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earnings | IST

Wockhardt expects Rs 3,500 crore topline in FY22; says India business looking strong

Wockhardt posted its Q1 earnings on Thursday, reporting a consolidated net loss of Rs 6.58 crore for the quarter ended on June 30, 2021. The company had posted a net profit of Rs 759.75 crore for the corresponding period of the previous fiscal. While the company’s India business looks very strong, but the US and Emerging Markets have been sluggish.

Wockhardt posted its Q1 earnings on Thursday, reporting a consolidated net loss of Rs 6.58 crore for the quarter ended on June 30, 2021. The company had posted a net profit of Rs 759.75 crore for the corresponding period of the previous fiscal. While the company’s India business looks very strong, but the US and Emerging Markets have been sluggish.
On India business, Habil F Khorakiwala, Chairman, Wockhardt, said, “India business has grown very well and that has been our basic strategy of divesting acute portfolio versus chronic portfolio. We are basically into diabetes, Nephrology, Neurosciences in India, and our team has really focused on that.”
On UK business, Khorakiwala said, “Our UK business has grown 69 percent over the last year and 40 million pounds compared to 27 million pounds last quarter. This is a sustainable business because UK government is continuing to manufacture from our facility. They have started supplying AstraZeneca- Oxford vaccine to Europe now, and we believe this UK vaccine business will be sustainable over next one year or so or even more.”
“One important thing to note is 50 percent of all vaccinations in UK have taken place from our facility. We are already talking to two other manufacturers of vaccine for fill and finish and we are creating additional capacity which will get commissioned early next year,” he further mentioned.
On the US business, Khorakiwala said, “We would be filing for our India facility H14 and inviting US regulator to come and visit us.”
On growth in FY22, he said, “We should be able to maintain our EBTDA performance of this quarter in the coming quarters, in fact we might improve on that as far as the bottom line is concerned. As far as the topline is concerned, we should be looking at around Rs 3,500 crore topline, basically out of existing activities that we are doing.”
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