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Mumbai-based drugmaker Wockhardt’s profit rose five times to Rs 114 crore in the quarter ended June against Rs 20 crore in the year-ago period, driven by revenue growth in India and the UK markets.
Total revenue grew 15 per cent to Rs 1,141 crore, but revenue from the US declined 21 per cent to Rs 227 crore in the quarter as there is an import alert from the US Food and Drug Administration against the company's two manufacturing plants at Chikalthana and Waluj in Maharashtra.
Wockhardt plans to use third-party sites to export goods to the US from the second half of this financial year, the company management told analysts in a post-results conference call on Monday. The firm said it was working to comply with US observations on its Chikalthana plant and would file its response to the FDA within two weeks.
The plant has secured approval from the UK health authorities and the company would now export to the UK from the plant.
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“Over the past few years, we have been working on our India business. We have established brands in the market. We have seen a growth of 20 per cent in India and launched 24 products. We are also expecting new opportunities in therapeutic areas such as diabetes and dermatology. We set up an office in Mexico last year to focus on Latin America and we’re seeing growth in other emerging markets, too,” said Murtaza Khorakiwala, managing director, Wockhardt.
