Wockhardt turns around, posts Rs 127 cr profit

Drug firm Wockhardt today reported a consolidated net profit of Rs 127.58 crore for the second quarter ended September 30, 2011 on improved sales in all markets led by the US.

The company had posted a net loss of Rs 96.68 crore for the quarter ended September 30, 2010, Wockhardt said in a filing to BSE.

Consolidated net sales of the company stood at Rs 1,110.63 crore for the quarter under consideration as against Rs 940.07 crore in the corresponding quarter a year ago.

"Wockhardt is showing consistent all-round growth globally. We are focused on developing high-technology solutions like patented extended release products that will offer great value to all our stakeholders," Wockhardt Chairman Habil Khorakiwala said.

Wockhardt USA reported a sales growth of 49% with its prime products improving market share in a highly competitive market scenario. There were three abbreviated new drug application (ANDA) filings and four approvals for the quarter, the company said.

The company's India business grew by 13.5% in the second quarter this fiscal, capturing a market share of 2.03% as compared to 1.94% last year, Wockhardt said quoting IMS.

The company also performed well in the European market and continues to be the top Indian generic firm in UK, it added.

Standalone net profit of the company for the quarter ended September 30, 2011 was at Rs 53.80 crore. It had posted a net loss of Rs 67.86 crore for the same quarter last fiscal.