Pharma firm Wockhardt today reported 94.87 per cent rise in consolidated net profit at Rs 377.97 crore for the first quarter ended June 30, 2012 on account of robust performance of US and EU operations.

The company had posted net profit of Rs 193.96 crore for the April-June period the previous fiscal, Wockhardt said in a filing to BSE.

Consolidated net sales of the company rose to Rs 1,425.82 crore for the quarter under consideration from Rs 1,053.21 crore for the same period year ago.

“The company’s US and EU operations have been the major contributor in its growth and the momentum continued in this quarter as they contributed to 71 per cent of consolidated revenues,” Wockhardt said.

US business recorded a spectacular growth of 78 per cent compared to the corresponding quarter of Financial Year 2011-12. Authorised generic version of Stalevo and two OTC products were launched during the quarter.

The UK business recorded a growth of 31 per cent compared to the year-ago period in an otherwise stagnant market, the company said.

Wockhardt currently has 164 patents and has filed for a total of 1,585 patents globally, it added.

The company recently concluded the divestment of its Nutrition business to Danone for Rs 1,280 crore. This has significantly improved the balance sheet position for the company and its net debt to equity ratio now stands below 1, Wockhardt said.

The company’s scrip was trading at Rs 1,059.35 on the BSE, up 4.82 per cent from its previous close.

(This article was published on August 6, 2012)
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