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Ashok Leyland, a leading manufacturer of commercial vehicles in India, announced on friday a change in financial leadership. K.M. Balaji, currently serving as Deputy CFO, will be stepping into the role of Chief Financial Officer (CFO) effective June 1, 2024. This comes as Gopal Mahadevan, the current CFO, transitions to a new position as Director of Strategic Finance and Mergers and Acquisitions (M&A).
Balaji brings a wealth of experience to the CFO role, having spent an impressive 31 years at Ashok Leyland. Throughout his tenure, he has tackled various financial challenges, gaining expertise in areas like financial reporting, budgeting,product cost analysis, tax management, and investor relations.
Mahadevan’s move to Director of Strategic Finance and M&A leverages his experience while ensuring continued involvement with Ashok Leyland’s future. He will focus on driving growth within Ashok Leyland’s subsidiaries and spearheading the company’s M&A strategy.
Ashok Leyland Limited’s (ALL) net profit jumped 16.73 percent to Rs 933.69 crore during the fourth quarter of financial year 2023-24 due to strong demand for its products, both in the light and medium commercial vehicle (L&MCV) segments. The Chennai-based automaker’s profit after tax (PAT) during Q4FY23 stood at Rs 800 crore.
