Wockhardt back in black; Q4 net profit at Rs 161.83 crore

Drug maker Wockhardt Ltd on Thursday posted a consolidated net profit of Rs 161.83 crore for the fourth quarter ended March 31, on the back of improved efficiencies and launch of new products.

The company had posted a net loss of Rs 565.11 crore in same period previous financial year, Wockhardt said in a statement.

Commenting on the results Wockhardt Chairman Habil Khorakiwala said: "Wockhardt's performance this year has shown significant improvement, which reflects in its operating profits, primarily driven by improved efficiencies within the organisation and the launch of new products."

"I am extremely confident going forward that our performance in the coming years will further strengthen Wockhardt's financial position," Khorakiwala added.

Net sales of the company stood at Rs 938.73 crore in the fourth quarter ended March 31. Its sales in the same period the previous financial year stood at Rs 871.98 crore.

The Mumbai-headquartered firm posted net profit of Rs 90.52 crore for the year ended March 31. Net sales of the company stood at 3,751.24 crore.

Prior to this, it registered a net loss of Rs 1,000.66 crore and net sales of 4,501.42 crore for the fifteen months period ended March 31, 2010. The company said as the previous period figures were for fifteen months, they were not comparable with those of the year ended March 31.

On a standalone basis, it posted a net profit of Rs 32.25 crore for the quarter ended March 31, while it had a net loss of Rs 294.26 crore in the same period previous fiscal.

Wockhardt's net sales for the quarter ended March 31 stood at Rs 423.35 crore. It posted a growth of 70 per cent in the US market while its India branded business grew by over 15 per cent in 2010-11.

Its generics business grew 15 per cent and its power brands business grew by 16 per cent, the company said.

Debt-ridden Wockhardt had undertaken a corporate restructuring programme to recast its over Rs 3,700 crore debt in 2009.

The company shares on Thursday closed at Rs 337.45 on the Bombay Stock Exchange, down 2.72 per cent from its previous close.