India's Wockhardt rises as Sept-qtr profit surges over 9-fold

Wockhardt

08/11/2021 09:07

** Shares of pharmaceutical firm  WCKH.NS  rise as much as
7.6% to 474 rupees, their highest since Oct. 19  
    ** WCKH posts https://bit.ly/3CYk50V Sept-qtr consol net
profit of 335.3 mln rupees  ($4.52 mln), an increase of over
nine-fold y/y, helped by growth in its UK and India business  
    ** Co reports Sept-qtr consol rev from continuing operations
of 8.62 bln rupees, up 20.7% y/y
    ** UK business rev grew 66% from previous qtr, with major
growth coming from COVID-19 vaccine business; UK unit
contributed ~45% of overall revenue.
    ** Wockhardt has a deal with UK govt to produce COVID-19
vaccines at its Wrexham facility 
    ** Co's India business rev rose 47%, contributing to 22% of
overall rev
    ** WCKH shares fell earlier but reversed course after the
results to rise for a fifth straight session, tracking their
best day since Oct. 8 
    ** More than 1.3 mln shares traded by 0820 GMT, 1.5 times
their 30-day avg of over 859,000 shares
    ** As of last close, WCKH fell 19.4% this year vs ~8% rise
in the Nifty Pharma index  .NIPHARM  in the same period 

($1 = 74.1900 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))