GVK Power and Infrastructure gains over 4%; CFO Anicattu Issac George resigns

GVK Infrastructure and Power is a diversified business house with interests in power, roads, urban infrastructure, bio-science, hotels as well as manufacturing.

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GVK Power and Infrastructure stocks were trading  4.3 percent higher on the NSE on August 7.

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According to a regulatory filing, on August 6, the company announced that effective August 31 ( close of business hours), Anicattu Issac George had stepped down from his position as  Chief Financial Officer (CFO) and Whole-time Director with GVK Power and Infrastructure.

According to the resignation letter included in the filing, the decision was taken as a part of his plan to retire  and "devote more time and energy to his family."

The company is currently looking for a new CFO and is yet to make an announcement.

Also read: GVK Power CFO Anicattu Issac George steps down

GVK Infrastructure and Power is a diversified business house with interests in power, roads, urban infrastructure, bio-science, hotels as well as manufacturing. For the quarter ending June 2023, GVK Power reported a net profit of Rs. 118.67 crore in June 2023 up 133.27 percent from June 2022.  Net sales on the other hand declined 18. 6 percent from June 2022 to Rs 500.4 crore in June 2023. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the period grew 43.21 percent year-on-year to Rs. 468.46 crore in June 2023.

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