Wockhardt Q1 net profit at Rs 760 cr

Total income stood at Rs 606.22 crore in the quarter under review.

Drug firm Wockhardt on Saturday reported a consolidated net profit of Rs 759.75 crore for June quarter mainly on account of exceptional items in connection with the transfer of a business comprising 62 products and Baddi facility to Dr Reddy’s Laboratories.

The company had posted a net loss of Rs 36.88 crore for April-June 2019-20, Wockhardt said in a filing to BSE.

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 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’, the filing said.

The focus on strategic R&D initiatives of the company in the global arena continued to remain one of the key priorities, it added.

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.