Pharma major Dr Reddy's Laboratories (DRL) today said it was restructuring German subsidiary Betapharm for better results in the future.
"We have no intentions to divorce Betapharm. We are restructuring and it will yield better results in future," G V Prasad, Vice-Chairman and CEO of DRL, said at the Annual General Meeting here.
The drugmaker's market capitalisation stood at Rs 21,527 crore as on March 31, 2010, said K Anji Reddy, Chairman of DRL, at the meeting.
"Last year, total shareholder returns, measured in terms of increase in market capitalisation and dividends, which are key indicators of shareholder value, grew 161 per cent over the previous year," Reddy told investors.
He said the company had invested Rs 420 crore last year and added 2,300 associates to its workforce.
The company denied the possibility of disposing of its domestic formulations business.
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"We have no intentions to sell our domestic formulations business of the company," Prasad said.
As of March 2010, the domestic formulations business registered revenues of about Rs 1,000 crore, he said.