Wockhardt posts Rs 73 crore net loss in July-September quarter

Pharmaceutical company Wockhardt on Tuesday reported a consolidated net loss to Rs 73 crore for July-September quarter of the current financial year.

The stand-alone net loss of the company works out to Rs 107 crore, according to the company’s exchange filing.

Wockhardt had reported a net loss of Rs 207 crore in the July-September period of the last financial year.

Total revenue increased to Rs 762 crore in the second quarter as against Rs 686 crore in the year-ago period.

Wockhardt also said in its filing that “it had accounted for a contract asset of Rs 50 crore pursuant to a contract manufacturing agreement. The customer is yet to fulfil its contract obligations and commitments. Though the company is pursuing various options and taking necessary actions related to the matter, given the uncertainty, the company had provided for this contract asset and had disclosed it as an ‘exceptional item’ in the previous year”.

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