SummaryWockhardt�s fourth-quarter profit continued to suffer from the impact of the US Food and Drug Administration-mandated import alerts on two of its production units.
Wockhardt�s fourth-quarter profit continued to suffer from the impact of the US Food and Drug Administration-mandated import alerts on two of its production units. The company's sales fell 30% year-on-year (y-o-y) while profit plunged nearly 78%.
The company reported net sales of R1,038.7 crore while its net profit for the quarter ended March 31 was R74.45 crore.
Analysts expected the company to report a profit of R1165.1 crore, according to a poll by Bloomberg.
The company, whose sales to the United Kingdom have been constrained because of the limitation imposed by the country's
regulatory watchdog, Medicines and Healthcare products Regulatory Agency (UKMHRA), said international business contributed 79% of the total revenues during FY14.
Financial year 2014 has been a trying period for the Habil Khorakiwala-led company, with its Waluj
and Chikalthana production units in Maharashtra under the regulatory lens for violation of manufacturing standards.
The manufacturing permit awarded to another manufacturing facility, Kadaiya located in Daman, was also pulled by the UKMHRA for the same reason. The company said its US business, which contributes 45% to Wockhardt's topline, declined 26% to FY14.
Its UK business business recorded a growth of 3% in FY14. Its India business grew by 2% in FY14, while emerging markets� business, including India, fell 3% in the year.
More from Corporates & Markets
Editor´s Pick
Rajinikanth�s 'Kochadaiiyaan' box office collections surge to Rs 42 crore
Lava launches Iris X1 Android KitKat smartphone for Rs 7,999
Even before he is 'crowned', Narendra Modi struts global stage
Copyright © The Indian Express ltd. All Rights Reserved.
No comments:
Post a Comment