Oil India Appoints Abhijit Majumder as New CFO
Oil India has appointed Abhijit Majumder as its Chief Financial Officer (CFO), effective December 18, 2024. Majumder, who previously served as Director (Finance), will succeed Rupam Barua, Executive Director (Finance & Accounts). The announcement was made in a regulatory filing following a meeting of the company's Board of Directors.
Abhijit Majumder is a distinguished finance professional with over 32 years of experience in various domains, including Financial Management, Corporate Governance, Risk Management, and Project Management. He is a member of the Institute of Cost & Management Accountants of India and holds a Bachelor's degree in Economics and Law, along with a postgraduate diploma in Forex Management from ICFAI. Additionally, he is an alumnus of the IICA Valuation Certificate Program.
In related news, Oil India recently reported its fiscal second-quarter earnings, revealing a 25% increase in profit to Rs 1,834 crore, up from Rs 1,466.8 crore in the previous quarter.
However, revenue from operations fell by 1.6%, totaling Rs 5,246.2 crore compared to Rs 5,332 crore in the prior quarter. EBITDA also saw a decline of 11.5%, dropping to Rs 2,183.2 crore from Rs 2,466 crore quarter-on-quarter, with margins contracting to 41.6%. The company continues to navigate a challenging market landscape while focusing on strategic leadership changes to enhance its financial management.