Wockhardt Q1 net profit dips 94% to Rs 19.95 crore

Aug 12 2014, 14:08 IST
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Wockhardt consolidated net profit dips in Q1 as import bans by USFDA continued to hit sales. Wockhardt consolidated net profit dips in Q1 as import bans by USFDA continued to hit sales.
SummaryWockhardt's Waluj plant was banned from exporting products to US by USFDA during May 2013.

Pharmaceuticals firm Wockhardt Ltd today reported 93.82 per cent decline in its consolidated net profit to Rs 19.95 crore for the first quarter ended June 30 as import bans by USFDA continued to hit sales.

The company had posted a consolidated net profit of Rs 323.31 crore in the same period last fiscal, Wockhardt Ltd said in a filing to the BSE.

Consolidated net sales during the period under review stood at Rs 991.19 crore as compared to Rs 1,358.37 crore in the year-ago quarter.

The company's Waluj plant was banned from exporting products to the US by USFDA during May 2013 as the US Food and Drug Administration had issued an import alert on it. The company had said it would take an annual hit of USD 100 million due to the import alert.

In yet another blow to the drug maker, US health regulator had imposed restrictions on import of medicines produced at the company's Chikalthana plant at Aurangabad in Maharashtra in November 2013.

Shares of Wockhardt Ltd were trading 2.73 per cent down at Rs 686.30 per scrip during afternoon trade on the BSE.

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