Wockhardt back in black with Q3 net profit at Rs 19 cr

Drug firm Wockhardt on Monday for the first time in three years reported a consolidated net profit of Rs 19.21 crore for the December 2019 quarter mainly on account of improvement in operational performance and cost rationalisation.

The company had posted a net loss of Rs 76.86 crore for the corresponding period of 2018-19, Wockhardt said in a filing to the BSE.

Consolidated revenue from operations stood at Rs 869.15 crore for the quarter under consideration. It was Rs 1,045.86 crore for the same period year ago.

While the company has been reporting steady EBITDA quarter by quarter, for the first time in the past 3 years, the company has bounced back into profit owing to marked improvement in operational performance and cost rationalisation, Wockhardt said.

Total expenses stood at Rs 869.93 crore for the quarter under consideration. It was Rs 1,168.53 crore for the same period year ago.

In January 2020, Drug Controller General of India (DCGI) approved the company's two new antibiotics, EMROK (IV) and EMROK 0 (Oral), for acute bacterial skin and skin structure infections including diabetic foot infections and concurrent bacteraemia, it added.

The company's continued pursuit in creating strong intellectual property (IP) base resulted into filing of 5 patents during the quarter ended on December 31, 2019, taking the cumulative filings to 3,162, Wockhardt said.

Wockhardt was granted 9 patents during the quarter and now holds 717 patents, it added.

Shares of Wockhardt Ltd closed at Rs 352.90 per scrip on BSE, up 18.01 per cent over previous close.