Wockhardt Q1 net dips 14 per cent to Rs 323 crore

Drug major Wockhardt on Wednesday posted a 14.46 per cent decline in its consolidated net profit to Rs 323.31 crore for the quarter ended June 30, 2013, due to sluggish sales in emerging markets.

The company had posted a net profit of Rs 377.97 crore in the same period last fiscal year.

Net sales of the company, however, rose to Rs 1,358.37 crore for the first quarter, compared to Rs 1,341.44 crore during the same period of previous fiscal, Wockhardt said in a statement.

The Mumbai-based firm said its international business contributed 82 per cent of total revenues during the quarter.

"Wockhardt's US business recorded a growth of 11 per cent in first quarter of FY14 and contributed 53 per cent of the global revenues for Wockhardt," it added.

The company said its UK business recorded a growth of 1 per cent in the first quarter, while the Irish market recorded a decline of 31 per cent during the period under review.

Wockhardt said its India business grew by 3 per cent while the emerging markets business declined by 28 per cent during the first quarter ended June 30, 2013.

Shares in Wockhardt, on Wednesday, ended at Rs 440.25 apiece on the BSE, up 5 per cent from the previous close.