Wockhardt rallies as Q3 net profit doubles

Q3 net profit jumped over two-fold at Rs 428 crore on year on year, on back of robust sales and lower finance cost.

Wockhardt has locked in upper circuit of 5% at Rs 1,817 on NSE after reporting an over two-fold jump in consolidated net profit at Rs 428 crore for the third quarter ended December 31, 2012 (Q3), on back of robust sales and lower interest cost. 

The pharmaceutical company had posted a net profit of Rs 213 crore in the same period of previous fiscal.

“Consolidated net sales grew 26% to Rs 1,435 crore in the third quarter from Rs 1,141 crore in the corresponding quarter of previous year,” Wockhardt said in a statement.

The company’s finance cost almost halved to Rs 35.97 crore from Rs 67.92 crore during the recently concluded quarter. The company has earned extraordinary gain of Rs 10.59 crore, which include purchase price adjustment for divestment of Nutrition business, against loss of Rs 10 crore in previous year quarter.

The stock opened at Rs 1,815 and hit a low of Rs 1,711 on NSE. A combined around 100,967 shares have changed hands on the counter so far on NSE and BSE.