Wockhardt Q1 profit sinks 83 pct on weak EBITDA

Mumbai-based healthcare company Wockhardt reported its first quarter (April-June) consolidated profit, which fell sharply by 82.6 percent year-on-year to Rs. 15.9 crore.

The healthcare company's falling results is an impact by the US and emerging markets businesses, and weak operational performance.

Consolidated revenue during the quarter declined 4.2 percent to Rs. 1,090.8 crore on yearly basis.

International business contributed 62 percent of the total revenue for the quarter.

"US business, which contributed 18 percent of global revenue, de-grew 16 percent," said Wockhardt in its release.

"The company's UK business (excluding one-time opportunity) grew by 26 percent in Q1 on yearly basis while India business increased by 10 percent on account of continued new products launches and focused strategies on various therapies," it added.

The company said it had initiated required steps to address the concerns raised by USFDA. It received establishment inspection report from USFDA with observations for three units in Maharashtra and import alert for active pharmaceutical ingredients located in Ankleshwar, Gujarat.