Wockhardt third-quarter profit falls 29 percent
MUMBAI (Reuters) - Wockhardt Ltd(WCKH.NS) reported a 29 percent drop in quarterly net profit, hit by a fall in sales after the U.S. health regulator banned two of the drugmaker's plants from exporting products to the United States - its largest market.
In November, the U.S. Food and Drug Administration issued an import alert, effectively a ban, against Wockhardt's Chikalthana plant in western India. The FDA had imposed a ban on the company's Waluj plant in May.
Wockhardt's net profit in the third quarter fell to 3.04 billion rupees from 4.28 billion rupees a year earlier, the company said in a statement late on Sunday. Total sales dropped 14 percent to 12.37 billion rupees.
The company's U.S. business, which accounts for 44 percent of revenue, fell 30 percent in the quarter.
(Reporting by Sumeet Chatterjee; Editing by Supriya Kurane)
- Tweet this
- Share this
- Digg this
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article