Wockhardt soars after stellar Q2 performance

Wockhardt jumped 5.36% to Rs 464 after the company reported a consolidated net profit of Rs 34 crore in Q2 FY22 as against a net profit of Rs 4 crore in Q2 FY21.

Sales increased by 21% YoY to Rs 862 crore during the quarter. The company's UK Business grew by 66% over previous corresponding quarter and stood at Rs 387 crore in Q2FY22. The continuing India Business stood at Rs 187 crore in Q2FY22, registering growth of 47%.

Emerging Markets Business of the company stood at Rs 113 crore (down 33% YoY) in Q2 FY22. Irish Business stood at Rs 38 crore (up 12% YoY) in Q2FY22. US Business stood at Rs 61 crore in Q2FY22 as compared to Rs 99 crore in Q2FY21, registering de-growth of 38%.

Research and Development (R&D) expenses were Rs 39 crore in Q2 FY22, amounting to 4.5% of the sales of the company. In Q2 FY21, R&D expenses aggregated to Rs 45 crore (6.3% of sales).

EBITDA in the second quarter was Rs 109 crore as against Rs 27 crore in the same period last year. EBITDA margin was 12.7% in Q2 FY22 as compared with 3.8% in Q2 FY21.

The company reported a pre-tax loss of Rs 29 crore during the period under review. It had recorded a pre-tax loss of Rs 85 crore in the corresponding quarter last fiscal.

Wockhardt wrote back taxes worth Rs 66 crore in Q2 FY22. The company had written back taxes worth Rs 88 crore in Q2 FY21.

The company had filed 3 patents during the quarter ended 30 September 2021 and the cumulative filings till date are 3,194. The company was granted 4 patents during the quarter and now holds 770 patents.

Wockhardt is a research based global pharmaceutical and biotech company.

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