New Delhi : Drug firm Wockhardt reported nearly 78 per cent drop in consolidated net profit at Rs 74.45 crore for the quarter ended March 2014 mainly due to regulatory issues with US and UK health regulators. The company had posted a net profit of Rs 334.76 crore in the corresponding period of the previous fiscal, Wockhardt said in a filing to the BSE.
Consolidated net sales of the company also declined to Rs 1,038.67 crore for the quarter under consideration from Rs 1,485.50 crore for the same period year ago, it added.
Consolidated net profit after taxes, minority interest and share of profit (loss) of the associates for the fiscal year ended March 31, 2014 stood at Rs 840.71 crore. It was Rs 1,594.12 crore for the previous fiscal year. Consolidated net sales of the company for the fiscal year ended March 31, 2014 were Rs 4,830.36 crore while they were Rs 5609.42 crore for same period year ago. During the year, the company received regulatory alerts from the US health regulator (USFDA) on two of its manufacturing units at Aurangabad, Wockhardt said. The company also received restricted GMP certificate from UK health regulator (UKMHRA) for its manufacturing facilities at Aurangabad and Daman.