Southern Magnesium & Chemicals Limited, a key player in the magnesium industry, is set to undergo a significant leadership change as its Managing Director and Chief Executive Officer, Mr. Nuthakki Ravi Prasad, steps down from his position.

Resignation Details

Mr. Prasad submitted his resignation letter on October 22, 2025, citing ongoing health issues that have made it increasingly challenging for him to fulfill his duties effectively. The resignation will take effect from October 23, 2025, marking the end of his tenure at the helm of the company.

Impact on Future Appointments

As a result of this development, the company has announced that Mr. Prasad's re-appointment as Managing Director and Chief Executive Officer, which was previously approved by shareholders, has been revoked. The details of this revoked appointment are as follows:

Company's Statement

In its official communication to the BSE Limited, Southern Magnesium & Chemicals Limited confirmed that there are no material reasons for Mr. Prasad's resignation other than the health issues mentioned in his resignation letter. This transparency aligns with the regulatory requirements set forth by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Looking Ahead

The departure of Mr. Prasad leaves a significant void in the company's leadership. While the company has not yet announced a successor, this change may prompt a search for a new Managing Director and CEO to guide Southern Magnesium & Chemicals Limited through its next phase of growth and development.

As the company navigates this transition, stakeholders will be watching for announcements regarding interim leadership arrangements and the process for selecting a new permanent CEO.

This development highlights the impact that personal circumstances can have on corporate leadership and the importance of succession planning in ensuring smooth transitions during changes at the top echelons of management.

Southern Magnesium & Chemicals Limited (SMCL) has reported a net loss for the second quarter, while also announcing the reappointment of key executives for extended terms. The company's board meeting on August 7 addressed financial results and leadership changes.

Financial Performance

SMCL reported a net loss of ₹9.86 lakhs for Q2, a significant downturn compared to a profit of ₹177.80 lakhs in the same quarter last year. The company's revenue from operations also saw a substantial decline, dropping to ₹21.70 lakhs from ₹81.12 lakhs year-over-year.

The financial results for the quarter ended June 30, as approved by the Board of Directors, are presented in the following table:

*All figures in ₹ lakhs, except for Earnings per share

Executive Reappointments

The Board of Directors has approved the reappointment of two key executives:

1. Mr. N Ravi Prasad has been reappointed as Managing Director and Chief Executive Officer for a three-year term, effective from November 13. Mr. Prasad holds degrees in B.E., M.B.A., and a Post Graduation in M.S., with over three decades of experience in the industry.

2. Mr. N Rajender Prasad has been reappointed as Joint Managing Director and Chief Financial Officer for a three-year term, starting August 10. Mr. Rajender Prasad is a Chemical Engineering graduate with a Post Graduation in M.S. and has more than two decades of industry experience.

Both reappointments are subject to shareholder approval at the upcoming 39th Annual General Meeting (AGM).

Annual General Meeting

SMCL has scheduled its 39th AGM for September 29. The meeting will be held virtually through video conferencing or other audio-visual means. The company has set the book closure dates from September 23 to September 29 (both days inclusive) for AGM purposes.

Southern Magnesium & Chemicals Limited operates in the magnesium business segment and maintains 3 million weighted average equity shares. The company's unaudited financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) and have undergone a limited review by the statutory auditors.