Wockhardt Q1 net profit at ₹760 cr1 min read . Updated: 29 Aug 2020, 05:48 PM IST
- The company had posted a net loss of ₹36.88 crore for April-June while total income stood at ₹606.22 crore
- It said that divestment of business undertaking to Dr Reddy's Laboratories was accomplished during the quarter and ₹1,483 crore has been received
NEW DELHI : Drug firm Wockhardt on Saturday reported a consolidated net profit of ₹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 ₹36.88 crore for April-June 2019-20, Wockhardt said in a filing to BSE.
Total income stood at ₹606.22 crore in the quarter under review. It was ₹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 ₹1,483 crore has been received towards the same.
" ₹43 crore out of ₹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.
This story has been published from a wire agency feed without modifications to the text.