Wockhardt Net Up 14% at Rs. 74 crores, Sales Up 22 % at Rs. 438 crores

Mumbai, 26 Oct,2006

Pharmaceutical and biotechnology major Wockhardt Limited reported a 14% rise in net profit for the third quarter ended September 30, 2006, at Rs. 74 crores. Consolidated sales at Rs. 438 crores posted a 22% growth over the corresponding period of 2005.

Nine month net profit climbed 18% to Rs. 215 crores before exceptional items, on sales of Rs. 1,201 crores.

"During the quarter, we have acquired two companies, Pinewood in Ireland, with a turnover of $70 million and Dumex in India, with a turnover of Rs.60 crores," Wockhardt chairman Habil Khorakiwala said. "These acquisitions have strengthened our European and Indian presence."

Wockhardt’s Indian business grew by 38% during the quarter, more than twice the industry growth rate of 17%. Acquisition of Protinex and Farex brands has made Wockhardt a formidable leader in medical nutrition. The Indian diabetology portfolio grew by 25% while the nephrology portfolio grew by 43%.

Wockhardt’s Pinewood acquisition in Ireland has presented new opportunities through an enlarged customer base in the Ireland and the UK. The UK contributes half of Pinewood’s sales. The acquisition is a strategic fit for Wockhardt UK as Pinewood’s liquids and creams business complements Wockhardt UK’s strengths in injectables and solid dosages.

Wockhardt’s US business grew by 20% during the quarter. It received six ANDA approvals this year, and currently markets 14 products in the US.

Wockhardt Limited is a technology-driven pharmaceutical and biotechnology company with an active multi-disciplinary research programme, with more than 100 patents filed in current year. Wockhardt’s new drug discovery programme has yielded several promising molecules, one of which is now in Phase II human clinical trials. Wockhardt has a market capitalisation of over $1 billion.

Source : Equity Bulls

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