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The appointment was based on the recommendation of the nomination and remuneration committee and the audit committee of the company.
Further, the board also approved transferring the company's property situated at Nanakramguda, Hyderabad, admeasuring 1.75 lakh square foot (sq.ft), will be transfer by way of perpetual lease to various parties, for an overall consideration of Rs 117.96 crore. The transaction does not fall under the ambit of related party transactions, the company said.
Neuland Laboratories is engaged in the business of manufacturing and selling of bulk drugs and caters to both domestic and international markets.
On consolidated basis, the company's net profit surged 88.8% to Rs 38.46 crore on 13.9% rise in revenue from operations to Rs 293.71 crore in Q2 FY23 over Q2 FY22.
The scrip was down 0.04% to Rs 1,786.05 on the BSE.
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