Cipla, one of India's leading generic pharmaceutical companies has reportedly decided to reduce its ballooning employee cost by freezing increments of 300-400 of its top managers as part of the company's operational revamp. In the past five years, the company has been a laggard among its peers as management and operational changes dragged the company's profits down. For the first quarter of FY17, the company's employee cost rose by 11% to Rs 687 crore on a Y-o-Y basis, at a time when its profits had declined by 43% to Rs 365 crore.
Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For 80 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 100 countries.