United Spirits slipped 4.60% to Rs 1,414.60 after the company's managing director (MD) and chief executive officer (CEO), Hina Nagarajan tendered his resignation effective from 31 March 2025.
Accordingly, Nagarajan will cease to be a key managerial personnel (KMP) from the same date as well.Meanwhile, Praveen Someshwar has been appointed as CEO - Designate, who will closely work with Hina Nagarajan up to 31 March 2025. Further, effective 1 April 2025, Someshwar will assume office as the new MD & CEO of the company.
For the last five years, Praveen Someshwar has been MD and CEO of HT Media, one of Indias largest and best-known media groups, where he leads multiple digital, print and radio outlets including Indias second largest newspaper, Hindustan Times, the leading financial news outlet Mint, and several radio outlets.
Prior to HT Media, he had a highly successful 24-year career with PepsiCo, working in a variety of general management, finance, and strategy roles in India and the wider Asia Pacific region. He is a B.Com (Hons.) from Delhi University and chartered accountant (CA) as well as cost & management accountant (CMA) by qualification.
United Spirits is the largest Indian spirits company that manufactures, sells and distributes beverage alcohol, producing and selling around 60 million cases of Scotch whisky, IMFL whisky, brandy, rum, vodka, gin and wine. Its portfolio of over 15 brands includes McDowell's No.1, Royal Challenge, Signature, and Antiquity as well as Diageos iconic brands such as Johnnie Walker, VAT 69, Black & White, Smirnoff and Ciroc.
The companys consolidated net profit rose 8.1% to Rs 341 crore on 0.9% decline in net sales to Rs 2,844 crore in Q2 FY25 over Q2 FY24.
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