Jai Shroff Named Chairman of UPL as Company Experiences Record Profit Increase
UPL’s Net Profit Rose 25.19%
Agro-chemical company UPL announced on Tuesday that its consolidated net profit rose 25.19% to INR 969 crore (approximately USD 131 million) in the second quarter of fiscal year 2023, citing strong sales as the primary contributor to the increase. In the same quarter the previous year, UPL posted a consolidated net profit of INR 774 crore (approximately USD 104 million).
However, the company also acknowledged that its business has been impacted to some extent by the ongoing conflict between Russia and Ukraine and related sanctions in the region. Despite these challenges, UPL has continued to perform well and has reported strong financial results.
In addition to the financial news, UPL also announced that founder Rajju Shroff has stepped down as chairman and managing director (CMD).
At the age of 90, Shroff has expressed a desire to devote full time to social causes and focus on improving Indian agriculture and the chemical industry. As a result, he will become “Chairman Emeritus” of the UPL board, effective December 1, 2022.
Jaidev RajniKant Shroff as New Chairman
In Shroff’s place, the company’s board has designated Jaidev Shroff, a non-executive director, as the new chairman of the board, also effective December 1, 2022.
Jai Shroff is well-recognized as a global leader in sustainable agricultural development and across agribusiness, with over 30 years’ experience in India and internationally. Under his leadership, UPL has become one of the fastest growing agri-input companies in the world, with a strong presence in the seeds, plant nutrition, crop protection, and post-harvest food preservation value chains.
He is well-recognized as a global expert in sustainable agricultural development and has a strong presence in the agribusiness industry. Shroff has held numerous board memberships and leadership positions at various companies, including UPL Limited, where he currently serves as the Chief Executive Officer.
Under his leadership, UPL has become one of the fastest growing agri-input companies in the world, with a strong presence in the seeds, plant nutrition, crop protection, and post-harvest food preservation value chains. In addition to his professional endeavors, Shroff is also actively involved in various initiatives related to global development and sustainable agriculture.
UPL’s strong financial performance and leadership transition news demonstrate the company’s continued commitment to driving innovation and success in the agriculture industry.
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