Mahindra Lifespace Developers slipped 5.28% to Rs 358 after the company announced the resignation of its managing director (MD) and chief executive officer (CEO), Arvind Subramanian, with effect from 22 May 2023.
Subramanian will cease to be the key managerial personnel of the company as on the same date. He tendered his resignation to pursue his personal interests outside the company.Further, the board has appointed Amit Kumar Sinha, as MD of the company designated as the MD & CEO and key managerial personnel for a period of five years with effect from 23 May 2023 to 22nd May 2028.
Sinha joined Mahindra Group on 1 November 2020 as president - group strategy. Since then, he led several high-impact projects covering growth, transformation, and capital allocation across Group companies. He is on the board of Mahindra Finance, Mahindra Logistics, Mahindra Susten, Mahindra First Choice, Mahindra Rural Housing Finance and Fifth Gear Ventures.
Amit Sinha holds dual MBA from The Wharton School, University of Pennsylvania, specializing in finance and strategy. He also holds a Bachelor of Engineering (electrical and electronics) from the Birla Institute of Technology, Ranchi.
Mahindra Lifespace Developers is a real estate developer. Its development footprint spans 32.97 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations.
The company's consolidated net profit rose 32.73% to Rs 33.21 crore on 667.87% surge in net sales to Rs 186.90 crore in Q3 FY23 over Q3 FY22.
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