Rahul Bajaj resigns as chairman of Bajaj Auto citing age, to become chairman emeritus
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Niraj Bajaj, presently a director on the company’s board will take over as the non-executive chairman.
Bajaj Auto owing to his age after being at the helm of the company since 1972. He will assume the role of chairman emeritus of the company from 1 May, according to a company statement.
Niraj Bajaj, presently a director on the company’s board will take over as the non-executive chairman.
“Shri Rahul
Bajaj has made a huge contribution to the success of the company and the group over the last five decades,” read a stock exchange notice from Bajaj Auto.
Rahul Bajaj resigns as chairman of Bajaj Auto – a position he held for five glorious decades
Rahul Bajaj resigns as chairman of Bajaj Auto – a position he held for five glorious decades
Sanchita DashApr 29, 2021, 16:50 IST
Rahul Bajaj will go on to be the chairman emeritus at Bajaj Auto.BCCL
Rahul Bajaj, the chairman of one of India’s largest two-wheeler manufacturing companies
Bajaj Auto, has stepped down from his position.
The company said that the
Bajaj will be replaced by Niraj Bajaj, who is currently a non-executive director in the company.
Bajaj had been the chairman of the company since 1972.Rahul Bajaj, the chairman of one of India’s largest two-wheeler manufacturing companies Bajaj Auto, has stepped down from his position. In an exchange filing today, the company said that the Bajaj will be replaced by Niraj Bajaj, who is currently a non-executive director in the company.
Rahul Bajaj resigned as chairman of Bajaj Auto, the two- and three-wheeler company said on Thursday. Niraj Bajaj has been appointed as the chairman of the company with effect from May 1.
Rahul Bajaj has been named as the company s chairman emeritus for five years with effect from May 1. Rahul Bajaj, having been at the helm of the company since 1972 and the Group for five decades, considering his age, has tendered his resignation as non-executive director and chairman of the company with effect from close of business hours on 30 April 2021. The board has approved his appointment as chairman emeritus of the company for a term of five years with effect from 1 May 2021, said Bajaj Auto while announcing its fourth quarter results.
On a standalone basis, the company recorded 2% increase in net profit to Rs 1,332 crore on 26% rise in revenue from operations to Rs 8,596 crore in Q4 FY21 over Q4 FY20.
EBITDA jumped 20% to Rs 1,558 crore in the fourth quarter from Rs 1,293 crore reported in the same period last year. EBITDA margin was at 18.1% as on 31 March 2021 as against 19% as on 31 March 2020.
The company said that Q4 FY21 witnessed a sharp increase in input costs and input costs continued to increase in Q1 FY22 as well.
Bajaj Auto s total vehicles sales increased 18% to 11,69,664 vehicles in Q4 FY21 from 991,961 vehicles sold in Q4 FY20.
Rahul Bajaj will serve as Chairman Emeritus of the company for a term of five years. Niraj Bajaj, who s a non-executive director of the company, will now serve as chairman of Bajaj Auto from May 1, 2021