Mahindra Group chairperson Anand Mahindra on Monday congratulated the new leaders after the conglomerate announced a shuffle in the leadership in Mahindra Logistics.
“New Leaders… But old hands at leadership…. Congratulations, Hemant, Veejay, Velu. May you continue to Rise! [sic],” he said in a post on X.
Leadership overhaul at Mahindra Group
Mahindra Group on Monday appointed Hemant Sikka managing director and chief executive of Mahindra Logistics Ltd (MLL). Sikka had been the president of the farm equipment business since 2020.
“Hemant is one of our top leaders and brings with him a powerful combination of strategic skills, operational rigour, customer centricity and people leadership capabilities,” the Mumbai-based auto giant said in a statement.
Sikka will take over as the MD and CEO from May 5.
The current CEO, Ram Swaminathan, has decided to step down to pursue other professional interests, the statement said.
In place of Sikka, president of the automotive division Veejay Neekra will take over as president of the farm equipment business, which the company recognises as one of the largest and profitable businesses with a return on capital employed over 60 per cent.
“There is a huge opportunity for us to grow the business profitably through tractors, farm machinery, and globalization,” the company said in its statement.
Both of them will continue to report to M&M Executive Director and CEO (Auto and Farm Sector) Rajesh Jejurikar.
To replace Neekra, the company has appointed R. Veluswamy, president of automotive technology and product development, as the president of the automotive business. As part of the reshuffle, the company is also bringing the SUV and LCV business under one leader of the automotive business.
Mahindra Logistics narrows net loss in Q4
Mahindra Logistics reported a smaller quarterly loss on Monday for the quarter ended March 31, helped by growth in its key contract logistics division and a narrower loss in its express commerce segment.
It reported a consolidated net loss of ₹6.75 crore in the fourth quarter of FY25.
The company reported 67 per cent year-on-year jump in standalone profit after tax (PAT) to ₹13.12 crore in three months to March over the same period last year.
For the full fiscal 2024-25, standalone PAT declined 30 per cent to ₹43.50 crore from ₹61.98 crore in FY24 while revenue for the April-March period of last fiscal stood at ₹5,013 crore from ₹4,530 crore, a growth of 10 per cent year-on-year, in the same period year-ago, the company said.
