Wockhardt drops after weak Q4 result

Wockhardt slumped 7.58% to Rs 742 at 14:14 IST on BSE after the company reported weak Q4 result after market hours on Friday, 4 May 2018.

Meanwhile, the S&P BSE Sensex was up 203.97 points, or 0.58% to 35,119.35.

On the BSE, 7.62 lakh shares were traded in the counter so far, compared with average daily volumes of 2.50 lakh shares in the past two weeks. The stock had hit a high of Rs 795.10 and a low of Rs 717.75 so far during the day. The stock had hit a 52-week high of Rs 1,012 on 1 January 2018. The stock had hit a 52-week low of Rs 531.50 on 22 August 2017.

Wockhardt reported consolidated net loss of Rs 152.91 crore in Q4 March 2018 as compared to net loss of Rs 207.22 crore in Q4 March 2017. Total income rose 9.79% to Rs 1009.85 crore in Q4 March 2018 over Q4 March 2017.

Wockhardt said that during the year, reclassification of taxes post GST implementation in India has affected the total sales apart from subdued business sentiments for part of the year. While company's focus on cost containment and rationalisation continues to deliver its intended positive impact on profitability, cost of on-going remedial measures, volatility in various currencies like GBP, EURO & USD had impacted the business, Wockhardt said.

Wockhardt's board of directors has approved issuance of Non-Convertible Debentures (NCDs) on private placement basis up to an aggregate amount not exceeding Rs 1200 crore. They also approved raising of funds by way of equity shares, equity linked securities, or other eligible securities or a combination of any of the aforementioned securities by way of one or more public and/or private offerings, Qualified Institutions Placement and/or any combination thereof or any other method as may be permitted under applicable laws for an amount not exceeding Rs 1500 crore.

Wockhardt is a global pharmaceutical and biotech company.

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