UPL profit climbs 25%; founder Rajju Shroff resigns as CMD.
- On Tuesday, UPL reported that founder Rajju Shroff had resigned as CMD and that its consolidated net profit grew 25.19 percent to Rs 969 crore in the second quarter of FY23 on robust sales.
- Last year’s second quarter saw the agrochemical firm earn Rs 774 crore. “Due to the ongoing hostilities between Russia and Ukraine, and the sanctions in the region, the Group’s business has been damaged,” the firm said in a regulatory filing.
- In the filing, UPL claimed Shroff, 90, wants to retire as Chairman and Managing Director (CMD) to focus on social causes and developing Indian agricultural and chemical industries.
- It stated that Shroff will become the Board’s “Chairman Emeritus” on December 1, 2022.