Wockhardt Limited posted a net profit of Rs. 24 crores for the first quarter ended March 31,2002 showing a 37% growth over the corresponding quarter of the previous year as per its unaudited financial results announced today.

Sales stood at Rs. 165 crores, posting a 27% growth over the corresponding period of 2001. Operating Profit grew by 26% to Rs. 31 crores. On a consolidated basis, including the UK subsidiary Wallis Laboratory, sales for the quarter grew by 21% to Rs. 185 crores and profit after tax rose by 34% to Rs. 26 crores.

Habil Khorakiwala, Chariman said: "The domestic business gained significant momentum during the quarter and has grown at twice that of the industry. The growth was driven by our strategic focus on 'Power Brands' which collectively grew at 50% during this period."

He added "Wockhardt became the first Indian company to get Drug Controller General of India (DGCI) approval for a new chemical entity in the field of sepsis and anti-infectives to carry on Phase-1 clinical trials for its molecule WCK 771."

Domestic sales touched Rs. 95 crores during the quarter, posting a growth of 22%. During the same period, the industry grew at an average of 11.4%. Wockhardt's new products portfolio was ranked among the top two most successful launched in the industry (Source: IMS). Three Wockhardt products - Winofit (anti-oxidant), Wepox (Erythropoietin) and Methycobal (neuron rejuvenator), figured among the top 25 launches in 2001 as per IMS data.

Exports increased by over 46% to Rs. 55 crores in the first quarter. Exports of branded formulations grew by 110% over the first quarter of the previous year. Formulations now constitute 35% of total exports on a trailing 12-month basis. Wockhardt became an approved supplier to Medicines Sans Frontiers, one of the largest international medical aid agencies. The company also firmed up a multi-product development, supply, sales and marketing alliance with Ranbaxy Laboratories Ltd.

The New Chemical Entity WCK - 771, the first Investigational New Drug (IND) in the anti-infective segment in India, received approval for Human (Phase-1) clinical trial from the Drug Controller General of India.