Wockhardt clocks a profit of 66 cr

Mumbai, Apr 27 (UNI) Pharmaceutical and biotechnology major Wockhardt Limited registered a net profit of Rs 66 crore for the first quarter ended March 31, 2007.

Its business in India recorded a growth of 35 per cent which has a total of four in-licensing arrangements with companies in US, UK and Italy, two of which were signed in this quarter alone, a release issued here today said.

Almost half of the company's sales that comes from Europe shot up by 93 per cent. All the three key markets UK, Germany and Ireland registered healthy growth. 10 new products in the field of pharmaceuticals were launched in Europe during the quarter, the release added.

''The first quarter results is a demonstration of our significant upsurge and turnaround in sales and profit. Our recent Irish acquisition has also been accretive to company's profit'' Wockhardt chairman Habil Khorakiwala here said.

The consolidated sales, showed 49 per cent growth at Rs 523 crore, over the corresponding quarter of 2006. The company has improved its margins by 260 basis points to 22.2 per cent, the release said.

UNI