Wockhardt third-quarter profit falls 29 percent

MUMBAI Mon Feb 10, 2014 9:37am IST

Pharmaceutical tablets and capsules in foil strips are arranged on a table in this picture illustration taken in Ljubljana September 18, 2013. REUTERS/Srdjan Zivulovic/Files

Pharmaceutical tablets and capsules in foil strips are arranged on a table in this picture illustration taken in Ljubljana September 18, 2013.

Credit: Reuters/Srdjan Zivulovic/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Paring Debt

Paring Debt

Jaiprakash to sell hydro plants to Reliance Power  Full Article 

Mideast Conflict

Mideast Conflict

U.N. Security Council calls for humanitarian ceasefire in Gaza  Full Article 

Market Eye

Market Eye

Foreign investors prefer Indian cyclicals, utilities - Macquarie  Full Article 

Debt Investment

Debt Investment

India's FII debt limit hike credit-positive, says Moody's  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage