Wockhardt Q4 net up 26% at Rs 43 cr; to raise Rs 1,200 cr

Drug firm Wockhardt today reported a 25.88 per cent rise in consolidated net profit to Rs 42.90 crore for the quarter ended March 31.
The company had posted a net profit of Rs 34.08 crore for the corresponding period of the previous fiscal, Wockhardt said in a BSE filing.
Consolidated net sales, however, stood at Rs 1,013.36 crore for the quarter under consideration as against Rs 1,079.14 crore a year ago.
In a separate filing, Wockhardt said the board has approved raising of up to Rs 1,200 crore through issuance of Non-Convertible Debentures on private placement basis.
For the full fiscal, the consolidated net profit declined to Rs 325.66 crore as against Rs 404.91 crore for the previous fiscal.

Consolidated net sales stood at Rs 4,461.43 crore for the just-included fiscal year. It was Rs 4,481.54 crore in the year-ago period.

Emerging market business grew 59 per cent during the quarter and 36 per cent in the fiscal. India business continued to display strong performance with 16 per cent year on year and launched 48 new products.
The UK business grew 15 per cent in FY16 and 40 per cent in the fourth quarter, the company said.
Wockhardt said it received two approvals in the US and has filed 17 ANDAs with the USFDA in FY16 taking its total to 84 ANDAs pending approval as on date.

It further said the company made two new filings and received 10 new approvals in the UK during FY16.
The board also recommended dividend at the rate of 0.01 per cent absorbing a sum of Rs 298,557 on 475,659,941 non-convertible cumulative redeemable preference shares of Rs 5 each and 121,454,927 optionally convertible cumulative redeemable preference shares of Rs 5 each, it added.
Shares of Wockhardt today closed at Rs 936.65 on BSE, down 3.62 per cent from the previous close.