Wockhardt reports Q1 results for FY2012-13, net jumps 95 per cent
Marking a brave turnaround, Wockhardt reported a 95 per cent jump in its net profit for the first quarter of FY2012-13.
Mumbai, August 6, 2012: The Mumbai-based Wockhardt today reported a jump of 95 per cent in its net profit for quarter ending June 2012. The company also said that it will repay the remaining Rs 200 crore (US$ 36.17 million) of its outstanding foreign currency debt in the next 30 days.
For the record, the company reported a consolidated net profit of Rs 378 crore (US$ 68.3 million) in the first quarter of FY 2012-13, up 95 per cent as compared to the Rs 194 crore (US$ 35 million) it reported during the April-June period in the last fiscal.
"We have recently concluded the divestment of our nutrition business to Danone and have received Rs 1,280 crore (US$ 231.5 million). We plan to repay Rs 200 crore (US$ 36.17 million) to our foreign currency bond (FCCBs) holders this month itself and will exit corporate debt restructuring (CDR)," Wockhardt chairman Habil Khorakiwala adding that the bond will be paid back with a 29 per cent premium.
It is worth noting here that Wockhardt restructured its Rs 3,400 crore (US$ 615 billion) debt soon after the global downturn following which the company eventually defaulted on FCCBs worth US$ 110 million in 2009. In fact, the bondholders even dragged the company to the Bombay High Court soon after the default.
The company plans to repay loans worth Rs 1,300 crore (US$ 235 million) to banks which was under the restructured head earlier and as per the company, it currently has Rs 900 crore cash in hand.
While the sales of Wockhardt moved up by 35.3 per cent to Rs 1,426 crore (US$ 258 million) during the first quarter, the EBITDA stood at Rs 502 crore (US$ 90.8 million) filing an increase of 61 per cent.