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Mahindra Lifespace Developers, a real estate company, announced in a filing to the Bombay Stock Exchange that its Managing Director (MD) and Chief Executive Officer (CEO), Arvind Subramanian, has resigned. The Board of Directors accepted Subramanian's resignation, which will take effect from May 22, 2023. Subramanian has decided to pursue his personal interests outside the company.
The Board of Directors also approved the appointment of Amit Kumar Sinha as an additional director, effective February 23, 2023. Sinha will also serve as the Managing Director (Designate) of the company until May 22, 2023. Starting on May 23, 2023, he will take on the role of full-time MD & CEO for a period of five years until May 22, 2028.
Sinha joined the Mahindra Group on November 1, 2020, as the President of Group Strategy. He was appointed as a member of the Group Executive Board on April 1, 2021, and currently serves on the boards of Mahindra Finance, Mahindra Logistics, Mahindra Susten, Mahindra First Choice, Mahindra Rural Housing Finance, and Fifth Gear Ventures. Prior to joining the Mahindra Group, Sinha was a Senior Partner and Director at Bain & Company.
The company reported a growth of 37.17% in its net consolidated profit during the quarter ended December 31, 2022. Its profit after tax (PAT) for Q3 FY23 was Rs. 34.10 crore, up from Rs. 24.86 crore in the corresponding quarter of the previous year. Its net consolidated income for Q3 FY23 was Rs. 198.14 crore, a significant growth of 494.66% from Rs. 33.32 crore it recorded in the similar quarter last year.
Overall, Mahindra Lifespaces Developers is experiencing a transition in its leadership as Subramanian resigns and Sinha is appointed as his successor. The company has been performing well in terms of its financial performance, with a significant growth in its net consolidated profit and income. It remains to be seen how Sinha will guide the company in the future and what impact his appointment will have on Mahindra Lifespaces' growth and development.
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