Wockhardt locks 5 % down post Q1 profit
Published On: Monday, August 31, 2020 | By: Team KnowMyStock
Shares of Wockhardt were locked in the 5 per cent lower circuit band at Rs 312.55 on the BSE on Monday despite reporting a consolidated net profit of Rs 759.75 crore for June quarter. The company had posted a net loss of Rs 36.88 crore for April-June 2019-20. The main reason for reporting profit is on account of exceptional items in connection with the transfer of a business comprising 62 products and Baddi facility to Dr Reddy's Laboratories. Total income stood at Rs 606.22 crore in the quarter under review. It was Rs 733.66 crore in the year-ago period, the filing added. Wockhardt launched a new chemical entity (NCE) during the quarter in the Indian pharma market. Products have been launched under the tablet and injection category under the brand name 'Emrock O and Emrock'.It said that divestment of business undertaking to Dr Reddy's Laboratories was accomplished during the quarter and Rs 1,483 crore has been received towards the same.
"Rs 43 crore out of Rs 67 crore deposited by the purchaser in an escrow account, towards adjustments for, inter alia, net working capital, employee liabilities and certain other contractual and statutory liabilities etc has since been settled and received," it added.
Source: Money Control, Business India, Economic Times
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