Shares of Wockhardt Ltd. reversed opening losses to trade higher on Wednesday after the company's net losses narrowed in the September quarter.
Net loss for the September quarter stood at ₹95 crore, narrower than the loss of ₹263 crore that it reported during the same period last year.
Revenue of the company rose nearly 11% to ₹753 crore in the September quarter compared to ₹679 crore in the corresponding quarter previous fiscal.
EBITDA or earnings before interest, tax, depreciation and amortisation stood at ₹81 crore, a growth of 62% from the same period last year. EBITDA margin also expanded by 400 basis points to 10% from 6% last year.
When compared to the June quarter, the EBITDA margin for Wockhardt expanded by 800 basis points. In the June quarter, the company had reported a net loss of ₹134 crore.
The company also mentioned that it has recruited more than 40% patients for the global clinicals of the under-development drug WCK 5222.
It completed 10 patients for compassionate use after approval of usage by DCGI. The product resulted in 100% cure and was found to be safe even when administered for up to 60 days.
On another drug WCK 4873, the company stated that the clinical trial was completed and it will be filed for DCGI approval in the next few months. It expects to market the product by the first half of 2024.
Shares of Wockhardt are trading 1.7% higher at 289.95. The stock has risen 30% so far in 2023.
(Edited by : Hormaz Fatakia)
First Published: Nov 15, 2023 10:25 AM IST
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