1 week Ago By Prashant Tamta
Dr Reddy’s layoffs: After reports of several layoffs in the IT sector, now pharma major Dr Reddy’s Laboratories Ltd has decided to cut its workforce by 25 per cent, a Business Standard report stated, quoting sources. The goal is to reduce manpower-related expenses by around 25 per cent. Several senior executives have been asked to resign, including many employees who earn over Rs 1 crore annually.
Employees in the age group of 50-55 years working in the drugmaker's research and development (R&D) division have been offered a voluntary retirement, the report stated, adding that several high-salaried individuals across various departments have already been asked to resign. Dr. Reddy's Laboratories Ltd.
is an Indian multinational pharmaceutical company based in Hyderabad. The pharma company has a market cap of Rs 92316 crore. "The internal directive is to reduce manpower-related expenses by around 25 per cent.
Several high-salaried employees across various departments have been asked to resign. They include many earning over 1 crore annually," said one source. Earlier this month, the company had received a showcause notice from the income tax authority (Assistant Commissioner of Income Tax, Hyderabad) with a proposed demand of over Rs 2,395 crore from it related to the merger of Dr Reddy's Holding Ltd (DRHL) with itself.
It requires the company to respond as to why notice should not be issued for assessment of income alleged to be escaped from tax consequent to the merger of DRHL into Dr Reddy's Laboratories Ltd (DRL) under the scheme of amalgamation approved by the National Company Law Tribunal (NCLT), Hyderabad on April 5, 2022, the filing added. READ | Tata Group's TCS loses Rs 24295 crore in just 4 days amid delay in annual salary hikes Dr Reddy's Laboratories Q3 results The company in January this year announced a two per cent year-on-year increase in consolidated profit after tax (PAT) to Rs 1,413.3 crore for the quarter that ended December 2024 (Q3).
The PAT in Q3 of last year stood at Rs 1,378.9 crore. The revenue from operations for the said quarter came in at Rs 8,358.
6 crore, recording a 16 per cent YoY jump versus Rs 7,214.8 crore posted in the December 2023 quarter..
