The Telegraph
Tuesday , May 27 , 2014
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Wockhardt net drops

New Delhi, May 26: Wockhardt today reported a nearly 78 per cent drop in consolidated net profit at Rs 74.45 crore for the quarter ended March because of regulatory issues with the US and UK health regulators.

The company had posted a net profit of Rs 334.76 crore in the corresponding period of the previous fiscal.

Consolidated net sales fell to Rs 1,038.67 crore during the quarter from Rs 1,485.50 crore in the same period year ago.

Net profit after taxes, minority interest and share of profit (loss) of the associates for the financial year ended March stood at Rs 840.71 crore against Rs 1,594.12 crore in the previous fiscal.

Consolidated net sales for 2013-14 were Rs 4,830.36 crore compared with Rs 5,609.42 crore a year ago.

During the year, Wockhardt received regulatory alerts from the USFDA on two of its manufacturing units at Aurangabad.

The company also received restricted good manufacturing practices (GMP) certificate from the UK regulator for its facilities at Aurangabad and Daman. The regulator had also initiated drug recalls for the products manufactured at the two Aurangabad facilities.