GMM Pfaudler CFO Jugal Sahu quits

Process equipment and solutions provider GMM Pfaudler Limited on Wednesday informed about the resignation of its Chief Financial Officer (CFO) on personal grounds.

In a statement, the company informed that Jugal Sahu has resigned as CFO of the company with effect from January 20 due to personal reasons. Sahu will be relieved with effect from March 31, 2021, it added.

Following Sahu's resignation, the company appointed and re-designated Manish Poddar as CFO and Key Managerial Personnel with effect from Wednesday. Prior to his new designation, Poddar was appointed as a Chief Integration Officer (CIO).

The company made the announcement along with the financial results for the third quarter ended December 31, 2020. Standalone net profit rose nearly 16 per cent to ₹22 crore for the quarter as against ₹19 crore in the same quarter last year. Standalone revenues from operations stood at ₹166 crore as against ₹137 crore in the same period last year.

Interim dividend

The board of directors has announced a third interim dividend of ₹1 per share for the current fiscal 2020-21. The record date for the payment of the dividend has been fixed on January 29, the company said in a regulatory filing.

Tarak Patel, Managing Director, said, “Our end user segments continue to do well led by a strong recovery in the pharmaceutical sector, resulting in a healthy order backlog across all our product lines. Our newly acquired manufacturing facility in Hyderabad is up and running along with our new gas furnaces in Gujarat." "In reference to the acquisition of the international business of the Pfaudler Group, we have received all foreign investment and antitrust approvals and we expect to close the transaction soon," he added.

On consolidated basis, company's net profit for the quarter stood at ₹23 crore, up from ₹21 crore in the corresponding quarter last year. It reported consolidated revenues from operations at ₹202 crore, as against ₹156 crore in the same period last year. Consolidated EBITDA stood at ₹42 crore, up from ₹30 crore same quarter last year.

Company's shares gained nearly 3 per cent on Wednesday to end at ₹3,865.5 on BSE.