Wockhardt Q1 net profit ups

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.