Pharmaceutical major Wockhardt reported a better than expected performance in the third quarter of 2014-15 thanks to a strong showing by its international business. It's consolidated net profit for the quarter rose 14 per cent to Rs. 347 crore on 12 per cent higher sales of Rs. 1,382 crore.
The announcement of results were during trading hours on Wednesday and saw the Wockhardt stock scale a 52-week high of Rs. 1,307.4 before closing lower at Rs. 1,285.2, a gain of 8.69 per cent.
Wockhardt’s operating profit jumped 92 per cent to Rs. 463 crore and operating margin was at 33.5 per cent (19.5 per cent). The R&D expense during the quarter rose 21 per cent to Rs. 119 crore and now accounts for 8.6 per cent of sales, according to a company statement.
The India business grew 15 per cent while the Emerging Markets business grew 28 per cent. Significantly, International business contributed 79 per cent to the total revenues during the quarter. Out of this, the UK business grew 141 per cent while the Irish market declined 37 per cent. The US business, which contributed 20 per cent of global revenues during the quarter, declined 48 per cent.
The company launched 7 new products in India and filed 42 patents during the quarter taking the cumulative filings to 2,107. It was granted 21 patents during the quarter taking the cumulative patents granted to 321.
