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Vasistha C Patel has resigned as chief executive officer (CEO) of the company with immediate effect. Nitin R Patil also resigned as executive director and chief financial officer (CFO) of the company. The company said that both the resignations were due to personal reasons.
Further, on recommendation of nomination and remuneration committee, Rohit Modi has been appointed as CEO of the company in the category of key managerial personnel with effect from 21 November 2022.
Sadbhav Engineering is engaged in the business of development of infrastructure facilities in areas of canals, irrigations projects, roads, bridge, mining activities on contract basis, dams which includes civil, electrical and mechanical contractor, designer and engineers, structural contractor, earthwork contractor for repairing, reconstruction, renovation, demolitions and construction of canals, irrigations projects, roads, bridge, dams. The company is also engaged in carrying out the construction works as per EPC contract entered between the Company and its subsidiaries.
On consolidated basis, the company reported net loss of Rs 259.39 crore in Q2 FY23 as compared to net loss of Rs 64.49 crore in Q2 FY22. Net sales jumped 24.3% to Rs 418.31 crore in Q2 FY23 as against Rs 336.53 crore in Q2 FY22.
Following the development, shares of Sadbhav Engineering jumped 7.62% at Rs 11.87 on the BSE.
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