Pharmaceutical major Wockhardt, on Friday, reported a 70 per cent drop in its net profit for the second quarter of 2013-14 at Rs. 138 crore (Rs. 453 crore). The company’s sales, during the period, was down 11 per cent at Rs. 1,197 crore while the operating profit declined by a huge 62 per cent to Rs. 196 crore. The company said that while its U.S. business declined by 19 per cent, it contributed 44 per cent of global revenues during the quarter. T
In the recent past, the major export markets of U.S and Europe have been pulling up Indian drug manufacturers for compliance issues and Wockhardt has been witness to some of these actions.
In a statement, Dr. Murtaza Khorakiwala, Managing Director, Wockhardt said, “the current performance has been impacted due to the recent regulatory actions. However, Team Wockhardt is committed to raise the bar across all functions and revert with better performance in all areas of operations at the earliest.”
