Drug-maker Wockhardt saw a 98 per cent drop in its net profit for the three months ended September 30, as a result of ongoing bans and scrutiny on some of its plants by the US Food and Drug Administration.
The company clocked a net profit of ₹3 crore in the second quarter, compared with ₹138 crore in the corresponding period last year. It reported a revenue of ₹1,029 crore in the quarter, down 14 per cent from ₹1,197 crore a year ago.
US businessWockhardt’s US business saw a 56 per cent decline in the July-September quarter and a 58 per cent fall in the first half.
The market contributed 24 per cent to its global revenues for the quarter, and 26 per cent in the first half of this fiscal, the company said.
The US market is usually a lucrative one for generic drug-makers, but Wockhardt’s sales in the US took the brunt of intense regulatory scrutiny on its plants— in Waluj and Chikalthana in Maharashtra, and Morton Grove in the US.
The company’s business in the UK declined 3.8 per cent in the September quarter, it said. The Irish market, though, saw a 14 per cent growth.
International revenues contributed to about 67 per cent of Wockhardt’s total revenue during the quarter. The company’s India business grew 18 per cent, while revenues from the emerging markets rose four per cent, the company said.
On Monday, the company’s scrip gained 1.52 per cent to ₹770.40 on BSE.