Wockhardt Ltd– global pharmaceutical and biotechnology is aiming to turnaround its business operations and has perused important strategic initiatives for the same. Company is eying big on the restructuring of the US Business, vaccine tie-up with Serum for vaccine manufacturing in UK and Novel Antibiotics research to drive the business forward. For the Q4FY23, company posted strong operational performance with 7% Y-o-Y growth in revenue with three fold jump in the EBITDA to Rs. 47 crore.
The company is restructuring its US operations by shutting down its Morton Grove manufacturing facility and transferring it to contract organizations, resulting in annual savings of around $12 million. The company aims to maintain 40% gross margin sales and manufacture a few higher-margin products through third-party sources.
The company improved operations and financial performance, reducing long-term external debt to Rs 608 crore from Rs 3,218 crore in 2017. Q4FY23 saw 7% revenue growth and a 3-fold increase in EBITDA to Rs. 47 crore. CARE Ratings reaffirms CARE BBB- rating for the Company’s Long/Short Term Bank Facilities and Non-Convertible Debentures, citing strong operational profile, experienced promoters, and healthy liquidity.
