Wockhardt net down 83% at Rs 16 crore; India business grows 10%

Healthcare firm Wockhardt has reported a net profit of Rs 15.89 crore for the June quarter-ended, a decline of 82.65% from the Rs 91.61 crore posted in the same period last year. 

Sequentially, however, the company's performance has bettered from the Rs 7.61 crore net loss reported. 

In the quarter, the company's total income was at Rs 1,090.83 crore, down by 4.21% compared to Q1 FY17 but up by 7.94% on quarter.

Also, operating profit (EBITDA – earnings before interest tax depreciation and amortisation) at Rs 193 crore, grew 9.65% yoy and 33.10% qoq. The company's operating profit margin was at 7.81%, 671 basis points lower on year 71 basis points more than in the previous quarter. 

On a standalone basis, the company performed better, reporting a net profit of Rs 16.33 crore, against net losses of Rs 31.58 crore in April-June 2015.

The company's UK business posted robust performance and grew by 26% in Q1 FY17 compared to last year. The company made three new drug filings and received one new approval for the UK market.

The company’s India business grew by 10% in the quarter led by continued new products launches and focused strategies on various therapies, the company said in a notification to BSE. In April-June, 11 new projects were launched in India.