The drug maker further said that whilst the company has accepted his resignation, Deepak Gupta will continue to act as the chief financial officer of the company, until the close of business hours on 13 October 2022.

Neuland Laboratories is a leading manufacturer of active pharmaceutical ingredients (APIs) and an end-to-end solution provider for the pharmaceutical industry's chemistry needs. It provides solutions across the full range of the pharmaceutical industry's chemistry requirements, from the synthesis of library compounds to supplying NCEs and advanced intermediates at various stages in the clinical life-cycle, as well as commercial launch.

The company's consolidated net profit rose 14.20% to Rs 9.97 crore on a 10.10% increase in sales to Rs 221.17 crore in Q1 FY23 over Q1 FY22.

The scrip rose 0.37% to currently trade at Rs 1238.50 on the BSE.