Wockhardt turns red with Rs 207 crore loss in September quarter

Total expenses were lower at Rs 771 crore as compared to Rs 895 crore in the same quarter a year ago.

In view of the changed pharmaceutical market situation in the US, the group has initiated various measures, including restructuring its business model in the US by closing down its manufacturing facility in Illinois during the current quarter, the filing said.

"Accordingly, the group has provided for Rs 123 crore with respect to its property, plant equipment, Rs 16 crore for inventory and other expenses of Rs 6 crore pursuant to this restructuring and has disclosed it as 'exceptional items'," it said.

The company further said it is undertaking its business in the US through contract manufacturing the products sold by it in US and North America by engaging USFDA approved manufacturing partners meeting quality standards acceptable to the group.

Revenue from the US business during the second quarter stood at Rs 89 crore as compared to Rs 61 crore in the year-ago period. It contributed 13 percent of the global revenue. The US business was impacted by price erosion and supply disruptions, Wockhardt said.

On the other hand, the UK business revenue was at Rs 226 crore, down from Rs 387 crore in the same quarter last fiscal. India business stood at Rs 150 crore, lower from Rs 187 crore in Q2 FY22, the company said.

Emerging markets at Rs 117 crore contributed 17 per cent of the company's global revenue in the second quarter, it added. .

The company's shares ended 1 percent lower at Rs 239 apiece on the BSE.