Wockhardt posts consolidated revenue of Rs 1231 crore in quarter ended Sept 30, 2015

EBIDTA was at Rs 201 crore

Wockhardt has recently posted its second quarter and six months results for financial year 2016. The company’s turnover during the quarter grew by 20 per cent. Its UK business backed by effective business development efforts achieved consistent strong quarterly performance and grew by 88 per cent during the quarter. India business of the company continued to grow significantly at 22 per cent with new product launches and focused sales strategies.

The company received one approval during the quarter and two approvals during H1FY16 and have filed five ANDA’s with US FDA in H1FY16. A total of 72 ANDA’s are pending for approval till date. UK made one new filing and received six new approvals during six months ended H1FY16.

During the half Year, the company received the coveted Breakthrough discovery (QIDP) status for another NCE product WCK 4873 by US FDA. With this, the company has so far received three QIDP statuses for its NCE product development.

Consolidated revenue for the six months was Rs 2372 crore with a growth of 17 per cent and profit after tax was at Rs 222 crore. The company increased its research spend significantly and the same is now at 12 per cent to sales at Rs 283 crore and including capital expenditure is at 13 per cent to sales for the six months ended FY16.

Wockhardt India business grew by 24 per cent during the six months FY16. Wockhardt launched 32 new products in H1FY16. Wockhardt’s international business contributed 68 per cent of the total revenues during the H1FY16. Wockhardt’s US business declined by 11 per cent in six months of FY16 and contributed 19 per cent of the global revenues for Wockhardt in six months of FY16. The UK business recorded a growth of 71 per cent in H1FY16 (in £ terms 75 per cent). Emerging markets business grew by 38 per cent in six months of H1FY16.

The Irish market declined six per cent in H1FY16.

In the quarter ended September 30, 2015, the consolidated revenue for the quarter grew by 20 per cent at Rs1231 crore and EBIDTA by 22 per cent at Rs 201 crore. Profit after tax for the quarter was Rs 108 crore with PAT margin at about nine per cent. Research expenses stood at Rs.140 crore for the quarter representing 11 per cent of sales and including capital expenditure at 13 per cent of sales. The UK business recorded a growth of 88 per cent during the quarter.

Wockhardt India business grew by 22 per cent during the quarter. The company launched eight new products in domestic market in Q2FY16. The US business grew by two per cent in Q2FY16 and contributed 19 per cent of the global revenues for Wockhardt in Q2FY16. Emerging markets business grew by 32 per cent in Q2FY16. The Irish market remains flat in Q2FY16.