Wockhardt net zooms 30-fold in Q2

Wockhardt Ltd posted Rs.108 crore net profit for second quarter of this fiscal as against a mere Rs.3.6 crore in like period a year ago, registering a whopping 2,900 percent or 30-fold growth annually.

In a regulatory filing to the Bombay Stock Exchange (BSE), the city-based pharma and biotech major said income from operations, including sales increased 20 percent to Rs.1,232 crore in the quarter under review (Q2) from Rs.1,029 crore in same period a year ago.

Operating profit also increased 30 percent to Rs.166 crore from Rs.128 crore year ago, mainly on robust sales and lower tax expense.

"Our business in Britain grew strongly by 88 percent and India business by 22 percent, with new product launches and focused sales strategies," the company said in a statement.

The US business, however, remained flat with only two percent growth.

The company filed 147 patents in the quarter, taking its total to 2,469.