German Remedies Ltd has posted a net profit of Rs 33.90 million for the quarter ended December 31, 2002 as compared to Rs 60.30 million for the quarter ended December 31, 2001. Total income (net of excise) has increased from Rs 473.50 million in DQ-01 to Rs 660.10 million in DQ-02.

The decline in profit was mainly due to exceptional items of expenditure charged against the income of the current year, both during the current quarter & nine months like VRS Payment etc made to the Andheri Plant employees, where the operations have been scaled down and additional expenses of the new divisions set up during the current year.

The board approved the merger of the company with Cadila Healthcare & also merger of Recon Healthcare Ltd, Zydus Pathline Ltd & Zoom Properties Ltd with Cadila Healthcare.

BSE Code: 500156