Wockhardt Q1 net profit dives 83 percent to Rs 16 cr

Drug firm Wockhardt reported a fall of 82.65 per cent in consolidated net profit to Rs 15.89 crore for the first quarter ended June 30, mainly on account of dip in sales and increased expenditure.

The company had posted a net profit after taxes, minority interest and share of profit of associates at Rs 91.61 crore in the same period a year ago, Wockhardt said in a BSE filing.

Consolidated total income of the company also decreased to Rs 1,090.83 crore during the quarter under review as against Rs 1,138.87 crore in the year-ago period.

The company's UK business (excluding one time opportunity) displayed strong performance and grew by 26 per cent in the first quarter as compared to the same period year ago, Wockhardt said.

India business of the company grew by 10 per cent for the quarter under consideration as against the corresponding period of the last fiscal, it added.

On the other hand, the company said, its US business contributed 18 per cent of the global revenues and fell by 16 per cent for the first quarter of the current fiscal.

Emerging market business saw a fall of 16 per cent in the quarter under consideration. Irish business also fell by 18 per cent in terms of rupee in the first quarter of 2016-17.

"International business contributed 62 per cent of the total revenues during Q1 of FY17," the company said.

The company's three units one at Chikalthana, and two at Waluj have received Establishment Inspection Reports with observations, Wockhardt said.

"The company has initiated required steps to address the concerns raised by USFDA and is putting all efforts to resolve the matter," it added.