Pharma major Wockhardt Ltd reported a net profit of Rs 334.76 crore for the quarter ended March 31, 2013 as against a net loss of Rs 191.64 crore in the year-ago period. Net sales were up 26.36% to Rs 1,485.50 crore as against Rs 1175.50 crore a year ago.
Sequentially, however, Wockhardt's net profit was down 22 per in the quarter under review on higher tax expenses and a one-time loss of Rs 10.72 crore. Wockhardt's tax outgo for the March quarter stood at Rs 92.34 crore versus Rs 54.78 crore in the December quarter. It was higher a year ago at Rs 148.58 crore contributing to the net loss the company saw that year.
Wockhardt's total expenditure also increased in the March quarter over the year-ago period by 23% and 6% when compared sequentially. It stood at Rs 972.53 crore this quarter versus Rs 787.57 crore a year ago and Rs 920.58 crore in the December quarter.
While the Mumbai-based company's wage bill was down 12% in the March quarter, depreciation and amortisation as well as raw material expenditure increased 22% and 18% respectively over the year-ago period. Sequentially, the increase was a lower at 8% and 0.12% respectively.
The stock of Wockhardt was trading up 4.74% during afternoon trade today on the Bombay Stock Exchange (BSE) at Rs 1,288 a piece.
