HUL’s Sudhir Sitapati appointed MD & CEO of Godrej Consumer Products

by Jeremy


Sitapati is currently the co-chair of the CII National Committee of Food Processing and is a past co-chair of the FMCG Committee.

Godrej Consumer Products (GCPL) said on Tuesday that Sudhir Sitapati will join the company as managing director and chief executive officer effective October 18. Nisaba Godrej, currently the chairperson and managing director, will continue to serve as executive chairperson.

Sitapati comes to GCPL after a tenure of 22 years at Hindustan Unilever (HUL), where he led teams across categories and functions in India, Europe, South East Asia and Africa.

He was appointed to the HUL management committee as an executive director in 2016, making him one of its youngest-ever members. Under his leadership, HUL built up its foods and refreshments business as one of the largest in India. This included the $5 billion merger and integration of GlaxoSmithKline Consumer Healthcare with HUL, the largest deal of its kind in the FMCG sector in India.

Sitapati is currently the co-chair of the CII National Committee of Food Processing and is a past co-chair of the FMCG Committee. He has an MBA from the Indian Institute of Management, Ahmedabad, and a BSc in Maths with Economics Honours from St Xavier’s College, Mumbai.

Nisaba Godrej said, “I am delighted to be welcoming Sudhir to Godrej. His significant experience and passion for building sustainable and profitable brands and businesses aligns very strongly with our purpose at GCPL. Sudhir’s values-based leadership style also makes him a great fit with the Godrej culture. I look forward to his partnership in unlocking the amazing potential of our company and leading its next phase of growth.”

Sitapati said, “I am very inspired by the legacy of the Godrej Group, and GCPL’s purpose of bringing the goodness of health and beauty to consumers across emerging markets. I am excited about working closely with the talented GCPL team to build on the incredible work they are doing and create sustainable, long-term value for our company.”

Net profit up 59%

GCPL, on Tuesday reported a 59% year-on-year (y-o-y) rise in net profit at Rs 366 crore for the quarter ended March 31, 2021, but remained below Bloomberg consensus estimates. The revenue during the quarter increased 27% y-o-y to Rs 2,730 crore. The India business saw net profit growth of 13% y-o-y without exceptions and one-off to Rs 251 crore. India sales increased 35% y-o-y to Rs 1,466 crore, while the Ebitda (earnings before interest, tax, depreciation and amortisation) increased 10% y-o-y to Rs 331 crore. In terms of the categories, the company witnessed continued strong growth momentum in the household insecticides and hygiene categories. Hygiene grew by 38%, household insecticides 28%, and value for money products grew 27%.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.





Source link

Related Posts

Leave a Comment