Wockhardt Q3 consolidated net loss at Rs 102 crore

Wockhardt's total expenses in Q3 were at Rs 803 crore as against Rs 884 crore in the corresponding period a year ago

Pharmaceuticals firm Wockhardt Ltd on Monday reported a consolidated loss after tax of Rs 102 crore in the December quarter, impacted by lower sales and higher expenses.

The company had posted a consolidated profit after tax of Rs 2 crore in the same quarter of the previous fiscal, the firm said in a regulatory filing.

Consolidated revenue from operations stood at Rs 699 crore in the quarter under review as compared to Rs 854 crore in the year-ago period, it added.

Total expenses were at Rs 803 crore as against Rs 884 crore in the corresponding period a year ago, the company said.

During the quarter, revenue from India business stood at Rs 175 crore while that of UK was at Rs 223 crore.

Emerging Markets business clocked revenue of Rs 148 crore and its US business stood at Rs 91 crore.

The company said with the changed pharmaceutical market situation in the US, the management had initiated various steps to restructure the business by closing down its manufacturing facility in Illinois and undertake its business in the country through contract manufacturing the products sold by it in the US/North America by engaging USFDA approved manufacturing partners meeting the quality standards acceptable to it.

The company has now engaged multiple USFDA approved manufacturing partners, after thorough due diligence and inspection of their facilities, to manufacture various products for sale in the US/ North America under the same brand and Wockhardt name, it added.

This new arrangement is in the best interest of the company as this will help it to avoid the manufacturing and quality management cost completely and allow the management to focus on penetrating and expanding the market share of its products in the US/North America, it said.