Wockhardt net profit at Rs 141.7 cr

Drug major Wockhardt had net profit of Rs 141.7 crore for the quarter ended December. It had a net loss of Rs 181.2 crore for the corresponding quarter of the previous financial year, due to mark to market losses (writing down securities to current value) and financial turmoil in global markets.

Income from operations grew 6.9 per cent in the quarter to Rs 950.8 crore, from Rs 889.3 crore in the same quarter of last year. “Our operations remain strong and have consistently shown growth in Ebitda (earnings before interest, taxes, depreciation and amortisation) and Ebitda margins during the current year,” said Habil Khorakiwala, chairman. Ebitda grew 82 per cent and the Ebitda margin was 25.6 per cent for the quarter, said a press release.

Wockhardt’s India branded drug business grew 18 per cent during the quarter and the company launched two new products. At present, eight brands feature among the top 300 of the industry in the domestic market. While the generics business grew 20 per cent, exports grew 30 per cent.

Wockhardt USA registered 87 per cent growth for the quarter and eight new products were introduced in the past year. Currently, it has 123 products in that market.

Wockhardt UK crossed sales of £100 million in calendar 2010, with sales revenue growing 10.2 per cent, compared to the industry growth of only four per cent in that market. Growth drivers for Wockhardt in the UK were pharmacy products and exports. Another subsidiary, Pinewood Healthcare, continues to be the largest generic company in Ireland, with growth of five per cent, compared to an industry growth of minus two per cent per cent in that market, in the face of an economic downturn and price reduction mandated by the government.

Wockhardt's share prices rose 3.9 per cent on the Bombay Stock Exchange on Wednesday and closed at Rs 379.45 per share.