Puravankara appoints Deepak Rastogi as group CFO

Puravankara informed that its board has appointed Deepak Rastogi as the group chief financial officer (CFO), with effect from 15 January 2025.

The board of directors based on the recommendation of the nomination and remuneration committee and the audit committee approved the appointment of Rastogi as the Group CFO, who shall also be designated as the key managerial personnel of the company as on the same date.

Deepak Rastogi has 32 years of experience in finance, strategy, and transformation across diverse industries and international markets. He has held leadership positions, including president & group CFO at Deepak Fertilisers and Petrochemicals and president & group CFO at TATA Autocomp Systems.

He is a chartered accountant with an MBA from S P Jain Institute of Research & Management. He has a distinguished history of leading financial strategies and implementing transformative initiatives that drive efficiency and profitability. His insights and skills will help drive Puravankaras expansion and growth plans, stated the company.

Ashish Puravankara, managing director of Puravankara, said, We are excited to have Deepak on board to strengthen our operating efficiencies and financial controls in line with our future plans. His vast experience and strategic acumen will be instrumental as we pursue expansion opportunities. We are confident his leadership will contribute significantly to our ongoing success.

Further, Neeraj Gautam, who has been serving as the president - finance at Puravankara, has been elevated to the post of deputy chief financial officer.

Meanwhile, the board also approved acquisition of the balance shares of Sobha Puravankara Aviation (SPAL) held by other shareholders. The acquisition will be completed in the next 3 months and post that SPAL will become wholly owned subsidiary of Puravankara.

The Puravankara Group is involved in real estate development, with residential assets constituting most of its portfolio. It is present in both the premium and the affordable housing segments under the brandsurva and Provident, respectively. The group has major operations in Bangalore, with considerable presence in Chennai, Kochi and Hyderabad, apart from Pune.

The company reported consolidated net loss of Rs 17.06 crore in Q2 FY25 as against net loss of Rs 11.22 crore posted in Q2 FY24. However, revenue from operations jumped 34.53% to Rs 495.54 crore in the September 2024 quarter.

The scrip rose 0.86% to Rs 386.45 on the BSE.

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