VAT downs Wockhardt net profit by 6%

The confusion over implementation of VAT and MRP-based excise duty led to a drop by 6 per cent in Wockhardt Ltd’s consolidated net prof...

The confusion over implementation of VAT and MRP-based excise duty led to a drop by 6 per cent in Wockhardt Ltd’s consolidated net profit to Rs 41.7 crore for the first quarter ended March 31, 2005 crore, as compared to Rs 44.4 crore for the corresponding period last year.

Income from operations rose by 6.5 pc to Rs 309.6 crore as against Rs 290.8 crore for the first quarter of last fiscal, the company said in a release here on Wednesday.

“Wockhardt maintained operating margins of 19 pc despite deceleration in domestic business due to confusion over the implementation of VAT and MRP-based excise duty during this period,” Chairman Habil Khorakiwala said. — PTI

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