Pharmaceutical and biotechnology major Wockhardt Limited reported a 14% rise in net profit for the third quarter ended September 30, 2006, at Rs. 74 crores. Consolidated sales at Rs. 438 crores posted a 22% growth over the corresponding period of 2005.
Nine month net profit climbed 17% to Rs.215 crores before exceptional items, on sales of Rs. 1,201 crores.
"During the quarter, we have acquired two companies, Pinewood in Ireland, with a turnover of $70 million and Dumex in India, with a turnover of Rs.60 crores," Wockhardt chairman Habil Khorakiwala said. "These acquisitions have strengthened our European and Indian presence."
Wockhardt's Indian business grew by 38% during the quarter, more than twice the industry growth rate of 17%. Acquisition of Protinex and Farex brands has made Wockhardt a formidable leader in medical nutrition. The Indian diabetology portfolio grew by 25% while the nephrology portfolio grew by 43%.
