Wockhardt posts 14% growth in Q3 PAT, shares up 9%

Total income has increased from Rs 1323 crore to Rs 1376 crore for the quarter

A Mumbai-based drug maker, Wockhardt, posted growth of 14 per cent in its net profit for the quarter ended December over a year ago.

Following the announcement, its shares went up nine per cent, or Rs 103, to close at Rs 1,285 on the BSE.

It posted a profit of Rs 347 crore in the quarter against Rs 304 crore a year ago. The total income increased from Rs 1,323 crore a year ago to Rs 1,376 crore for the quarter in review.

The other income jumped 4.5 times year-on-year to Rs 28.5 crore while the finance cost declined to Rs 12 crore y-o-y from Rs 30.5 crore. It reported a foreign-exchange loss of Rs 34.5 crore for the quarter against a gain of Rs 80 crore a year ago. Overall expenses during the quarter were Rs 956.13 crore, down 7.2 per cent against Rs 1,030 crore a year ago.

Wockhardt's Board also approved re-appointment of its Managing Director Habil Khorakiwala for a period of five years from March 31, 2015 to February 29, 2020.

For second quarter ended September 2014, Wockhardt had posted a decline of 97% in its consolidated net profit at Rs 3.63 crore, due to lower sales and a tax expenses.

The company's sales revenue in the US got affected after the US Food and Drug Administration (FDA) had banned exports from its Indian plants due to quality control lapses.