Wockhardt, a Rs.4,600 crore pharma major, has registered strong growth in net sales and net profit during the first quarter ended June 2012. Its consolidated net profit went up by 94.9 per cent to Rs.377.97 core from Rs.193.96 crore in the similar period for last year. Its net sales also posted impressive growth of 35.3 per cent to Rs.1,426 crore from Rs.1,053 crore. Wockhardt's US and EU operations have been the major contributor in its growth and the momentum continued in this quarter as they contributed to 71 per cent of consolidated revenues.
With strong performance, Wockhardt scrip went up by almost Rs.62 to Rs.1084.60 in the morning session on BSE and douched to its yearly high. The company's EBDITA increased by 61.7 per cent to Rs.511.20 crore from Rs.316.22 crore and its earnings per share improved to Rs.34.54 from Rs.17.72 in the last period. The company appointed Dr Sanjaya Baru and D S Brar as non executive directors on the board.
The company's US business recorded a spectacular growth of 78 per cent compared to the corresponding period of last year. The US business launched the authorized generic version of Stalevo for which it had received FTF status earlier and 2 OTC products during the quarter. Its UK business recorded a growth of 31 per cent compared to the same period of last year. In the quarter the UK and Irish markets launched the generic atorvastatin which is expected to be a key product for both UK and Irish businesses.
The company has completed the divestment of nutrition business on a slump sales basis to Danone on July 26, 2012 for a consideration of Rs.1,280 crore.
Against the pending petition, the company has filed a consent decree in the High Court of Bombay and has agreed to pay the FCCB holders the amounts outstanding along with interest on reducing balance by August 2012.
Wockhardt's R&D continued its multidisciplinary research and patent filings across is three R&D centres worldwide employing 578 scientists. The company now has total of 164 patents granted and has filed for a total of 1585 patents globally. It markets 475 products in the regulated markets manufactured in its India, USA, UK and Ireland facilities.