Troubled drug major Wockhardt posted a net loss of Rs 181.2 crore for its fourth quarter ended December 31, 2009, which is almost half the net loss of Rs 357.8 crore posted in the same quarter of the previous financial year. The reduction was on the back of a zero-tax liability and gains from foreign currency fluctuations.
While the company did not pay any tax during the reporting quarter, it had accounted for Rs 149.3 crore as tax paid in the fourth quarter of 2008.
Wockhardt, which restructured its loans recently through a corporate debt restructuring (CDR) scheme with its lenders, saw a 9 per cent dip in sales during the reporting quarter to Rs 889.3 crore from Rs 977.5 crore earlier.
The company told the stock exchanges that its promoters, led by Habil Khorakiwala, had 71.73 per cent of their shares pledged till December 31, whereas the same was 85.97 per cent in the previous year’s corresponding quarter.
It further said its India-branded business grew 23 per cent in the fourth quarter of 2009 over the corresponding period of 2008. There were two new products launched during this period. For the year (January-December, 2009), Wockhardt posted a consolidated net loss of Rs 435.5 crore, which is over three times higher than the net loss of Rs 138.8 crore suffered in the previous year.
However, the company’s net sales for the entire year increased by a marginal 1.1 per cent to Rs 3,629.4 crore from Rs 3,589.7 crore in 2008. Also, on an annual basis, Wockhardt paid Rs 41 crore as tax for 2009, against Rs 91.6 crore in 2008.
Meanwhile, Wockhardt’s UK business grew 21 per cent, compared with the industry growth of only 4 per cent.