Wockhardt Net Declines 78% on Import Bans
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.