Indus Towers MD Bimal Dayal resigns

Indus Towers Ltd on July 28 announced the resignation of Bimal Dayal, who was serving as the company's managing director and chief executive officer since 2016.

Dayal has decided to "pursue opportunities outside Indus Towers", the telecom infrastructure service provider said in a regulatory filing. Dayal's successor was yet to be named.

The company said its board, in a meeting held on July 27, "took note" of Dayal's resignation and a succession plan will be communicated in due course. "His last working day with the company is under discussion," it added.

Dayal's resignation marks an end to his 12-year tenure with Indus Towers. This includes a six-year stint as the chief operating officer, followed by a six-year stint as the MD & CEO.

"After twelve wonderful years at Indus Towers, it is time for me to move on," Dayal said. "What I am leaving behind is a very stable and performing company with a great talent pool," he added.

Indus Towers Chairman N Kumar, while lauding Dayal's services over the past 12 years, said he "led this company through the tough times of the last five years wherein the company braved the consolidation in the industry, the unknown of COVID, the difficult phase of AGR issue and culminated an impeccable merger between the company and erstwhile Indus Towers Limited".

Indus Towers, in the last quarterly results released for the January-March period, had reported a 34 percent on-year jump in net profit to Rs 1,829 crore. The company's revenue during the same period climbed by 10 percent on-year to Rs 7,116 crore.

On the day when Indus Towers confirmed the resignation of its MD&CEO, the company's shares closed at Rs 223.05 a piece on NSE and BSE, which was 0.04 percent higher as compared to the previous day's close.