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Radhesh R. Welling, the managing director and director of the company, has resigned for personal reasons. The board has accepted his resignation. Welling will be relieved from his duties on 15 December 2023, but will continue to assist in the transition.
The company plans to appoint a senior professional as the new managing director. In the meantime, Vishad P. Mafatlal, the executive chairman, will oversee the company's operations with the support of the leadership team.
Further, the board approved the appointment of Sudhir R. Deo as an additional director of the company, effective from 28 September 2023. Deo will serve as a non-executive non-independent director, subject to shareholder approval. He is not related to any existing director.
Navin Fluorine International is engaged in the manufacturing of fluorinated specialty chemicals. NFIL operates in four major business segments, viz. refrigerant gases, inorganic fluorides, specialty chemicals and RAMS.
The company had reported 17.4% decline in consolidated net profit to Rs 61.53 crore despite of 23.6% rise in net sales to Rs 491.15 crore in Q1 FY24 over Q1 FY23.
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