Right Top Jump in Wockhardt's net profit

By Our Staff Correspondent

MUMBAI, FEB. 21. Wockhardt has announced a net profit of Rs. 71.60 crores for the year ended December 31, 2000, against Rs. 55.70 crores, an increase of 28.5 per cent. Income from operations was Rs. 558.30 crores against Rs. 418.30 crores, a 33.5 per cent jump over the previous year. The company has announced a final dividend of 30 per cent taking the total for the year to 60 per cent.

Total expenditure for the year was Rs. 429.50 crores (Rs. 326.60 crores). The operating profit was higher at Rs. 128.8 crores against Rs. 91.70 crores and the R&D expenditure at Rs. 31.60 crores (Rs. 15.60 crores). The gross profit was also higher at Rs. 97.20 crores against Rs. 76.10 crores. The company provided Rs. 13.60 crores (Rs. 6.30 crores) for interest, Rs. 9.70 crores (Rs. 6 crores) for depreciation and Rs. 5.40 crores (Rs. 2.10 crores) for tax.

According to Mr. Habil Khorakiwala, chariman, Wockhardt, ``Our enhanced thrust on R&D is beginning to deliver results and 15 patents that Wockhardt filed during the year are an indication of the times to come. In the domestic market, our branded business grew by 17 per cent.

Wockhardt's first recombinant biotech research prdouct, Biovac-B vaccine has performed well, recording sales of over Rs. 17 crores in the first 12 months of the launch and is the single largest branded new product of the year 2000 in the Indian pharmaceutical industry. In March, another recombinant biotechnology based product, erythropoeitin, Epox injection will be launched.

On the international front, exports grew by 29 per cent and now contribute 22 per cent of the company's overall sales. ``In the current year, we will maintain our growth momentum and are optimistic of the outcome of our R&D efforts.''

Wockhardt is in the final stages of discussion with few leading marketing organisations in the U.S. so as to gain a partnership with them to market Wockhardt's Novel Drug Delivery System formulations as well as some of the ANDA cleared molecules in the U.S. market. Further, Wallis of the U.K. continues to perform well with the net profits having grown at over 36 per cent in the six month period July-December 2000.

In view of global demand, Wockhardt is doubling its capacity of Vitamin B12, giving a fillip to its focus on international marketing. It also recently commissioned its cephalosporin bulk drug plant at Ankleshwar.

For the fourth quarter ended December 2000, the company recorded a net profit of Rs. 21.20 crores (Rs. 19.50 crores) on an income from operations of Rs. 149 crores (Rs. 119.50 crores).

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