Wock­hardt Q1 net profit ups

The Pak Banker - - COMPANIES/BOSS -

MUM­BAI: Drug maker Wock­hardt Ltd said its fis­cal firstquar­ter profit jumped al­most six­fold on higher rev­enue, other in­come and gains from for­eign ex­change. Net profit rose to Rs.114.20 crore from Rs.19.95 crore in the year ear­lier. Net sales rose 15.1% to Rs1,140.65 crore from Rs.991.19 crore.

Other in­come al­most tripled from a year ago to Rs.233 crore. For­eign ex­change gains stood at Rs.154.60 crore as com­pared to Rs.57.60 crore. "Com­pany's UK busi­ness backed by ef­fec­tive busi­ness de­vel­op­ment ef­forts achieved con­sis­tent strong quar­terly per­for­mance and grew by 55% (in pound terms 59%) dur­ing the quar­ter. In­dia busi­ness of the com­pany con­tin­ued to grow sig­nif­i­cantly at 27% with new prod­uct launches and fo­cused sales strate­gies," the com­pany said. At 2.18 pm, shares of Wock­hardt rose 3.9% to Rs 1659 on BSE, while In­dia's bench­mark Sen­sex rose 0.38% to 28,344.22 points. Since 2013, two of Wock­hardt's fac­to­ries in Waluj and Chikalthana in Ma­ha­rash­tra have been un­der a US Food and Drug Ad­min­is­tra­tion im­port alert af­ter the reg­u­la­tor found these plants failed to com­ply with good man­u­fac­tur­ing prac­tices. Wock­hardt's L1 Chikalthana plant pro­duces the Meto­pro­lol XR drug used for treat­ing blood pres­sure, while the Waluj plant man­u­fac­tures in­jec­tions and pills.

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