Wockhardt Limited today announced sales of Rs. 151 crore, for the first quarter ending 31 March, 2003, down 9 percent compared to corresponding quarter of 2002.
However, the company's international business posted a 14 percent increase at Rs.. 63 crore in the period. Export growth during the quarter was propelled by formulation sales to the developed markets of US and Europe. Sales of ANDA (abbreviated new drug application) products exceeded Rs. 10 crore during the quarter, compared with Rs. 22 crores during the 12 months of 2002.
"The growth in international business is expected to be further strengthened by the activation of existing ANDAs and new ANDA approvals expected in the second half of 2003," said Wockhardt chairman Habil Khorakiwala.
Profit after tax stood at Rs. 8.5 crores for the first quarter. The first quarter bore the brunt of Wockhardt's strategic decision to derecognise the Federation of Medical Representatives Associations of India (FMRAI). The continuing uncertainty over value added tax (VAT) also impacted the first quarter performance. Wockhardt expects to normalize operations in the second quarter and return to the growth track by the
third quarter.