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Aug 09, 2012, 08.23 AM IST
CNBC-TV18's Sunanda Jayaseelan repors that Anand Mahindra has officially taken over from uncle Keshub Mahindra at the company's 66th annual general meeting.
Mahindra & Mahindra has a new chairman. Anand Mahindra has officially taken over from uncle Keshub Mahindra at the company's 66th annual general meeting, reports CNBC-TV18's Sunanda Jayaseelan.
Keshub Mahindra, chairman emeritus, M&M, said, "It is time to break new ground..." With these words, Keshub Mahindra called an end to his 48-year stint as chairman of M&M and 63-years as a board member.
Nephew Anand Mahindra takes over at a time when the auto sector continues to face challenges both from the slowdown in the global markets and from a fluctuating rupee. But Keshub Mahindra, who will continue as chairman emeritus, says he is confident Anand Mahindra will steer the company to faster growth, while continuing to focus on core values.
Keshub Mahindra, chairman emeritus, M&M, said, "Anand is a leader of grit and has the acumen to move in step with challenges in preserving what is at the core of the company - integrity, ethics and inclusiveness."
Anand Mahindra starts his innings as chairman with a strong set of quarterly results, thanks mainly to a booming utility vehicle business.
Net profit rose a better-than-expected 20%, helped by stable raw material prices and strong demand saw revenues rise 40% over the quarter, despite sales coming under pressure from rising fuel and interest costs.
While the company says that the tractor business will continue to be a cause for concern given the drought situation in India, analysts will be watching to see how Anand Mahindra steers the company through the coming months that promise to see the commercial-vehicle and two-wheeler business coming under pressure.
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