MUMBAI May 26 Indian drugmaker Wockhardt Ltd
on Monday reported a 78 percent slump in March-quarter
profit, as it continues to reel under the U.S. and U.K. import
bans due to manufacturing quality lapses.
The company's January-March net profit fell to 744.5 million
rupees ($12.76 million) compared with 3.35 billion rupees a year
earlier. Analysts on average had expected fourth-quarter profit
of 747 million rupees, according to Thomson Reuters data.
Sales fell 30 percent to 10.4 billion rupees in the quarter.
In November, the U.S. Food and Drug Administration (FDA)
issued an import alert, effectively a ban, against Wockhardt's
Chikalthana plant in western India. The FDA had imposed a ban on
the company's Waluj plant in May.
The United States is Wockhardt's largest market.
($1 = 58.3575 Indian Rupees)
(Reporting by Zeba Siddiqui in Mumbai; Editing by Sunil Nair)