Shares of Mahindra Logistics dropped 3 percent on February 27 after Chief Financial Officer Yogesh Patel tendered his resignation.
"We hereby inform you that Yogesh Patel, CFO and key managerial personnel of the company has tendered his resignation to pursue interests outside the Mahindra Group," the company said in an exchange filing.
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Prior to joining Mahindra Logistics in August 2018, Patel served as CFO for Healthcare Global. Previously, he has held various positions including, Director of Finance at EY, Vice President of Finance at Wipro, and Country Finance Planning Manager at IBM.
Patel's resignation will be effective from March 10 with the company saying it is in the process of appointing a new CFO. This will be communicated to the stock exchanges in due course, it added.
In Q3FY23, the company witnessed a 22 percent decline in consolidated net profit for the quarter at Rs 1.4 crore attributed to higher costs with overall expenses rising 17 percent to Rs 1,332 crore, mainly due to higher operational costs. The net profit without the impact of Rivigo’s B2B express business, which the company acquired in November 2022, came in at Rs 12 crore. Its revenue from operations rose 17 percent to 1,330 crore compared to Rs 1,136 crore reported in the year-ago period.
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Share price of Mahindra Logistics has declined 22 percent in the past one month. At 10.50 am the scrip was trading 1.74 percent down on the NSE at Rs 367.60 apiece.
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