Dr Reddy’s layoffs: Pharmaceutical major Dr Reddy’s Laboratories will likely cut its workforce costs by nearly 25 per cent as it begins a significant downsizing initiative. According to a Business Standard report several senior executives have been asked to resign, including many employees who earn over ₹1 crore annually.
The report also added that 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 said several high-salaried individuals across various departments have already been asked to resign.
Dr Reddy’s Laboratories announced a two per cent year-on-year increase in consolidated profit after tax (PAT) to ₹1,413.3 crore for the quarter ended December 2024 (Q3). The PAT in Q3 of last year stood at ₹1,378.9 crore.
The revenue from operations for the said quarter came in at ₹8,358.6 crore, recording a 16 per cent YoY jump versus ₹7,214.8 crore posted in the December 2023 quarter.
The growth was largely driven by revenues from the recently acquired Nicotine Replacement Therapy(NRT) portfolio, revenues from India and Emerging Markets, the company said
The global generics segment revenue saw a 17 per cent YoY increase in Q3 while the pharmaceutical services and active ingredients (API) segment witnessed a five per cent growth in revenue.
The earnings before interest, tax, depreciation and amortization in Q3 stood at ₹2,298.2 crore as against ₹2,110.7 crore in the same quarter last year and ₹2,280.3 crore in the preceding quarter of FY25
