FMCG maker Emami on Thursday announced a major move to rejig its board, as founders RS Agarwal and RS Goenka are stepping down from their executive roles. Currently, both are whole-time directors.
Emami said in a stock exchange filing that executive chairman RS Agarwal, 77, and full-time director RS Goenka, 76, want to move from their current executive positions to the next generation of business. Continues on board.
In addition, Sushil K Goenka wants to step down from his current position as Managing Director of the company and continue as a full-time director as part of the transformation process. The Board of Directors of the Company, at its meeting on Thursday, appointed RS Agarwal as the Non-Executive Director appointed by the Chairman Emeritus with effect from 1 April 2022.
Mohan Goenka and Harsha V Agarwal, full-time directors of Emami Ltd., have been dedicated to the business for over two decades, leading multiple operations and successfully growing the business, thus gaining significant exposure to move the company forward.
The Board, therefore, found that they were deserving candidates and re-appointed Mohan Goenka and Harsha V Agarwal as Vice Chairman cum Whole Time Director and Vice Chairman cum Managing Director respectively from April 1, 2022, to lead the organization. The forward is subject to the approval of the shareholders,” the company said in a statement.
Commenting on the announcement, founders RS Agarwal and RS Goenka said, we are pleased to reappoint Mohan Goenka and Harsha V Agarwal as Vice-Chairman, Full-time Director, Vice-Chairman, and Managing Director. Respectively.
They have been at the forefront of running and growing the organization for over two decades, and today their inauguration is a formal recognition of their contribution by our esteemed board … We are confident that our next generation of leaders will uphold their heritage and values. Emami moves on.
Q3 consolidated net profit up 5%
Emami on Thursday reported a consolidated net profit of Rs 219.52 crore in the third quarter of this fiscal, up 5% year-on-year from Rs 208.96 crore in the year-ago period. Operating income rose 4% to Rs 971.85 crore from Rs 933.61 crore last year.
The company said in a statement that high inflation for the quarter led to a decline in consumer demand. “Domestic business grew by 3% year-on-year based on 16% growth in the previous year, translating the two-year CAGR to 9%.
Modern trade grew by 14%, while e-commerce grew its strongest run by 75% over the previous year. In Q3FY22, the importance of these new-age channels increased to 14% of GDP,” it added.
The company’s board of directors has approved the repurchase of the company’s fully paid equity shares with a face value of Rs 1 crore and a total amount not exceeding Rs 162 crore.
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