Coromandel International Ltd. (CIL) has appointed and re-designated Executive Vice Chairman Arun Alagappan as Executive Chairman following the retirement of Chairman and Non-Executive Director A. Vellayan.
On Thursday, the board accepted the retirement of Mr. Vellayan. Further, he was appointed as Chairman Emeritus in recognition of his contributions to CIL over the past many years and for his continued guidance, the leading agri-solutions provider said in a statement.
The board also announced retirement of Non-Executive Director M.M. Venkatachalam from April 25.
The Murugappa group firm, meanwhile, posted a 20% decline in standalone net profit for the quarter ended March from the year-earlier period to ₹209 crore. Total income contracted 27% to ₹4,027 crore.
The board recommended a final dividend of ₹6 per equity share for FY24.
