Wockhardt Ltd achieved satisfactory performance during the third quarter ended September 2006 on account of higher sales in domestic as well as international market. Its consolidated net profit went up by 13.7 per cent to Rs 74 crore from Rs 65.1 crore in the corresponding period of last year. The company's net sales increased by 21.8 per cent to Rs 437.7 crore from Rs 359.5 crore.
During the quarter under review, Wockhardt acquired two companies, Dumex India in domestic area and Pinewood in Ireland. Dumex acquisition strengthened Wockhardt's nutrition portfolio by doubling it, with two prestigious brands of Protinex and Farex, which enjoy significant brand equity. Integration of this business is underway with manufacturing rationalization and organisation integration.
Its US formulation business achieved a growth of 21 per cent to Rs 54.30 crore during the third quarter ended September 2006 from Rs 45.4 crore in last period. The company received approvals for 6 ANDAs and two new facilities. So far it received US FDA approval for its six facilities. Its European business improved by 10 per cent to Rs 149.1 crore from Rs 135.8 crore in the corresponding quarter of last year.
The focus therapeutic areas of Diabetology and nephrology have shown a robust growth of 37 per cent and 43 per cent respectively. These were aided by a strong Biotechnology programme with Wepox registering a growth of 27 per cent and Wosulin market share in the devices market increased to 7 per cent from 3 per cent in August 2006.
For the first nine months period of 2006, the revenues reached at Rs 1201.3 crore from Rs 1046.2 crore, registering a growth of 14.8 per cent. The net profit before exceptional items increased by 16.5 per cent to Rs 214.6 crore from Rs 184.2 crore in the corresponding nine months of last year.