 "Wockhardt extends decline post Q4 results")
Shares of Wockhardt dipped 4% to Rs 1,383, extending the previous day’s 9% fall on the NSE, after the company reported a 55% year-on-year (YoY) decline in consolidated net profit at Rs 34 crore for the fourth quarter ended March 31, 2015 (Q4), due to lower revenue growth.
The drug company had posted a net profit of Rs 75 crore a year ago.
Net sales during the quarter grew marginally by 4% at Rs 1,079 crore against Rs 1,039 crore during the corresponding quarter of previous fiscal.
The company said that its US business, which made up 27% of the company's global revenues in the fourth quarter, declined 21% on a Y-o-Y basis.
The US business declined on expected lines due to restrictions of imports from Indian facilities, the company added.
Meanwhile, operating profit margins during the quarter under review stood at 12.6% against 11.8% in the previous year's corresponding quarter.
The stock opened at Rs 1,331 and touched a low of Rs 1,326 on the NSE. A combined 347,959 shares changed hands on the counter on the NSE and BSE till 0917 hours.
The drug company had posted a net profit of Rs 75 crore a year ago.
Net sales during the quarter grew marginally by 4% at Rs 1,079 crore against Rs 1,039 crore during the corresponding quarter of previous fiscal.
The company said that its US business, which made up 27% of the company's global revenues in the fourth quarter, declined 21% on a Y-o-Y basis.
The US business declined on expected lines due to restrictions of imports from Indian facilities, the company added.
Meanwhile, operating profit margins during the quarter under review stood at 12.6% against 11.8% in the previous year's corresponding quarter.
The stock opened at Rs 1,331 and touched a low of Rs 1,326 on the NSE. A combined 347,959 shares changed hands on the counter on the NSE and BSE till 0917 hours.
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