New Delhi: Drug firm Wockhardt on Friday reported narrowing of its consolidated net loss to Rs154.55 crore in the fourth quarter ended March of 2017-18.
The company had posted a net loss of Rs174.72 crore for the corresponding period of the previous fiscal, Wockhardt said in a BSE filing. Consolidated revenue from operations of the company rose to Rs1,018.26 crore for the quarter under review as against Rs863.53 crore for the same period a year ago, it added.
“The business performance during the quarter ended March 31, 2018 showed marked improvement with sales growth by 18 per cent as compared with the similar quarter of the previous year,” Wockhardt said. International business contributed 64% of the total revenues during the fourth quarter of financial year 2017-18, it added.
For the fiscal ended 31 March 2018, net loss of the company stood at Rs608.30 crore. It was Rs195.72 crore in the previous fiscal, the company said. Consolidated revenue from operations for the 2017-18 fiscal stood at Rs3,936.90 crore as against Rs4,014.61 crore in the year-ago period, it added.
The company’s board has approved raising of additional capital by way of one or more public or private offerings including through a qualified institutions placement to eligible investors through an issuance of equity shares or other eligible securities for an amount not exceeding Rs1,500 crore, Wockhardt said.
The board has also approved issuance of non-convertible debentures on a private placement basis up to an amount not exceeding Rs1,200 crore, it added. The proceeds of the issue shall be utilised to repay/ prepay existing debts and general corporate purposes, Wockhardt said. Shares of Wockhardt closed at Rs802.85 per scrip on BSE, down 1.65% from the previous close.