Bajaj shall continue as executive chairman of the company.

Over the last few years, Bajaj Electricals has embarked upon a significant transformation journey – involving many changes on the business as well as organisational front, Shekhar Bajaj, chairman, Bajaj Electricals Limited, said. “In continuation of that, I believe this will provide further impetus to the achievement of our strategic goals and demonstrates our commitment to strong corporate governance. Anuj Poddar has demonstrated exceptionally visionary leadership, executional ability and passion in driving this transformation journey and I am confident that in his elevated role he will continue to drive our company forward and add value to all stakeholders,” he added.

The announcement comes on the back of the ongoing transformation journey and keeping in mind the company’s long‐term strategy. Over the last three years, Bajaj Electricals claims to have undertaken multiple initiatives including strengthening of the leadership, streamlining of its corporate structure, turnaround of its performance and balance sheet and the planned demerger of the EPC business. According to the company, the separation of the chairman and managing director positions is in continuation of the professionalism of the management of the company and marks the company’s commitment to strong corporate governance standards.

The company posted its Q1 FY 22-23 results in which it recorded 43% rise in revenue from operations to Rs 1,229 crore as opposed to Rs 857 crore in the first quarter of the previous year. In Q1 FY23, the company posted Rs 41 crore profit as against loss after tax of Rs 25 crore respectively, in the corresponding first quarter of the previous year. For the quarter ended June 30, 2022, the company generated positive cashflow from operations of Rs 165 crore. Cash equivalents and surplus investments are at Rs 254 crores.

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