EBIDTA is up by 165 per cent at Rs 167 crore
Wockhardt has posted its first quarter results for financial year 2016. The company’s turnover during the quarter grew by 15 per cent on strong growth in the UK and India business. Its UK business backed by effective business development efforts achieved consistent strong quarterly performance and grew by 55 per cent (in £ terms 59 per cent) during the quarter. The India business of the company continued to grow significantly at 27 per cent with new product launches and focused sales strategies.
The company filed five ANDA’s with US FDA during the quarter and received one approval, a total 73 ANDA’s are pending for approval till date. UK made one new filing during the quarter ended June 30, 2015. The company continued its pursuit of creating a strong Intellectual Property (IP) base and filed 54 patents during the quarter ended June 30, 2015 taking the cumulative filings to 2322. It was granted 26 patents during the quarter and now totally holds 367 patents.
The consolidated revenue for the quarter grew by 15 per cent at Rs1141 crore and EBIDTA by 165 per cent at Rs 167 crore. Profit after tax for the quarter grew significantly at Rs 114 crore (PY Rs 20 crore) with PAT margin of about 10 per cent. Research and development expenses stood at Rs143 crore for the quarter representing 12.5 per cent of sales and including capital expenditure is at 13.3 per cent of sales. Wockhardt India business grew by 27 per cent during the quarter. The company launched 24 new products in domestic market in Q1FY16.
The emerging markets business grew by 47 per cent in Q1FY16. The US business declined by 21 per cent in Q1FY16 and contributed 20 per cent of the global revenues for Wockhardt in Q1FY16. The Irish market declined by 11 per cent in Q1FY16 (in € terms grew by four per cent).