Wockhardt Q1 Net dips 14 pc to Rs 323 cr

Drug major Wockhardt on Wednesday posted 14.46 per cent decline in consolidated net profit to Rs 323.31 crore (Rs 3.23 billion) 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 (Rs 3.77 billion) in the same period of previous fiscal.

Net sales of the company, however, rose to Rs 1,358.37 crore (Rs 13.58 billion) for the first quarter, compared to Rs 1,341.44 crore (Rs 13.41 billion) 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 of Wockhardt were trading at Rs 440.25 on the BSE, up 5 per cent from their previous close.