Wockhardt, a Rs.4,800 crore plus Mumbai based pharma major, has suffered heavy setback during the first quarter ended June 2014 and its consolidated net profit declined sharply by 93.8 per cent to Rs.19.95 crore from Rs.323.31 crore in the corresponding period of last year due to lower sales. Its consolidated net sales declined by 27 per cent to Rs.991 crore from Rs.1,358 crore. With fall in profits, its EPS declined to Rs.1.81 from Rs.29.60 in the last period. EBDITA also declined to Rs.68.96 crore from Rs.427.21 crore.
The poor financial performance translated in fall of Wockhardt scrip on BSE by over three per cent to Rs.682 in the morning session. The scrip opened today at Rs.711.65 as against the previous day close of Rs.705.55. However, it declined upto Rs.667.50 after the announcement of working results.
The forex gain amounted to Rs.5.76 crore as against a forex loss of Rs.20.97 crore in the corresponding period of last year. However, its interest cost declined marginally to Rs.15.02 crore from Rs.17.40 crore. The tax provision declined to Rs.2.93 crore from Rs.37.91 crore.
The company's standalone net sales also declined by 3.2 per cent to Rs.485.44 crore from Rs.501.32 crore and its net profit to Rs.5.35 crore from Rs.15.89 crore.
For the full year ended March 2014, Wockhard's consolidated net sales touched to Rs.4,830 crore and it earned a net profit of Rs.841 crore. Its equity capital stood at Rs.54.88 crore and its reserves & surplus amounted to Rs.3,210 crore.