Wockhardt Q3 net up 14 per cent at Rs74 crore, sales up 22 per cent at Rs438 crore

Mumbai: Pharma major Wockhardt Limited has reported a 14 per cent rise in net profit for the third quarter ended September 30, 2006, at Rs74 crore. Consolidated sales rose 22 per cent to Rs438 crore from the corresponding period of the previous year.

Nine-month net profit (before exceptional items) climbed 17 per cent to Rs215 crore on sales of Rs1,201 crore.

Wockhardt's Indian business posted a robust 38 per cent growth rate, more than double the industry growth rate of 17 per cent for the quarter. Its US business grew 20 per cent during the quarter. The company also received six ANDA approvals this year, and currently markets 14 products in the US.

Wockhardt Limited is a technology-driven pharmaceutical and biotechnology company with an active multi-disciplinary research programme, with more than 100 patents filed in the current year. Wockhardt's new drug discovery programme has yielded several promising molecules, one of which is now in Phase II human clinical trials. Wockhardt has a market capitalisation of over $1 billion.

"During the quarter, we have acquired two companies, Pinewood in Ireland, with a turnover of $70 million and Dumex in India, with a turnover of Rs60 crore," Wockhardt chairman Habil Khorakiwala said. "These acquisitions have strengthened our European and Indian presence."