Wockhardt Q1 Net Profit Plunges 94% on Plant Bans
Generic drugmaker Wockhardt Ltd on Tuesday said its quarterly net profit plunged 94 per cent, as U.S. Food and Drug Administration bans on its manufacturing plants continued to take a toll.
Wockhardt's April-June net profit was Rs 19.95 crore, compared with Rs 323 crore a year earlier.
Net sales slumped 27 per cent to Rs 991 crore.
The United States is Wockhardt's biggest market and the FDA has banned the import of generic drugs from two of the company's plants in India, citing quality lapses in the manufacturing process.
In May, the company said the FDA had also expressed concerns over production processes at its Chicago-based Morton Grove Pharmaceuticals unit, which accounts for more than 50 per cent of Wockhardt's sales in the United States.
Wockhardt shares fell 4 per cent to Rs 678 by 12.15 p.m. on Nifty that was up 0.54 percent.
Copyright: Thomson Reuters 2014
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