Prabhudas Lilladher's research report on Bajaj Electricals
The company has informed exchanges that Mr Anuj Poddar, MD & CEO, has tendered his resignation to explore an external opportunity (dated 16th Jul’24). The Board of Directors has decided to relieve him of his duties with effect from 30th Sep’24. Mr Poddar joined the organization in May’16 as a non-executive independent director and later transitioned to executive director in Nov’18 and MD & CEO in Aug’22. He played a pivotal role in the company's transformation over the past five years. The resignation of Mr Poddar is a negative for the company.
Outlook
The management indicated they are looking for a new MD and the company will remain professionally managed. Maintain ‘HOLD’ rating with TP of Rs941.
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