Wockhardt Q4 net plummets 78 per cent to Rs 74 crore

May 27 2014, 11:03 IST
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During the year Wockhardt  had faced regulatory issues with the US health regulator. (Reuters) During the year Wockhardt had faced regulatory issues with the US health regulator. (Reuters)
SummaryWockhardt had posted a net profit of Rs 334.76 crore in the corresponding period...

Wockhardt’s fourth-quarter profit continued to suffer from the impact of the US Food and Drug Administration-mandated import alerts on two of its production units. The company's sales fell 30% year-on-year (y-o-y) while profit plunged nearly 78%.

The company reported net sales of Rs 1,038.7 crore while its net profit for the quarter ended March 31 was Rs 74.45 crore.

Analysts expected the company to report a profit of Rs 1165.1 crore, according to a poll by Bloomberg.

The company, whose sales to the United Kingdom have been constrained because of the limitation imposed by the country's

regulatory watchdog, Medicines and Healthcare products Regulatory Agency (UKMHRA), said international business contributed 79% of the total revenues during FY14.

Financial year 2014 has been a trying period for the Habil Khorakiwala-led company, with its Waluj

and Chikalthana production units in Maharashtra under the regulatory lens for violation of manufacturing standards.

The manufacturing permit awarded to another manufacturing facility, Kadaiya located in Daman, was also pulled by the UKMHRA for the same reason. The company said its US business, which contributes 45% to Wockhardt's topline, declined 26% to FY14.

Its UK business business recorded a growth of 3% in FY14. Its India business grew by 2% in FY14, while emerging markets’ business, including India, fell 3% in the year.

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