Wockhardt - the global pharmaceutical and biotechnology organization's stock has dipped by 8 percent after the company announced its financial results.
The company reported its fourth quarter and fiscal 2018 results on Friday, May 4, 2018.
Based on the financial report Wockhardt's sales increased to Rs 1,018.26 crore in the fourth quarter of 2018, up by 17.92% as against Rs 863.53 crores in the fourth quarter of 2017.
The company reported loss of Rs (154.55) crores during the fourth quarter of 2018 as against Rs (174.72) crore during the fourth quarter of 2017.
The Company reported a decline in sales for fiscal 2018 and reported Rs 3,937 crore as against Rs 4,015 crore in fiscal 2017.
The business performance during the fourth quarter 2018 showed marked improvement in sales growth by 18% as compared with the similar quarter of previous year.
The company said that during the year, reclassification of taxes post GST implementation in India has affected the total sales apart from subdued business sentiments for part of the year.
While Company's focus on cost containment and rationalization continues to deliver its intended positive impact on profitability, cost of on-going remedial measures, volatility in various currencies like GBP, EURO & USD had impacted the business.
Also, focus on strategic R&D initiatives of the Company in the global arena continued to impact the profitability. However, it would be noteworthy to mention that such strategic R&D expenses are for the future, in spite of the fact that they are expensed off.
The stocks of the company traded at Rs 738.50, down by Rs 64.20 in BSE at 3:41 pm (IST).