Wockhardt declines after weak Q2 numbers

Wockhardt lost 2.8% to Rs 791.50 at 10:29 IST on BSE after consolidated net profit fell 81.52% to Rs 17 crore on 13.34% decline in sales to Rs 1065 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours yesterday, 10 November 2016.

Meanwhile, the S&P BSE Sensex was down 377.73 points or 1.37% at 27,139.95.

On BSE, so far 1.34 lakh shares were traded in the counter as against average daily volume of 2.14 lakh shares in the past two weeks. The stock hit a high of Rs 800.50 and a low of Rs 768.60 so far during the day. The stock had hit a 52-week low of Rs 685 on 9 November 2016. The stock had hit a 52-week high of Rs 1,748.20 on 2 December 2015.

The mid-cap company has equity capital of Rs 55.27 crore. Face value per share is Rs 5.

The company's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) dropped 49.74% to Rs 100 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin declined to 9.4% in Q2 September 2016, from 16.2% in Q2 September 2015.

Wockhardt's board of directors at its meeting held yesterday, 10 November 2016, approved the acquisition of 100% stake in Wockhardt France (Holdings) S.A.S. (WFH), an existing step down subsidiary of the company from Wockhardt Bio AG (WBG), a subsidiary of the company. By virtue of the acquisition, WFH shall become a direct wholly owned subsidiary of the company from erstwhile step down subsidiary. WBG continues to be a direct subsidiary of the company.

Wockhardt is a research based and technology intensive global pharmaceutical and biotechnology company.

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