Drug firm Wockhardt today reported nearly 78 per cent drop in consolidated net profit at Rs 74.45 crore for the quarter ended March 2014 mainly due to regulatory issues with US and UK health regulators.
The company had posted a net profit of Rs 334.76 crore in the corresponding period of the previous fiscal, Wockhardt said in a filing to the BSE.
Consolidated net sales of the company also declined to Rs 1,038.67 crore for the quarter under consideration from Rs 1,485.50 crore for the same period year ago, it added.
Consolidated net profit after taxes, minority interest and share of profit (loss) of the associates for the fiscal year ended March 31, 2014 stood at Rs 840.71 crore. It was Rs 1,594.12 crore for the previous fiscal year.
Consolidated net sales of the company for the fiscal year ended March 31, 2014 were Rs 4,830.36 crore while they were Rs 5609.42 crore for same period year ago.
During the year Wockhardt had faced regulatory issues with the US health regulator (USFDA)and the UK health regulator (UKMHRA).
During the year, the company received regulatory alerts from the USFDA on two of its manufacturing units at Aurangabad, Wockhardt said.
The company also received restricted GMP certificate from UKMHRA for its manufacturing facilities at Aurangabad and Daman. The UKMAHRA had also initiated drug recalls for the products manufactured at the two Aurangabad facilities.
In another filing on the BSE, Wockhardt said the Board has recommended dividend at 0.01 per cent on 475,659,941 Non-Convertible Cumulative Redeemable Preference shares and 121,454,927 Optionally Convertible Cumulative Redeemable Preference Share.
The Board has noted resignation of Vijay Khetan, Company Secretary & Compliance Officer with effect from May 30, 2014, it added.
Shares of Wockhardt today closed at Rs 699.60 per scrip on BSE, down 2.64 per cent from previous close.
