Everest Industries Limited , a prominent player in the building materials industry, has announced a significant change in its senior management. Parshant Giare, the company's Vice President of Operations and Supply Chain, has tendered his resignation, citing personal reasons.

Key Details of the Resignation

The company disclosed this information to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in compliance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015.

Transition Process

In his resignation letter addressed to Hemant Khurana, MD & CEO of Everest Industries, Mr. Giare expressed his commitment to ensuring a smooth transition. He stated, "I will do my best to ensure a smooth transition," indicating a professional approach to his departure.

Company's Response

Everest Industries has acknowledged Mr. Giare's resignation and is expected to manage the transition in the operations and supply chain department. The company's prompt disclosure of this senior management change demonstrates its commitment to transparency and regulatory compliance.

As of now, Everest Industries has not announced a successor for the position. Stakeholders and industry observers may be keen to see how the company addresses this change in its senior leadership team and manages its operations and supply chain functions moving forward.

This development comes at a time when companies across sectors are focusing on strengthening their supply chain resilience and operational efficiency.

Everest Industries Limited , a prominent player in the building products and steel buildings sector, has reported a consolidated net loss of 181.7 million rupees for the second quarter, according to the company's latest financial results. This marks a significant widening of losses compared to the 116.7 million rupees loss reported in the same quarter of the previous year.

Revenue Performance

The company experienced a notable decline in revenue, with consolidated revenue falling to 3.06 billion rupees in Q2, down from 3.77 billion rupees in the corresponding quarter of the previous year. This represents a year-over-year decrease of approximately 18.8%.

Segment-wise Performance

Everest Industries operates in two primary segments: Building Products and Steel Buildings. The financial results provide insights into the performance of these segments:

1. Building Products: This segment generated revenue of 23,075.51 million rupees for the quarter.
2. Steel Buildings: The segment reported revenue of 7,540.27 million rupees for the same period.

Financial Position

The company's financial position as of September 30 shows:

Management Actions

In response to the challenging market conditions, the company's management has taken several strategic actions:

1. Asset Optimization: The Board of Directors has approved the sale of excess land measuring 23.32 acres in Tamil Nadu.
2. Real Estate Rationalization: Post quarter-end, the Board also approved the sale of office premises in Mumbai, subject to specified conditions.

Looking Ahead

While the company faces headwinds in terms of reduced revenue and widening losses, it continues to focus on operational efficiency and asset optimization. The strategic decisions to sell excess land and office premises indicate efforts to streamline operations and potentially improve liquidity.

Investors and stakeholders will be watching closely to see how these measures impact the company's performance in the coming quarters, particularly in light of the challenging economic environment affecting the building materials and construction sectors.