This Article is From Nov 15, 2012

Wockhardt profit jumps 250 per cent in Q2

Wockhardt profit jumps 250 per cent in Q2

Pharma major Wockhardt today reported 254 per cent jump in its net profit at Rs 453 crore for the quarter ended September 30.

The company had reported a net profit of Rs 128 crore in the corresponding period last year.

Its EBITDA (earnings before interest, taxes, depreciation, and amortization) for the reporting quarter stood at Rs 517 crore and the EBITDA margin at 38.4 per cent, one of the highest in the industry.

The consolidated revenues of the company grew by 29 per cent to Rs 1,347 crore, a press note released by the company said here today.

Its US business recorded a growth of 47 per cent (22 per cent in terms of dollar earnings) while the UK business recorded a growth of 26 per cent (7 per cent in terms of earnings in pounds) compared to the corresponding quarter of financial year 2011-12.

During the quarter, it received seven product approvals of which four were advanced technology products in the US market, the company said.

During the first half of FY13, the company launched 51 products of which 8 were in the US, 6 in the UK and remaining in Ireland and in India. The company said that its business outside India now contributes 80 per cent of its total revenues.

The profit after tax for the first half of FY13 stood at Rs 831 crore and represented a growth of 159 per cent over same period in the previous year.

The company said that during the quarter, the company completed the sale of its nutrition business to Danone and realised Rs 1,280 crore. The company also impaired the entire goodwill pertaining to its French subsidiary of Rs 621 crore and wrote off the carried forward cost of certain intangibles and research & development costs of Rs 437 crore.

Its shares touched an all-time high of Rs 1,784.90 today on the BSE, rising 4.65 per cent following strong second quarter numbers.

After touching a low of Rs 251.25 on January 6, the company's scrip has been gaining in strength following the dramatic turnaround.