LIC Housing Finance Appoints Lokesh Mundhra As Chief Financial Officer
The company's previous CFO, Sudipto Sil, has been transferred and redesignated as marketing head of the western region at Mumbai.
LIC Housing Finance Ltd. announced that its board of directors at its meeting held on Thursday has appointed Lokesh Mundhra as its new chief financial officer.
According to the company’s exchange filing, the appointment of Mundhra as CFO and key managerial personnel of the company will come into effect from April 17, 2025.
While announcing the appointment, the housing financier's regulatory disclosure added that its previous CFO, Sudipto Sil, has been transferred and redesignated as marketing head of the western region in Mumbai.
The appointment was based on the recommendation of the housing financier's Nomination and Remuneration Committee and approved by the Audit Committee, it stated.
Mundhra, who has served in various roles at LIC of India for the last 32 years, is a qualified chartered accountant.
He has worked with the public sector life insurer in various departments like finance, accounts, personnel, legal, estates, and investments.
The newly appointed CFO also has experience in the various wings of the investment department, like operations and monitoring.
He was also involved in the IPO and listing of LIC of India’s shares.
In the third quarter of the financial year 2024-25, the company's net interest income had fallen by 5% year on year to Rs 2,000 crore against Rs 2,097 crore in the third quarter last year.
Despite the revenue drop, the lender's profit had risen by 23% to Rs 1,431.96 crore from Rs 1,162.88 in the same quarter a year ago.
Shares of LIC Housing Finance Ltd. closed 1.74% higher at Rs 604.45 apiece on the BSE, compared to a 1.96% advance in the benchmark Sensex. However, the information regarding the new appointment was conveyed by the company after the stock markets had closed for Thursday.
