BackWockhardt Q4 profit falls 54% to Rs34 crore
Total income fell marginally to Rs1,052 crore from Rs1,059.6 crore in the comparable quarter last year
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Drug maker Wockhardt Ltd reported a 54.3% decline in consolidated net profit for the March quarter due to a foreign exchange loss incurred during the quarter.
Net profit for the quarter stood at ₹ 34 crore, as against ₹ 74.45 crore in the same quarter last year. Total income fell marginally to ₹ 1,052 crore from ₹ 1,059.6 crore in the comparable quarter last year.
For the full financial year, the group posted a net profit of ₹ 405 crore, as against ₹ 841 crore for the year ended 31 March 2014. Total income decreased to ₹ 4,430 crore from ₹ 4,916 crore during the previous fiscal.
In a statement to the exchanges, the company said earnings for the current fiscal were not strictly comparable to the previous year as the amalgamation of subsidiaries Wockhardt Biopharm Ltd and Vinton Healthcare Ltd had taken effect on 1 April 2014.
The firm said its India business witnessed 46% growth during the quarter, while the US business declined on expected lines due to restrictions on imports from Indian facilities.
Wockhardt’s US business declined by 49% in fiscal 2015 and contributed 24% of the global revenues for the company in the fiscal.
On Wednesday, Wockhardt had clarified that an inspection by the US Food and Drug Administration (FDA) had been completed at its plant in Waluj, Maharashtra.
Since 2013, two of Wockhardt’s manufacturing plants in Waluj and Chikalthana in Maharashtra have been under a US FDA import alert after the regulator found that these plants failed to comply with good manufacturing practices.
Wockhardt’s L1 Chikalthana plant produces the Metoprolol XR drug used for treating blood pressure, while the Waluj plant manufactures injectables and solid dosages.
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