Normal growth in India for the coming quarters will be in double-digit and it should be around 12-15 percent, Habil Khorakiwala, founder, chairman and group CEO of Wockhardt.
“Q1 was reasonably a good quarter and our India business grew by about 30 percent,” said Khorakiwala.
The pharmaceutical company has reported narrowing of its consolidated net loss to Rs 86 crore for the quarter ended June 2018 against a loss of Rs 410 crore in the same period a year ago.
Consolidated revenue from sales increased by 13.13 percent to Rs 1,008 crore during the reported quarter from Rs 891 crore in the corresponding period of 2017-18, the company said.
There are two reasons for this, Khorakiwala said, adding that last year the company had a little impact because of goods and services tax (GST) but more importantly, in real terms also it showed growth.
The other reason is that for the US market, Wockhardt had out-licensed some of the products with third-party manufacturing and that started coming in and showed a decent growth of 20 percent, he said.
“This growth is not only sustainable but as more and more products will come out of third-party manufacturing, we should show a healthy growth in the US,” he added.
“Our gross margin currently is now at around 58 percent and we believe it will be maintained compared to last year about 55-56 percent,” Khorakiwala said.