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Wockhardt Ltd's Q4FY16 consolidated net profit grows 26% yoy to Rs.42.90 crore : Estimates Mixed

The company’s consolidated revenue stood at Rs. 1,013.36 crore, down 6.1% yoy and 5.8% qoq.

May 06, 2016 5:59 IST | India Infoline News Service
Wockhardt
Wockhardt, pharmaceutical and biotechnology company headquartered in Mumbai, reported consolidated net profit of Rs.42.90 crore for the quarter ended March 31, 2016, registering growth of 25.88% yoy, but decline of 29.64% qoq. The company’s consolidated revenue stood at Rs. 1,013.36 crore, down 6.1% yoy and 5.8% qoq.

Its consolidated core operating profit of Rs. 74.03 crore for the quarter, declined by 45.54% yoy and 2.77% qoq. Operating profit margin for the current quarter at 7.31% contracted by 529 bps yoy but expanded by 23 bps qoq.

For the year ended March 31, 2016, the company reported consolidated net profit of Rs. 325.66 crore, declining by 19.57% yoy. Its consolidated revenue for the period stood at Rs. 4,461.43 crore, registering decline of 0.45% yoy.

Wockhardt's core operating profit stood at Rs. 518.25 crore, recording decline of 37.35% yoy. Operating margin for the current period at 10.8% contracted by 766 bps yoy.

On standalone basis,Wockhardt , reported standalone net profit of Rs.6.72 crore for the quarter ended March 31, 2016, registering decline of 92.54% qoq. However, the company had reported standalone net loss of Rs. 14.06 crore in the corresponding quarter of the previous year. The company’s revenue stood at Rs. 511.17 crore, up 4.15% yoy but down 18.92% qoq.
Its standalone core operating profit of Rs. 9.61 crore, declined by 91.99% qoq. However, the company had reported standalone core operating loss of Rs. 4.72 crore in the same quarter of the previous year. Operating profit margin for the current quarter at 1.88%, contracted by 1715 bps qoq. However, the company had reported an operating loss in the corresponding quarter of the previous year.

For the year ended March 31, 2016, the company reported standalone net profit of Rs. 32.79 crore, declining by 90.12% yoy. Its standalone revenue for the period stood at Rs. 2,224.74 crore, registering growth of 17.93% yoy.

Wockhardt 's core operating profit stood at Rs. 134.95 crore, recording growth of 450.59% yoy. Operating margin for the current period at 5.28% expanded by 398 bps yoy.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Consolidated Revenue 1013.36 1133.09 [10.57]
Consolidated Net Profit 42.90 38.49 11.46

Consolidated EPS for the quarter stood at Rs. 3.88.

Corporate Action: Wockhardt has recommended dividend at the rate of 0.01% (Rs. 0.0005 per Preference Share of Rs. 5/-each) absorbing a sum of Rs. 298,557/- on 475,659,941 Non-Convertible Cumulative Redeemable Preference Shares of Rs. 5/- each and 121,454,927 Optionally Convertible Cumulative Redeemable Preference Shares of Rs. 5/- each. The divided, if declared by the Shareholder at the ensuing Annual General Meeting ('AGM') will be paid within 30 days from the date of the AGM.

Stock Commentary:

Wockhardt Ltd ended at Rs. 936.65, down by 35.15 points or 3.62% from its previous closing of Rs. 971.8 on the BSE.

The scrip opened at Rs. 970 and touched a high and low of Rs. 974.95 and Rs. 930 respectively. A total of 2065277(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 10739.26 crore.

The BSE group 'A' stock of face value Rs. 5 touched a 52 week high of Rs. 1748.2 on 02-Dec-2015 and a 52 week low of Rs. 706.35 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 1026.5 and Rs. 962 respectively.

The promoters holding in the company stood at 74.19 % while Institutions and Non-Institutions held 10.39 % and 15.29 % respectively.

The stock traded above its 200 DMA.


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