Wockhardt Q2 slides 81.6% to Rs 17 cr

Drug firm Wockhardt today reported a decline of 81.59 per cent in its consolidated net profit at Rs 17.02 crore for the second quarter ended September on account of a dip in sales.

Net profit was Rs 92.45 crore in July-September a year ago, Wockhardt said in a BSE filing.

Wockhardt's total income on consolidated basis was down 13.41 per cent during the quarter under review to Rs 1,064.69 crore as against Rs 1,229.59 crore in the year-ago period.

"International business contributed 59 per cent of the total revenues during the second quarter of 2016-17," the company said.

Wockhardt's total expenses came in at Rs 1,002.54 crore, down 5.93 per cent.
 

In a separate filing, Wockhardt informed BSE that its board in a meeting held today approved acquisition of 100 per cent stake in Wockhardt France (Holdings) SAS, an existing step-down subsidiary, from Wockhardt Bio AG (WBG), a subsidiary of the company.

"By virtue of the said acquisition, WFH shall become a direct wholly-owned subsidiary of the company from the erstwhile step-down subsidiary. WBG continues to be a direct subsidiary of the company," it said.

Its board has also declared an interim dividend of 200 per cent, which is Rs 10 per share of face value of Rs 5 for 2016-17.

The stock today settled at Rs 814.30 on BSE, up 2.96 per cent from the previous close.