Wockhardt jumps 7% after Q1 net rises 95% to Rs 378 crore

Pharma company Wockhardt 's first quarter consolidated net profit surged 95% year-on-year to Rs 378 crore, helped by strong growth in the US market, sending its shares up more than 7% to a 52-week high of Rs 1,085 on Monday.

The company's consolidated revenue in April-June rose 35% to Rs 1,426 crore.

Its EBITDA (earnings before interest, taxes, depreciation and amortization) was up 61% to Rs 502 crore, while EBITDA margin was at 35%, compared with 30% in the year ago quarter.

Its PAT (profit after tax) margin in the first quarter rose to 27% from 18%.

"Wockhardt's US and EU operations have been the major contributor in its growth and the momentum continued in this quarter as they contributed to 71% of consolidated revenue," it said on Monday.

In April-June, Wockhardt also had a foreign exchange gain of Rs 18.8 crore, compared with a gain of Rs 3.8 crore in the year ago quarter.

During the quarter, the company's US business grew 78% (45% in US dollar terms), while UK business grew 31% (11% in GBP terms), Wockhardt said.

The company launched its authorized generic version of Parkinsons drug Stalevo and two OTC (over-the-counter) products in the US last quarter.

At 12:50 hrs, Wockhardt shares were up 6.2% at Rs 1,073.40 on NSE.