Dr Reddy’s PAT up 76% in Q4

New Delhi, May 20: The government on Wednesday fixed the annual rate of return for Pradhan Mantri Vaya Vandana Yojana (PMVVY), a social security scheme for senior citizens, at 7.4 per cent for 2020-21, down from 8 per cent in the previous fiscal, as it extended the scheme by three years.

The Union Cabinet extended the PMVVY up to March 31, 2023 for a further period of three years beyond March 31, 2020 and also allowed "initially an assured rate of return of 7.40 per cent per annum for the year 2020-21 per annum and thereafter to be reset every year", an official release said.

In Union Budget 2018-19, the government had extend the scheme up to March 2020 with an assured return of 8 per cent, and also doubled the investment limit per senior citizen to Rs 15 lakh.

The release said the Cabinet also approved an annual reset of assured rate of interest with effect from April 1 of financial year, in line with revised rate of returns of Senior Citizens Saving Scheme (SCSS) up to a ceiling of 7.75 per cent, with fresh appraisal of the scheme on breach of this threshold at any point.

The scheme is implemented by the Life Insurance Corporation. It gives an assured minimum pension to senior citizens, 60 years and above, based on the purchase price/subscription amount. It also offers a death benefit in the form of return of the money.

Hyderabad, May 20: Dr Reddys Laboratories Limited (DRL) on Wednesday reported a 76 per cent rise in profit after tax to Rs

764.2 crore for quarter ended March 31, 2020 against Rs 434.4 crore in the same period of FY '19.

The performance was backed by tax deferment and growth in global generics, DRL said.

DRL president, CFO and global head of HR Saumen Chakraborty told reporters here that the revenues for the quarter was up 10 per cent to Rs 4,431.8 crore against Rs 4,016.6 crore in the year-ago quarter.

DRL said Rs 50 crore was recognised as the deferred tax during the quarter.

The revenue from global generics stood at Rs 3,640 crore, up 20 per cent.

The quarter reported the highest sales ever. PAT is higher than PBT (profit before tax), both for the quarter and year. The PAT is higher because of the deferred tax recognition. DRL also had MAT credit. Overall it has been a good year for us, Chakraborty told reporters.

The Pharmaceutical Services and Active Ingredients (PSAI) segment revenues were up six per cent to Rs 719.5 crore.

For the full financial year

2019-20, revenues were up

13 per cent over FY19 while profit after tax was at Rs

1,950 crore, up four per cent over previous year.

DRL co-chairman and MD G.V. Prasad said DRL is looking at working with other firms in developing drugs to combat Covid-19.

DRL’s board recommended a final dividend of Rs 25

(500 per cent) per share. —PTI

New Delhi, May 20: Markets regulator Sebi on Wednesday asked listed companies to make disclosure about the impact of coronavirus pandemic on their business to investors and stakeholders in a timely and cogent manner.

Listed entities should evaluate the impact of Covid-19 on their business, performance and financials, both qualitatively and quantitatively, to the extent possible and disseminate the same to investors, the Sebi said in a circular.

The listed entities should not resort to selective disclosures while disclosing material information related to the impact of Covid19, it added.

Sebi observed that many listed entities have made disclosures under LODR Regulations, primarily intimating shutdown of operations.