Anand Mahindra congratulates Mahindra Logistics on “Hemant, Veejay, Velu”: “New Leader, But Veteran”
Mahindra Group Chairman Anand Mahindra on Monday congratulated the new leaders after the group announced the shifts to the leadership of Mahindra Logistics.
“New leader…but, the veterans of leadership…. Congratulations, Hrant, Vere, Verelu. May you continue to rise! [sic]” he said in an article on X.
Mahindra Group’s Leadership Overhaul
Mahindra Group on Monday appointed Hemant Sikka managing director and CEO of Mahindra Logistics Ltd (MLL). Sikka has been president of the farm equipment business since 2020.
“Hemant is one of our top leaders and brings a strong combination of strategic skills, rigor, customer-centric and people-oriented leadership,” the Mumbai-based auto giant said in a statement.
Sikka will take over as MD and CEO from May 5.
The statement said current CEO Ram Swaminathan decided to resign in pursuit of other professional interests.
In lieu of Sikka, Veejay Neekra, chairman of the automotive division, will take over as president of the farm equipment business, which the company believes is one of the largest and profitable businesses with a return on capital of over 60%.
“We have a huge opportunity to make profits through tractors, agricultural machinery and globalization,” the company said in a statement.
Both will continue to report Rajesh Jejurikar to M&M Executive Director and CEO (Auto and Farm).
To replace Neekra, the company has appointed R. Veluswamy, president of automotive technology and product development, as president of automotive business. As part of the reshuffle, the company also brought its SUV and LCV businesses beyond a leader in the automotive business.
Mahindra Logistics narrows net losses in the fourth quarter
Mahindra Logistics reported that the quarter ended March 31 was less loss due to the help of growth in its main contract logistics sector and narrow losses in its express business sector.
It reports net losses from the merger ₹In the fourth quarter of fiscal year 25, there were 675 million.
The company reported 67% year-on-year growth in after-tax independent profit (PAT), the company reported ₹In the same period last year, 1.312 million in three months.
For the full fiscal year 2024-25, independent PAT was reduced by 30% ₹4.35 billion ₹619,800 million in fiscal year 24, while the revenue in March of the previous fiscal year was ₹50.13 million ₹The company said it grew 45.3 million year-on-year in the same year, up 10% year-on-year.
