Pharma major Dr Reddy’s Laboratories consolidated net profit declined by one percent in the first quarter of the current financial year ended June 30 at ₹1392 crore as against ₹1402 crore in the corresponding quarter of the last financial year.
The total revenue of the Hyderabad-based company increased 14 per cent at ₹7672 crore compared to ₹6738 crore in the year-ago period.
G V Prasad, Co-Chairman & MD, Dr Reddy’s said, ”We had a good start to the new fiscal year. Our growth and profitability were mainly driven by our generics business. We continue to strengthen our core business and have made strategic investments in biologics, consumer healthcare and innovation to drive patient impact and value addition.
Share Split
The board approved the sub-division/split of each equity share of the company having face value of ₹5 each, fully paid-up, into five equity shares having face value of ₹1 each, fully paid-up, by alteration of the Capital Clause of the Memorandum of Association of the Company.
Further, each American Depositary Share (ADS) of the Company will continue to represent one underlying equity share as at present and therefore, the number of ADSs held by an American Depositary Receipt holder would consequently increase in proportion to the increase in number of equity shares.
The subdivision/ split will be subject to approval of the members of the Company through postal ballot process. The record date for the said sub-division/ split will be intimated in due course, Dr Reddy’s infomed the BSE.
The board also approved the fund infusion by way of investment in preference shares of Dr. Reddy’s Laboratories SA, Switzerland, a wholly-owned subsidiary of the Company, upto an amount of GBP 500 million.
“The fund will be used by the said wholly-owned subsidiary for the acquisition of Nicotinell and related brands by way of acquisition of all of the quotas of Northstar Switzerland SARL incorporated in Switzerland owned by the Haleon Group,’‘ the company said.
Kalpana Morparia will cease to be an Independent Director (Lead Independent Director) of the Company, with effect from close of working hours on July 30, 2024 after completion of her second term of directorship which was from July 31, 2019 to July 30, 2024.
Consequently, she will also cease to be the Chairperson of Nomination, Governance and Compensation Committee and the Stakeholders’ Relationship Committee, and Member of the Audit Committee and the Sustainability & CSR Committee.