Robust global sales propel Wockhardt to black again

Written by Press Trust of India | New Delhi | Updated: May 28 2013, 07:31am hrs
Drug firm Wockhardt on Monday reported a consolidated net profit of R334.76 crore for the fourth quarter ended March 31 mainly on the back of robust international sales. It had posted a net loss of R191.64 crore for the corresponding period previous fiscal.

Consolidated net sales of the company stood at R1,485.50 crore for the quarter under consideration against R1,175.60 crore for same period year ago.

International business contributed 83% of the total revenues during the quarter. Consolidated net profit for the year ended March 31 stood at R1,594.12 crore against R342.71 crore for the previous fiscal. Net sales of the company rose to R5,609.42 crore for the year ended March 31 from R4,350.50 crore in the year-ago period.

Commenting on the results, Wockhardt founder chairman and Group CEO Habil Khorakiwala said: The strong growth that we have achieved in this financial year is the result of a robust global strategy, continued focus on R&D and the commitment and confidence of Team Wockhardt.

The company said research and development continued to be at the core for Wockhardt. During the year 2012-13, R&D expenses stood at 6.7% of sales compared to 5.7% of sales in 2011-12. The company filed 20 new product applications with the US health regulator in financial year 2012-13 and received approvals for 12 products during the year.