Pharmaceutical company Wockhardt has reported a consolidated net loss of Rs 73 crore for the July-September quarter of the current financial year.
The standalone net loss stands at Rs 107 crore, according to the company's exchange filing. In the same quarter of the previous financial year, Wockhardt had reported a net loss of Rs 207 crore.
However, total revenue increased to Rs 762 crore in the second quarter, up from Rs 686 crore in the corresponding period of the previous year.
Wockhardt also noted in its filing that it accounted for a contract asset of Rs 50 crore pursuant to a contract manufacturing agreement.
The customer is yet to fulfill its contract obligations and commitments. The company is actively pursuing various options and taking necessary actions related to the matter.
Due to the uncertainty, Wockhardt had provided for this contract asset and disclosed it as an 'exceptional item' in the previous year.
(With Agency Inputs)