Wockhardt, the pharmaceutical and biotechnology major, has suffered heavy setback during the fourth quarter ended March 2015 and its consolidated net profit declined sharply by 54.2 per cent to Rs.34.08 crore from Rs.74.45 crore in the corresponding period of last year due to slower US sales. Its consolidated net sales improved only by 3.9 per cent to Rs.1,079 crore from Rs.1,039 crore.

The board has not recommended any final equity dividend as it paid interim equity dividend of 400 per cent earlier. However, the Board has recommended preference dividend of 0.01 per cent. Meanwhile, Narendra Singh has been appointed as a company secretary and compliance officer of the company with effect from May 28, 2015.

Its R&D expenditure increased to Rs.148 crore during the quarter ended March 2015, representing 13.7 per cent of sales Its UK business recorded a growth of 36 per cent and its domestic business grew by 46 per cent. However, its US sales declined sharply by 21 per cent and contributed 27 per cent of the global revenues. Similarly, its sales in Irish market declined by 11 per cent and that in emerging market moved down by 25 per cent.

Wockhardt has posted poor financial performance during the full year ended March 2015 and its net profit declined by 51.8 per cent to Rs.405 crore from Rs.641 crore in the previous year. Its consolidated net sales declined by 8.9 per cent to Rs.4,400 crore from Rs.4,830 crore. EBDITA went down by 12.2 per cent to Rs.894 crore from Rs.1,018 crore. Its interest cost declined by 33.8 per cent to Rs.55.21 crore from Rs.83.35 crore. Its foreign exchange loss amounted to Rs.117.70 crore as against gain of Rs.45.88 crore in the previous year. Its interest burden declined significantly by 33.8 per cent to Rs.55.21 crore from Rs.83.36 crore.

Its domestic sales improved by 24 per cent with launch of 42 new products. Its international business contributed 72 per cent of the total revenues. However, its US business declined sharply by 49 per cent and contributed 24 per cent of the global revenues. Its UK business went up by 46 per cent. Sales in emerging market increased by 3 per cent and that in Irish market declined by 10 per cent.

Its R&D expenditure increased by 21 per cent to Rs.489 crore from Rs.403 crore and this worked out to 10.9 per cent of its sales. The company filed 14 ANDAs with US FDA during the year 2014-15 and currently 69 ANDAs are pending for approval. It filed 11 products in UK. It continued its pursuit of creating a strong Intellectual Property base and filed 267 patents taking the cumulative filings to 2,268. It received 82 patents and now totally holds 341 patents.

As against the share capital of Rs.353.59 crore its reserves and surplus amounted to Rs.3,362 crore. Its long term borrowings increased to Rs.1,185 crore from Rs.1,102 crore and short term borrowings to Rs.348 crore from Rs.210 crore.

The company amalgamated its two subsidiaries viz., Wockhardt Biopharm Ltd and Vinton Healthcare Ltd during 2014-15.

Wockhardt's standalone net sales improved to Rs.1,887 crore during the year ended March 2015 from Rs.1,805 crore. The standalone net profit improved to Rs.332 crore from Rs.199 crore with rise in other income. Its other income increased to Rs.465 crore from Rs.319 crore.