Wockhardt slumps after reporting loss in Q3

Wockhardt slumped 6.2% to Rs 853.50 at 10:54 IST on BSE after the company reported consolidated loss of Rs 41 crore in Q3 December 2017, compared with loss of Rs 54 crore in Q3 December 2016.

The announcement was made after market hours yesterday, 29 January 2018.

Meanwhile, the S&P BSE Sensex was down 224.91 points, or 0.62% to 36,058.34. The S&P BSE Mid-Cap index was down 107.24 points, or 0.61% to 17,603.06, outperforming the Sensex.

On the BSE, 3.52 lakh shares were traded in the counter so far, compared with average daily volumes of 2.17 lakh shares in the past one quarter. The stock had hit a high of Rs 899 and a low of Rs 848.25 so far during the day. The stock had hit a 52-week high of Rs 1,012 on 1 August 2018. The stock had hit a 52-week low of Rs 531.50 on 22 August 2017.

Wockhardt's sales rose 1.01% Rs 1005 crore in Q3 December 2017 over Q3 December 2016. Earnings before interest, tax and depreciation (EBITDA) margin rose to 4.5% in Q3 December 2017 compared with 1.8% in Q3 December 2016.

The business performance showed marked improvement during Q3 December 2017 with significant increase in EBITDA to 2.5 times to Rs 45 crore compared to Rs 18 crore in Q3 December 2016. The company's focus on cost containment and rationalisation continues delivering its intended positive impact on profitability inspite of on-going remedial measures. However, the focus in strategic R&D initiatives of the company continues in-spite of the fact that they are expensed off, it added.

Wockhardt is a global pharmaceutical and biotech company.

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