Wockhardt net profit dips 14 pct to Rs 323 cr in quarter

Written by Press Trust of India | New Delhi | Updated: Aug 15 2013, 02:11am hrs
Drug major Wockhardt Ltd today posted 14.46 per cent decline in consolidated net profit to Rs 323.31 crore for the quarter ended June 30, 2013, due to sluggish sales in emerging markets.

The company had posted a net profit of Rs 377.97 crore in the same period of previous fiscal.

Net sales of the company, however, rose to Rs 1,358.37 crore for the first quarter, compared to Rs 1,341.44 crore during the same period of previous fiscal, Wockhardt said in a statement.

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The Mumbai-based firm said its international business contributed 82 per cent of total revenues during the quarter.

"Wockhardt's US business recorded a growth of 11 per cent in first quarter of FY14 and contributed 53 per cent of the global revenues for Wockhardt," it added.

The company said its UK business recorded a growth of 1 per cent in the first quarter, while the Irish market recorded a decline of 31 per cent during the period under review.

Wockhardt said its India business grew by 3 per cent while the emerging markets business declined by 28 per cent during the first quarter ended June 30, 2013.

Shares of Wockhardt were trading at Rs 440.25 on the BSE, up 5 per cent from their previous close.