Wockhardt Q3 PAT dips 29%

The troubled pharmaceutical company Wockhardt has posted a 29% decline in its net profit for the third quarter at Rs 304 crore, against Rs 428 crore. 

 

The company, which see 79% of its revenue contribution from international markets, witnessed 30% revenue loss from the the US market. The import to US market was hit by USFDA import alert on its Indian plants. 

 

Revenue has seen a decline of 14% for third quarter at Rs 1,237 crore, against Rs 1,435 crore. Its India business has posted a 6% growth. 

 

The UK business has recorded a 10% growth while Irish market recorded a 25% growth for the quarter. 

 

The company has increased its research spend at 7.9% to sales which is about Rs 98 crore for the quarter. 

 

In November last year, the US Food and Drug Administration (FDA) had imposed an import alert on its manufacturing unit at Chikalthana, Aurangabad, in Maharashtra. The plant had generated sales of $283 million (Rs 1,700 crore) in financial year 2013.

 

In May, FDA had imposed a ban on the company’s Waluj plant after inspectors found torn data records in a waste heap and urinals that emptied into an open drain in a bathroom six metres from the entrance to a sterile manufacturing area.