Wockhardt Q4 net loss narrows to Rs 154.55 cr

Drug firm Wockhardt today reported narrowing of its consolidated net loss to Rs 154.55 crore in the fourth quarter ended March of 2017-18.

The company had posted a net loss of Rs 174.72 crore for the corresponding period of the previous fiscal, Wockhardt said in a BSE filing.

Consolidated revenue from operations of the company rose to Rs 1,018.26 crore for the quarter under review as against Rs 863.53 crore for the same period a year ago, it added.

"The business performance during the quarter ended March 31, 2018 showed marked improvement with sales growth by 18 per cent as compared with the similar quarter of the previous year," Wockhardt said.

International business contributed 64 per cent of the total revenues during the fourth quarter of financial year 2017-18, it added.

For the fiscal ended March 31, 2018, net loss of the company stood at Rs 608.30 crore. It was Rs 195.72 crore in the previous fiscal, the company said.

Consolidated revenue from operations for the 2017-18 fiscal stood at Rs 3,936.90 crore as against Rs 4,014.61 crore in the year-ago period, it added.

The company's board has approved raising of additional capital by way of one or more public or private offerings including through a qualified institutions placement to eligible investors through an issuance of equity shares or other eligible securities for an amount not exceeding Rs 1,500 crore, Wockhardt said.

The board has also approved issuance of non-convertible debentures on a private placement basis up to an amount not exceeding Rs 1,200 crore, it added.

The proceeds of the issue shall be utilised to repay/ prepay existing debts and general corporate purposes, Wockhardt said.

Shares of Wockhardt today closed at Rs 802.85 per scrip on BSE, down 1.65 per cent from the previous close.