Its total debt burden stood at Rs 2,453 crore as on March 31 this year.For FY19, Wockhardt had posted revenues of Rs 4,158 crore, with its India business contributing 36%. Its US business accounted for 19% of the revenues, while sales in the European Union contributed 32%. Losses shrank to Rs 194 crore in FY19, from Rs 608 crore in the year before.The company has a significant presence in major therapeutic segments such as cardiology, dermatology, diabetes, respiratory diseases and ophthalmology. During FY19, the company launched nine new products for the domestic market.Some of the company’s key brands include Aceroc, Ace Proxyvon, Biovac-B, Brozedex, Clopione, Cavidin INH, Gainehair Solution, Viscodyne and Zedex.With a 1.07% market share as of April this year and Rs 1,514 crore in domestic annual sales, Wockhardt is the country’s 22nd largest pharma company.“The domestic business is strong and has good growth potential,” said the top executive of a global private equity buyout fund. But the company’s weak finances have remained a concern for analysts.“The downgrade and negative outlook reflect significantly elevated refinancing risks for Wockhardt in FY20 due to its consolidated weak liquidity, owing to challenging market conditions for debt refinancing,” said India Ratings, while downgrading the stock in March.

Source: Economic Times July 04, 2019 01:30 UTC