Wockhardt reported a 29 per cent drop in quarterly net profit, hit by a fall in sales after the US health regulator banned two of the drugmaker's plants from exporting products to the United States - its largest market.
In November, the US Food and Drug Administration issued an import alert, effectively a ban, against Wockhardt's Chikalthana plant in western India. The FDA had imposed a ban on the company's Waluj plant in May.
Wockhardt's net profit in the third quarter fell to Rs 304 crore from Rs 428 crore a year earlier, the company said in a statement late on Sunday. Total sales dropped 14 per cent to Rs 1,237 crore.
The company's US business, which accounts for 44 per cent of revenue, fell 30 per cent in the quarter.
Copyright Thomson Reuters 2014
Wockhardt reported a 29 per cent drop in quarterly net profit, hit by a fall in sales after the US health regulator banned two of the drugmaker's plants from exporting products to the United States - its largest market.
In November, the US Food and Drug Administration issued an import alert, effectively a ban, against Wockhardt's Chikalthana plant in western India. The FDA had imposed a ban on the company's Waluj plant in May.
Wockhardt's net profit in the third quarter fell to Rs 304 crore from Rs 428 crore a year earlier, the company said in a statement late on Sunday. Total sales dropped 14 per cent to Rs 1,237 crore.
The company's US business, which accounts for 44 per cent of revenue, fell 30 per cent in the quarter.
Copyright Thomson Reuters 2014
Wockhardt reported a 29 per cent drop in quarterly net profit, hit by a fall in sales after the US health regulator banned two of the drugmaker's plants from exporting products to the United States - its largest market.
In November, the US Food and Drug Administration issued an import alert, effectively a ban, against Wockhardt's Chikalthana plant in western India. The FDA had imposed a ban on the company's Waluj plant in May.
Wockhardt's net profit in the third quarter fell to Rs 304 crore from Rs 428 crore a year earlier, the company said in a statement late on Sunday. Total sales dropped 14 per cent to Rs 1,237 crore.
The company's US business, which accounts for 44 per cent of revenue, fell 30 per cent in the quarter.
Copyright Thomson Reuters 2014
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