Wockhardt Limited has reported a 33 per cent growth in profit from operations at Rs. 40 crore for the third quarter ended September 30, 2002. Net profit stood at Rs. 36 crore, a growth of 22 per cent over the corresponding period of 2001.
Revenue for the third quarter was Rs. 205 crore, up 19 per cent compared to the corresponding figure the previous year. Operating margins improved by 60 basis points to 22 per cent during the period.
Wockhardt chairman Habil Khorakiwala said: "Wockhardt has continued its growth momentum in the domestic and international markets. Our domestic business grew by 14 per cent compared to the industry growth rate of around 6 per cent during the period. The international business recorded a 56 per cent growth. We initiated export of biogenerics to South America during the period."
Revenue for the nine months of 2002 stood at Rs. 564 crore, showing a 20 per cent increase over the corresponding year ago period. Net profit for the nine-month period was Rs. 91 crore, up 30 per cent over the corresponding period of 2001. The earnings per share (EPS) during the period increased by 31 per cent to Rs. 33 (annualised basis).
The domestic growth was fuelled by focus on power brands, which grew by 17 per cent during the quarter. Successful relaunch helped Viscodyne group post a 30 per cent growth while the Zedex group of products posted a 21 per cent growth. Methycobal (licensed from Eisai, Japan) was rated the most successful new product launch across the industry by ACNielsen ORG-MARG, and joined the top 250 brands list in the very first year of launch. The third quarter also saw the successful launch of the research product Nadoxin, the first-ever fluoroquinolone for topical anti-bacterial use and Cymin, a product for the treatment of haemorrhage, under an exclusive licence from Daiichi of Japan.
International business grew by 56 per cent during the quarter. Sales of active pharmaceutical ingredients (APIs) rose by 25 per cent while formulation sales leaped by 70 per cent during the period. Wockhardt, in alliance with Ivax, became the first company to launch generic nizatidine in the UK. The quarter also witnessed the initiation of biogenerics business in the global arena.