Companies

Dabur India standalone net profit up 17.6%

Our Bureau New Delhi | Updated on January 31, 2019 Published on January 31, 2019

Shares of Dabur India on Thursday settled at ₹443.25 per scrip, up 2.88 per cent, on BSE

Board names Mohit Malhotra as new CEO effective April 1

Home-grown FMCG major Dabur India’s standalone net profit rose by 17.6 per cent for the quarter ended December 31, 2018, to ₹312.1 crore from ₹265.5 crore in the corresponding quarter of the previous fiscal. Standalone revenues for the third quarter grew by 14.8 per cent to ₹1,664.5 crore.

 

Dabur India said that prudent cost management initiatives along with strong growth in the domestic market across key categories helped it to withstand macro-economic headwinds in some international markets. Domestic FMCG business grew by 15.2 per cent backed by a volume growth of 12.4 per cent during the quarter.

In a statement, Sunil Duggal , CEO, Dabur India, said, ““The medium-term prospects for India remain robust and we are confident that domestic consumer sentiment, particularly in rural markets, will gain pace in the months to come on the back of fiscal stimulus.”

 

Meanwhile, Dabur India’s board on Thursday approved the appointment of Mohit Malhotra as the new CEO with effect from April 1. He will take over from Duggal, who has been the company’s CEO for the past 17 years. Duggal will remain a Whole-Time Director till May 15 and then as a Non-Executive Director till July 30, 2020.

 

Announcing the appointment, Dabur India Chairman Anand C Burman said, “During the last few years, the Board of Directors of the company had undertaken a succession planning exercise to identify the successor to take over the responsibility from Sunil Duggal, who has been the Dabur India Ltd CEO since 2002.” He said that as a result of this process Malhotra, who is currently CEO of the company’s India Business, was found to be the suitable successor.

Malhotra, joined Dabur as a Management Trainee in 1994 and handled key assignments in Marketing and Sales. He was the CEO of Dabur International, before being elevated to his current position of CEO- India Business.

 

 

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Published on January 31, 2019
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