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Wockhardt tumbles as Q2 net loss widens

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Wockhardt tumbled 3.36% to Rs 290.7 after the company reported a consolidated net loss of Rs 94.24 crore in Q2 September 2019 as against a net loss of Rs 30.84 net loss in Q2 September 2018.

The pharmaceutical company announced its Q2 earnings after market hours yesterday. Wockhardt was trading 3.13% lower at Rs 291.4.

Net sales for the period under review dropped 28.7% to Rs 802.18 crore. Revenue expenditure on R&D during Q2 FY2020 amounted to Rs 60 crore (7.4% of sales) as against Rs 82 crore (7.3% of sales) for Q2 FY2019.

The company reported the business performance of the company during the quarter ended 30 September 2019 remained steady. However, H1FY20 EBITDA showed an improvement from Rs 81 crore to Rs 99 crore over previous year.

The company's US business declined 22% and stood at Rs 145 crore in Q2FY20 as compared to Rs 186 crore in Q2FY19. US business contributed 18% of the global revenue.

UK business during the quarter stood at Rs 223 crore in Q2FY20 (PY Rs 251 crore). UK business contributed about 28% of global revenue.

India business stood at Rs 227 crore in Q2FY20 as compared to Rs 455 crore in Q2FY19. The de-growth is mainly on account of lower sales in quality generics division and in some of the therapeutic areas. India business contributed 28% of the global revenue.

During the half year ended 30th September 2019, the company repaid Rs 408 crore towards various long term debt obligations as per schedule. Total long term outstanding debts as on 30th September 2019 was Rs 2,098 crore as compared to Rs 2,789 crore as on 30th September 2018 and Rs 2,469 crore as on 31st March, 2019. Gross debt-equity ratio as on 30th September 2019 stood at 0.94.

Wockhardt has surged 21.78% in last month as compared to a 10.38% rise in Nifty Pharma index.

Wockhardt is a research based global pharmaceutical and biotech company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 08 2019. 13:21 IST
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