Farm equipment manufacturer Escorts Kubota Ltd (EKL) on Wednesday (September 21) said Shenu Agarwal resigned from the post of president, agri and construction business, to pursue alternative career interests.

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His resignation has been accepted by the company. However, Agarwal will continue to work with the company until the end of November 2022, the company said in an exchange filing.

"We will be shortly announcing the organizational realignment to invigorate the company and position Escorts Kubota Limited (EKL) into becoming one of the leading players in all key domains where we serve," it said.

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"A full replacement for Shenu Agarwal’s role is not envisaged and EKL will become a flatter customer-centric organisation with line-of-sight management," the company said.

"Shenu Agarwal is not a designated Key Managerial Person as per Companies Act, 2013 and this intimation is being provided as a good governance practice," it added.

The company registered a 20.35 percent decline in standalone net profit to Rs 147.5 crore in the quarter ending June 30, 2022, compared to a profit of Rs 185.2 crore in the corresponding quarter of the previous fiscal.

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Revenue from operations increased to Rs 2,014.9 crore in the quarter ending June 30, 2022, against Rs 1,677 crore in the same period last year.

(Edited by : Shoma Bhattacharjee)

First Published:Sept 21, 2022 5:46 PM IST