DRL Q4 net dips 16% to Rs 481.6 cr; top level changes in board

Pharma major Dr Reddy's Laboratories today reported 15.64 per cent dip in net profit to Rs 481.60 crore for the quarter ended March 31, 2014 mainly on account of increase in expenditure.
It had posted net profit of Rs 570.89 crore for the January-March quarter of the 2012-13 fiscal, Dr Reddy's said in a filing to the BSE.
Net sales of the company in Q4, 2013-14 rose to Rs 3,480.90 crore from Rs 3,339.94 crore in the year-ago period.
The company said the selling, general and administrative expenses rose to Rs 1,030.73 crore for the fourth quarter of last fiscal, from Rs 872.24 crore in the year-ago period.

The research and development expenses also rose to Rs 398.48 crore for the quarter, from Rs 232.61 crore in Q4, 2012-13.
For the entire 2013-14, DRL's net profit rose to Rs 2,151.20 crore, from Rs 1,677.62 crore, in the previous fiscal. Net sales were up Rs 13,217.03 crore, from Rs 11,626.56 crore.

In a separate filing to the BSE, DRL said its Board of Directors has recommended a final dividend of Rs 18 per equity share of Rs 5 for 2013-14.
The Board has also decided to have separate roles of the Chairman and the Managing Director and CEO, it said.

Satish Reddy has been appointed as Chairman of the Board. GV Prasad will continue as the CEO. Prasad has also been appointed as the Co-Chairman and Managing Director, DRL said.
Prasad said: "Satish is actively involved in various industry associations and leads the Corporate Social Responsibility efforts at Dr Reddy's... In his new role, he can contribute significantly to shaping the direction and course of action on these fronts, in addition to being a custodian of the corporate brand and driving governance processes and agenda of the Board.
"By reorganising our roles, we should be able to give further focus to distinct activities while simultaneously providing space for internal growth to our talented senior management team," Satish Reddy said.

DRL scrip was trading at Rs 2,619.95, down 3.65 per cent, in the afternoon trade on the BSE.