Rahul Bajaj steps down as Bajaj Auto chairman
Rahul Bajaj has resigned as chairman of the Puneheadquartered Bajaj Auto, India's second biggest motorcycle maker. He will be replaced by Niraj Bajaj, a non-executive director of the company.
The senior Bajaj will, however, remain associated with the company as chairman emeritus.
Rahul Bajaj will step down as the non-executive director and the chairman of the company with effect from the close of business hours on April 30, 2021, Bajaj Auto said in an exchange filing on Thursday.
Rahul Bajaj had stepped down as non-executive chairman of another group company, Bajaj Finance, in July last year.
A Baja Auto statement said, "Rahul Bajaj, the Non-Executive Chairman of the company, who has been at the helm of the
company since 1972 and of the Bajaj Group of companies for the past five decades, has tendered his resignation considering his age.
"Shri Rahul Bajaj has made a huge contribution to the success of the company and the group over the last five decades. Considering his tremendous experience and in the interest of the company, and to continue to benefit from his experience, knowledge, and wisdom from time to time in an advisory role and as a mentor, the Board of Directors at its meeting held today and as recommended by the Nomination and Remuneration Commi-ttee has approved the appointment of Shri Rahul Bajaj as Chairman Emeritus of the Company for a term of five years with effect from May 1, 2021."
Earlier on Thursday, Bajaj Auto said its net profit for the March quarter rose nearly 2 per cent to Rs 1,332 crore compared with Rs 1,310 crore in the same quarter last year. The auto major's revenue too grew 26 per cent to Rs 8,596 crore against Rs 6,815.8 crore year-on-year (YoY).
The company announced a dividend of Rs 140/share.
Bajaj Auto sold 11,69,664 units during the March quarter, 18 per cent more compared to 9,91,961 units sold a year ago.
In FY21, the company reported an 11 per cent decline in profit to Rs 4,555 crore and a 7 per cent fall in revenue to Rs 27,741 crore.