Ritco Logistics shares rise; MD Elwadhi given additional charge as CEO
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Ritco Logistics: Dhananjay Prasad resigns as CEO of Ritco Logistics, promoter Sanjeev Kumar Elwadhi to be new CEO. Dhananjay Prasad has resigned after completing 5-year tenure with Ritco Logistics as Chief Executive Officer (CEO) and decided not to continue for another term. Sanjeev Kumar Elwadhi, Promoter and MD of the company is going to be the new CEO for a tenure of 5 years.
Ritco Logistics, an end-to-end supply chain services provider, were up 1.5% on Tuesday after the company gave additional charge of CEO to Sanjeev Kumar Elwadhi, presently Managing Director, and also promoter director.
Elwadhi, a 35-year veteran in transportation and logistics, replaces Dhananjay Prasad, who resigned from Ritco Logistics after serving as the Chief Executive Officer for a tenure of five years.
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As per the company filing, “Mr. Sanjeev Kumar Elwadhi, has been promoter Director of the Company and has been MD of the company since 22nd May 2018. He possesses over 35 years of experience in the sphere of transportation and logistics.”
It was also stated in the filing that he has been instrumental in business development, particularly related to contract logistics and fleet management, and also in the recent foray of Ritco into becoming a tech-enabled logistics company.
Ritco Logistics caters to the Indian market and has a presence in all major locations across the country. In the latest quarter Q3FY23, the company reported a 23% YoY increase in operating revenue at Rs 195 crore while net profit for the quarter stood at Rs 65 crore, up 60% YoY.
The company’s market capitalization has increased by 22 percent in the last year, and its shares were trading 1.12% higher at Rs 144.40 apiece at 9.58 a.m.
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