Drug firm Wockhardt today reported a consolidated net loss of Rs 409.66 crore for the quarter to June 2017, hit by settlement cost of commercial litigation in the UK. The company had posted a net profit of Rs 15.89 crore for the corresponding period of the previous fiscal, Wockhardt said in a filing to the BSE. Consolidated revenue from operations stood at Rs 891.06 crore for the quarter under review as against Rs 1,090.83 crore a year ago.
During April-June, the ongoing commercial litigation between the company and two of its subsidiaries in relation to a supply contract with Cephalon before the High Court in London was settled at a cost of 43 million pounds to the Wockhardt group, the company said. The High Court has accepted the settlement and a consent issued on June 21.Pursuant to this, the litigation stands closed. Wockhardt was today trading at Rs 587.75 in the afternoon trade on the BSE, down 2.67 per cent from its previous close.