Wockhardt Pharma Q1 net at Rs 194 crore

MUMBAI: Mumbai-based Wockhardt Pharma bounced back into the black with a net profit of Rs 193.96 crore in the first quarter ended June, and announced that it is confident of concluding the sale of its nutrition business to Danone by the end of the year.

The company had reported a loss Rs 116 crore in the year-ago quarter. Net sales rose 14.25% to Rs 1,053 crore. Wockhardt shares fell 6.18% to Rs 420.50. The shares rose 13.08% in the April-June quarter, outperforming the pharma sectoral index.

The company signed a deal selling the nutrition business to Danone last month for Rs 1,500 crore pending a court approval. "We should be able to resolve all outstanding dues. We are hopeful that we will get the court's approval for this sale," said Habib Khorakiwala, MD Wockhardt Pharma.

This is Wockhardt's second attempt to sell the business. In 2010, the firm had begun talks with Abbott Pharma but had to call off the deal due to opposition from bond holders who wanted their money back. In April this year, they filed a winding up petition which was admitted by the Bombay High Court.