Wockhardt refutes reports about losses

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Wockhardt
Mumbai, Mar 24: Pharmaceutical major Wockhardt today said it has not been adversely affected by the volatilility in the derivatives market.

''Wockhardt will neither incur any losses arising out of the derivatives-hit scenario in the current quarter nor will there be a situation of such losses to occur subsequently,'' the Company said in a statement while reacting to recent media reports suggesting that Wockhardt could book significant losses in the first quarter 2008 owing to fluctuations in the derivatives market.

Wockhardt has a significant business presence outside India, mainly in Europe and in the US, to the extent of 60 per cent of its annual turnover. The Company has informed the BSE that it has a highly professional and experts team that undertakes normal business-related hedging for the past few years. Besides, its record of the last few years clearly demonstrates that there have been no losses whatsoever because of business-related hedging activities, the Company has told the BSE.

With regard to the Foreign Currency Convertible Bond (FCCB), the Company had raised FCCB for potential funding for its acquisitions in Europe and USA. The consolidated profits of Wockhardt for the year 2007 are Rs 385.82 crore as against Rs 241.25 crore in 2006, which is a growth of 60 per cent, the Company said.


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