On Monday in New Delhi, a pharmaceutical company announced a combined loss of Rs 102 crore after taxes for the December quarter, due to fewer sales. The company had generated a consolidated profit after tax of Rs 2 crore in the same quarter of the previous fiscal, the firm said in a regulatory filing.
The current quarter’s consolidated revenue from operations was 699 crore rupees, compared to 854 crore rupees at the same time a year earlier, the report stated.
Total expenses were at Rs 803 crore as against Rs 884 crore in the same quarter a year ago, the business said.
During the quarter, revenue from India was 175 crore rupees, while revenue from the United Kingdom was 223 crore rupees.
- Advertisement -
The company’s revenue from emerging markets was Rs 148 crore, while its sales from the United States were Rs 91 crore.
The company stated that in response to the altered pharmaceutical market situation in the United States, its management had taken various steps to restructure the business, including the closure of its manufacturing facility in Illinois and the undertaking of its business in the country through contract manufacturing of the products it sells in the United States and North America through the engagement of USFDA-approved manufacturing partners meeting the company’s quality standards.
The business has now recruited multiple USFDA-certified manufacturing partners, after rigorous due diligence and inspection of their facilities, to manufacture various goods for sale in the US and North America under the same brand and Wockhardt name, it added.
This new arrangement is in the best interest of the firm since it will allow it to entirely avoid production and quality management costs and allow the management to concentrate on penetrating and extending its market share in the US and North America, according to the statement.