Wockhardt, the pharmaceutical and biotechnology major, has reported a Profit after Tax (PAT) in Q2FY13 of Rs 453 crores which is more than 250 per cent growth over the corresponding quarter of Financial Year 2011-12. The PAT margin at 33 per cent was the highest in the industry.
Wockhardt’s EBITDA for Q2FY13 stands at Rs 517 crores, with EBITDA margin at 38.4 per cent for the quarter, one of the highest in the industry and has improved from 29.4 per cent in the corresponding quarter of the previous year. The R&D expenses for the quarter were at 6.3 per cent to sales and represented a growth of 74 per cent over the corresponding quarter of financial year 2011-12.
Consolidated revenues grew by 29 per cent to Rs 1,347 crores over the corresponding quarter of financial year 2011-12. PAT for first half of financial year 2012-13 stood at Rs 831 crores and represented a growth of 159 per cent over same period in the previous year. The EBITDA was at Rs 1,000 crores for the first half of financial year 2012-13, representing a growth of 66 per cent over same period in the previous year. EBITDA margins were at 37.2 per cent for the first half of financial year 2012-13.
Consolidated revenues grew by 32 per cent to Rs 2,689 crores over the corresponding half year of financial year 2011-12. The earnings per share was at Rs 75.9 for the first half of financial year 2012-13.
During the quarter, the company completed the sale of its nutrition business to Danone and realised Rs 1280 crores. The company also impaired the entire goodwill pertaining to it’s French subsidiary of Rs 621 crores and wrote off the carried forward cost of certain intangibles and research and development costs of Rs 437 crores.
The PAT, after adjusting for the nutrition business profits and the write off of the research and development expenses, was at Rs 447 crores for the quarter and was up by 375 per cent on a like to like basis over the corresponding quarter in the previous year.
With the realisation from the sale of nutrition business and higher profit margins, the net debt to equity now stands at only 0.5. The return on capital employed and return on networth now stands at a healthy 31 per cent and 58 per cent respectively.
Wockhardt’s Business outside India now contributes 80 per cent of the total revenues. Wockhardt’s US business recorded a growth of 47 per cent compared to the corresponding quarter of financial year 2011-12. During the quarter the company received seven product approvals of which four were advanced technology products.
The UK business recorded a growth of 26 per cent compared to the corresponding quarter of financial year 2011-12 in an otherwise stagnant market. The Irish market recorded a growth of 33 per cent compared to the corresponding quarter of financial year 2011-12.
EP News Bureau