Wockhardt Q4 net up 20% at Rs 87cr

Wockhardt has announced its Q4CY06 numbers. The company posted net profit of Rs 87 crore (Rs 870 million) in the fourth quarter versus Rs 73 crore (Rs 730 milion) in the corresponding quarter of the previous year, increased by 20%.

Its net sales was up 44% at Rs 526 crore (Rs 5.26 billion) from Rs 366 crore (Rs 3.66 billion).

The operating profit surged by 44% to Rs 122 crore (Rs 1.22 billion) from Rs 85 crore (Rs 850 million). The OPM stood at 23% versus 23%.

For the CY06, Wockhardt reported net sales of Rs 1729 crore (Rs 17.29 billion) compared to Rs 1412 crore (Rs 14.12 billion), up by 22%. 

The operating profit was up 21% at Rs 400.30 crore (Rs 4 billion) from Rs 328.6 crore (Rs 3.28 billion). The OPM was flat at 23%

Its net profit before exceptional items was up 17% at Rs 301.7 crore (Rs 3.01 billion) from Rs 257 crore  (Rs 2.57 billion). The net profit after exceptional items stood at Rs 241 crore (Rs 2.41 billion). 

Q4CY06

• India business grew by 22%
• International business grew by 57%

CY06 (full year)

• India business grew 28%
• International business grew by 19% 
          Europe Grew 32% 
          US grew 11%
          ROW de-grew (11%)

Highlights of the year

• ANDA approval received during the year
• Launched Ondansetron injectaables on day 1 ( on Dec 17,2006, revs next qtr)
• 3 manufacturing plants approved by US FDA, including 2 sterile facilities during the year
• Significant investmenst i inftastructure
• Lower interest cost for the year

Business

• US generic business, Domestic formulations, Generic biologicals & European generics.
• International business accounts for over 60% of its revenues.
• M&A has been a key driver of its business strategy,

Acquisitions

• Pinewood acquisition (all cash $150mn) will be EPS accretive by CY07(Pinewood is generic co in Ireland)
• Key acquisitions being CPPharma (UK) and Esparma (France).
• Acquisition of Dumex India start contribution from CY2007

According to CNBC-TV18 estimates, the company's net profit was expected to go down 6% to Rs 68.6 crore (Rs 686 million) from Rs 73 crore (Rs 730 million).

The net sales was seen up 22% at Rs 449 crore (Rs 4.49 billion) from Rs 365.90 crore (Rs 3.65 billion).

Its operating profit was likely to go up 9% at Rs 92.8 crore (Rs 928 million) from Rs 85.1 crore (Rs 851 million). The OPM was seen at 21% versus 23%.

For the CY06, the company's net profit was expected to go down 6% to Rs 241 crore (Rs 2.41 billion) from Rs 257 crore (Rs 2.57 billion) YoY.

Its net sales was seen up 17% at Rs 1651 crore (Rs 16.51 billion) from Rs 1412 crore (Rs 14.12 billion).

The operating profit was likely to be flat at Rs 331 crore (Rs 3.31 billion) versus Rs 328.6 crore (Rs 3.28 billion). The OPM was seen at 20% versus 23%.

 

Result (Rs cr)	Dec-06	Sep-06	Jun-06	Mar-06	Dec-05
Net Sales	250.00	334.90	286.50	261.70	230.50
Other Income	6.00	6.70	6.20	3.00	2.60
Total Income	256.00	341.60	292.70	264.70	233.10
Expenditure	-203.60	-234.30	-227.10	-195.80	-173.10
Operating Profit	52.40	107.30	65.60	68.90	60.00
Interest	12.40	6.40	1.90	10.40	5.50
Gross Profit	64.80	113.70	67.50	79.30	65.50
Depreciation	-9.00	-8.80	-9.10	-8.90	-6.40
Profit before Tax	55.80	104.90	58.40	70.40	59.10
Tax	-7.30	-14.70	-8.90	-5.10	-7.70
Profit after Tax	48.50	90.20	49.50	65.30	51.40