Wockhardt Q1 net profit falls 94 pc on plant bans

Tags: Companies
Generic drugmaker Wockhardt Ltd on Tuesday said its quarterly net profit plunged 94 percent, as US Food and Drug Administration bans on its manufacturing plants continued to take a toll.

Wockhardt's April-June net profit was 199.5 million rupees($3.26 million), compared with 3.23 billion rupees a year earlier.

Net sales slumped 27 percent to 9.91 billion rupees.

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 percent of Wockhardt's sales in the United States.

Wockhardt shares fell 5 percent to 674 rupees by 0627 GMT on Nifty that was up 0.54 percent.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Government must give up majority ownership in loss making PSU banks

    After four years of braving economic slowdown and provisioning for rising non performing assets (NPAs), public sector banks are in urgent of capital.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Cooperative federalism and governance

Improving relations between the states and the Centre to improve ...

Kuruvilla Pandikattu SJ

Reason drives religion, science

Both religion and science are driven by reason, claims Rama ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture