Anuj Poddar elevated as MD and CEO of Bajaj Electricals Limited

India’s leading consumer durables company - Bajaj Electricals Limited today announced elevation of Anuj Poddar to the role of Managing Director (MD) and Chief Executive Officer (CEO). Anuj Poddar had joined the Company in late 2018 as its Executive Director. Shekhar Bajaj shall continue as Executive Chairman of the Company.

This announcement comes on the back of the ongoing and significant transformation journey and keeping in mind the Company’s long‐term strategy. Over the last three years, Bajaj Electricals has 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. Further, the company achieved a key strategic milestone of becoming net-debt-free as on 31^st March, 2022 – a first for the company in over four decades. Having achieved these milestones, Bajaj Electricals is preparing for aggressive growth across its businesses in a focused manner. The separation of the Chairman and Managing Director positions is in continuation of the professionalisation of the management of the company and marks the company’s commitment to strong corporate governance standards.

Shekhar Bajaj, Chairman, Bajaj Electricals Limited, said “Over the last few years we have embarked upon a significant transformation journey at Bajaj Electricals – involving many changes on the business as well as organisational front. 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.”

Anuj Poddar, MD and CEO, Bajaj Electricals Limited said “I am thankful to the Chairman and our Board for entrusting me with this elevated responsibility. I am truly excited for what lies ahead of us at Bajaj Electricals – we have a clear vision and roadmap of building this future and together with our entire team we are committed to being a best-in-class organisation that delivers superior performance and value creation.”

The Company posted its Q1 FY 22-23 results.  For the first quarter of 2022-23, the Company has achieved revenue from operations of Rs. 1,229 Cr. as against Rs. 857 Cr., a growth of 43% over the first quarter of the previous year. For the quarter, the company has made profit before tax and profit after tax of Rs. 57 Cr. and Rs. 41 Cr. respectively, as against loss before tax and loss after tax of Rs. 31 Cr. and Rs. 25 Cr. 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 Cr. Cash equivalents and surplus investments are at Rs. 254 crores.