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Wockhardt: Exports propels growth - Views on News from Equitymaster
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  • Oct 30, 2001

    Wockhardt: Exports propels growth

    Wockhardt Ltd has declared encourgaging results for 3QFY02. While sales grew by 15% to 1,724 m, net profit forged ahead by 35% to Rs 300 m. Operating margins improved by 300 basis points. However, interest cost shot up considerably to Rs 38 m. On a consolidated basis, sales for the quarter grew by 14% to Rs. 193 crores while Profits grew by 37%.

    (Rs m) 3QFY01 3QFY02 Change 9mFY01 9mFY02 Change
    Sales 1,505 1,724 14.6% 4,093 4,715 15.2%
    Other Income 7 19 171.4% 65 31 -52.3%
    Expenditure 1,228 1,355 10.3% 3,412 3,795 11.2%
    Operating Profit (EBDIT) 277 369 33.2% 681 920 35.1%
    Operating Profit Margin (%) 18.4% 21.4%   16.6% 19.5%  
    Interest 19 38 100.0% 131 116 -11.5%
    Depreciation 25 30 20.0% 73 87 19.2%
    Profit before Tax 240 320 33.3% 542 748 38.0%
    Other Adjustments - -   - -  
    Tax 21 24 14.3% 35 51 45.7%
    Profit after Tax/(Loss) 219 296 35.2% 507 697 37.5%
    Net profit margin (%) 14.6% 17.2%   12.4% 14.8%  
    No. of Shares (eoy) (m) 36.3 36.3   36.3 36.3  
    Diluted Earnings per share 24.1 32.6   28 25.6  
    P/E (at current price) 13   16  

    Domestic pharma sales grew by 14% fuelled by better focus on chronic and preventive therapeutic segments, which now account for more than 40% of the company's branded pharma sales. Two biotech products viz, 'Biovac' (Hepatitis B vaccine) and 'Epox' (Erythopoetin) grew at triple digit growth rates. Exports business continued to record a healthy jump in performance which grew by 29%. The jump in operating margins is on account of the company's focus on value added formulation exports and launch of biotech products in the domestic markets.

    At the current market price of Rs 417, the stock is trading at 14.3x times FY02 expected earnings.



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