Wockhardt posts Q1 net profit of Rs 760 cr

The pharma company reported a consolidated net profit of Rs 760.06 crore in Q1 June 2020, compared with net loss of Rs 44.98 crore in Q1 June 2019.

Net sales declined 17.5% year-on-year (YoY) to Rs 598.27 crore during the quarter. The company reported pre-tax profit of Rs 649.09 crore in Q1 FY21 as against a pre-tax loss of Rs 91.81 crore in Q1 FY20. It wrote back current taxes worth Rs 66.12 crore during the first quarter.

The company reported exceptional gain of Rs 1327.84 crore during the quarter in connection with the transfer of the business comprising 62 products and line extensions along with related assets and liabilities, contracts, permits, intellectual properties, employees, marketing, sales and distribution of the same in the domestic branded division in India, Nepal, Bhutan, Sri Lanka and Maldives, and the manufacturing facility at Baddi, Himachal Pradesh, where some of the products which are being transferred were manufactured to Dr. Reddy's Laboratories.

Wockhardt is a global pharmaceutical and biotechnology organization, providing affordable, high-quality medicines.

The stock rose 0.67% to end at Rs 329 on the BSE on Friday. It had traded in the range of 327.50 and 336.60 so far during the day.

In the past three months, the stock has gained 45.38% as compared to 22.57% rise in the benchmark Sensex.

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