The Hindu Business Line : Wockhardt Q3 net up 30 pc

Growth in the domestic market has contributed to Wockhardt Ltd's 30 per cent increase in net profit at Rs 90.2 crore for the third quarter ended September 30, 2006, compared to Rs 69.2 crore for the corresponding quarter last year.

The three months, July to September, have been illness-ridden and drug companies across the board have been selling more medicines in this period, observed an industry analyst.

Wockhardt's total income stood at Rs 341.6 crore for the quarter ended September 30, 2006, (Rs 260.9 crore).

The Group has posted a net profit of Rs 74 crore for the quarter under review, up 14 per cent from Rs 65.1 crore for the corresponding quarter last year. Total income has increased to Rs 443.8 crore for the quarter ended September 30, 2006, (Rs 362.4 crore).

"During the quarter, we have acquired two companies, Pinewood in Ireland (turnover of $70 million), and Dumex in India (turnover of Rs 60 crore)," Wockhardt Chairman, Mr Habil Khorakiwala, said. "These acquisitions have strengthened our European and Indian presence," he said in a statement.

Getting Protinex and Farex brands into its fold through the Dumex acquisition has strengthened Wockhardt's presence in the medical nutrition segment.

Its US business grew by 20 per cent during the quarter. It received six abbreviated new drug approvals this year and currently markets 14 products in the US.

Wockhardt shares ended flat at Rs 390.90 on the BSE.