Wockhardt has, since January 2000, demerged into two companies - the pharma company Wockhardt and the life sciences company Wockhardt Life Sciences. In order to accommodate this demerger and also synchronise its accounting year with the calendar year, Wockhardt has extended its accounting year this time by another six months from June end to December end.

A press release said that Wockhardt's gross profit before interest, depreciation and taxes also increased to Rs 156 crore, an annualised growth of 33 per cent over the previous accounting year.

"However on account of the substantial Rs 26 crore interest burden primarily relating to the February 1998 takeover of Merind, the profit from operations only grew seven per cent (annualised basis) to Rs 105.3 crore," it said.

Wockhardt's UK subsidiary, Wallis Laboratories, also continued its upsurge in performance, with a sales growth of 44 per cent in the quarter to $6.1 million. Wockhardt chairman H F Khorakiwala said, "These last 18-months have been one of the most exciting ones in Wockhardt's history. We acquired and turned around two companies, one in India and one in the UK. Our joint ventures in the United States with Sidmak Laboratories Inc and in India with the German company Rhein Biotech both started commecial operations. Our exports during the calendar year 1999 crossed Rs 100 crore. We also continued our research thrust and invested Rs 46 crore in R&D".

The company has registered a 32 per cent increase in net profit during the final quarter of the 18-month period ended December 31, 1999 at Rs 20.5 crore as against Rs 15.5 crore in the corresponding period of the previous year. Sales during the quarter stood at Rs 155 crore as against Rs 106 crore in the during the quarter ended December 31, 1998.