Pharma major Dr Reddy's Laboratories on May 7 said that its current Chief Financial Officer (CFO) Parag Agarwal will be stepping down from the post after 31 July, 2024, consequent to his decision to expand his involvement in philanthropy.
M V Narasimham, currently Dy. CFO, will take over the post from August 1, 2024. He is presently also a Member of the Management Council and Senior Management Personnel of the company.
Agarwal will be working as a philanthropist for the cause of making a meaningful difference to the lives of the most vulnerable segment of the society – the voiceless animals, the pharma major said in a statement.
He will also cease to be a member of the Management Council and Senior Management Personnel of the company and will continue to be available with till August 31, 2024.
On the new CFO appointment, the company mentioned that Narasimham is a qualified Chartered Accountant with more than 30 years of experience across several finance functions. He joined Dr Reddy's in 2000 and has held various positions of increasing responsibility across finance. Since 2012, he has been heading the Corporate Finance (Direct and Indirect Taxation, Consolidation and Corporate Analytics) along with Global Business finance involving both India and overseas operations.
Meanwhile, Dr Reddy's also announced its quarterly earnings for the period ended 31 March, 2024. The company reported better-than-expected net profit of Rs 1,307 crore for the March quarter of FY24, up 36 percent from the year-ago period.
Revenue came in at Rs 7083 crore, up 12 percent from the year-ago quarter of Rs 6,297 crore.
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