Dabur India Ltd, a fast-moving consumer goods company, announced on Friday that its Chairman, Amit Burman, has resigned with effect from the end of business on August 10, 2022.

Burman, however, will remain as Non-Executive Director.

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Mohit Burman, who is currently the Non-Executive Vice Chairman, has been appointed by Dabur’s board as the Non-Executive Chairman of the Board of Directors of the Company for a term of five years beginning on August 11, 2022.

The board has also approved Saket Burman’s appointment as the company’s non-executive vice-chairman for a term of five years beginning on August 11, 2022.

“We wish to inform you that the Board of Directors has on 11th August 2022, approved the following changes in the position of Chairman and Vice Chairman of the company. 1. Acceptance of resignation of Mr Amit Burman from the post of Chairman of the Board of Directors of the Company with effect from the close of working hours of August 10, 2022,” Dabur stated in an exchange filing.

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Burman assumed leadership of Dabur Foods in 1999 and entered the processed food industry.  When Dabur Foods and Dabur India Ltd merged in July 2007, Burman resigned as the CEO of Dabur Foods. Later, Dabur India Ltd. named him vice chairman. In 2019, he assumed leadership as Chairman of Dabur India Ltd.

In comparison to the same period a year prior, Dabur’s net profit remained constant at 441 crore for the three months that ended on June 30. In comparison to the same period last year, its operating revenue increased 8% to 2,822 crore from 2,612 crore.

Burman, 53, is an industrial engineer with an M.Sc. from Columbia University in the United States and an MBA from the University of Cambridge. He began his career in the department of industrial engineering at Dabur, where he was in charge of introducing new machinery, enhancing existing processes, reducing the need for labour, and improving product packaging.

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Although the company’s effective tax rate for its consolidated business decreased from 22.8% to 21.9%, the cost of raw materials continued to rise, which had an adverse effect on margins.

However, Q1 FY23 reported consolidated revenue from operations up 8.1% year over year to Rs 2,822 crore, with underlying volume growth in the India FMCG business of 5%. The revenue growth in the June quarter, which was 10.3% on a constant currency basis, is up significantly from the same quarter last year, when it was 32%.