Wock­hardt Net De­clines 78% on Im­port Bans

The Economic Times - - Companies -

Drug­maker Wock­hardt on Mon­day re­ported a 78% slump in March-quar­ter profit, as it continues to reel un­der the US and the UK im­port bans due to man­u­fac­tur­ing qual­ity lapses. The com­pany’s Jan­uary-March net profit fell to .` 74.45 crore­com­pared with .` 335 crore a year ear­lier. An­a­lysts on aver­age had ex­pected fourth-quar­ter profit of .` 74.7 crore, ac­cord­ing to Thom­son Reuters data. Sales fell 30% to .` 1,040 crore in the quar­ter. In Novem­ber, the USFDA is­sued an im­port alert, ef­fec­tively a ban, against Wock­hardt’s Chikalthana plant in western In­dia. The FDA had im­posed a ban on the com­pany’s Waluj plant in May.

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