VA Tech Wabag rose 1.19% to Rs 335.40 after the company said that its board has approved the appointment of Pankaj Malhan as deputy managing director and Group chief executive officer of the company, with immediate effect from 7 December 2022.
Pankaj Malhan is a Graduate in Engineering (Instrumentation & Control) from REC Jalandhar and a Post graduate in Business Management from XLRI Jamshedpur. Prior to joining Wabag, he was working with JSW Group as whole time director and executive vice president where he led the coated steel business generating annual turnover of over Rs 35,000 crore.
Prior to JSW Group, he was associated with Vedanta as CEO of their steel business. He had been a long timer in Tata Group working with them between 2000 to 2018 in diverse roles leading Engineering, executing green field projects, supply chain management, manufacturing/ production, sales and also leading profit centres.
He has over 25 years of experience and has a demonstrated track record of achieving turnarounds and business growth with a wide variety of leadership teams.
Consequent to Malhan's appointment, the board approved the re-designation of Rajiv Mittal from chairman cum managing director and Group CEO to chairman and managing director of the company with immediate effect from 7 December 2022.
VA Tech Wabag provides turnkey solutions for water and wastewater treatment to municipal and industrial segments. The company undertakes turnkey contracts for design, engineering, procurement, construction, erection, commissioning and operation and maintenance of water and wastewater treatment plants. The company has presence across India, North Africa, Middle East, China, and South East/Central/Eastern Europe and is one of the leading water management solutions providers across the world.
The company's consolidated net profit increased 77.99% to Rs 46.67 crore on a 9.71% rise in sales to Rs 750.38 crore in Q2 FY23 over Q2 FY22.
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