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					                                                                                             Regd off: Wockhardt Towers, C/2-G Block, Bandra Kurla Complex, Mumbai-51
WOCKHARDT LIMITED                                                                            E-Mail:    investorrelations@wockhardt.com
                                                                                             Web site: www.wockhardt.com
                                                                                             Telephone: (022) 2653 4444 Fax: (022) 2653 4242
PHARMACEUTICALS                                                         KHORAKIWALA          Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai - 78
Chairman: H. F. Khorakiwala                                                    SEC: Rajiv B. Gandhi (Corp. Affairs)                     AUD: S. R. Batliboi & Co.
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m       P/E      P/CF            Yield         Mkt cap                Vol.             ISIN
 1973   532300             WPL:IN      5           162.2          5.1             -18.5        NM        NM              0.0           17,745.7              22.3         INE049B01025
SHAREHOLDING                                                     FX Transaction   (CY08)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 73.6%               Exports (fob)           Rs m      5,233
Foreign collaborators      :  0.0%
                                                                                                     (Rs)
                                                 Imports (cif)           Rs m      2,002
Indian inst/Mut Fund       :  9.2%               Fx inflow               Rs m      5,637       500
FIIs/GDR                   :  2.4%               Fx outflow              Rs m      2,729                                                                      DAILY
Free float                 : 14.8%               Net fx                  Rs m      2,908
Shareholders               : 54,545
                                                                                               400                                                            100 DMA

                           No. of months                  12            12            12
                             Year ending            31/12/06      31/12/07      31/12/08       300
EQUITY SHARE DATA
High                                  Rs                 562            450           439
Low                                   Rs                 318            324             89     200
Sales per share                       Rs               158.0          227.6         328.3
Earnings per share                    Rs                22.0           35.2         -12.7
Cash flow per share                   Rs                27.7           42.4           -3.3
                                                                                               100
Dividends per share                   Rs                5.00          11.25          0.00
Dividend yield (eoy)                  %                  1.1            2.9            0.0
                                                                                                 0
Book value per share                  Rs                97.4          116.4          93.0
Shares outstanding (eoy)              m              109.44         109.44        109.44         Aug-06             Jun-07             Feb-08                Nov-08           Aug-09
Bonus/Rights/Conversions                               ESOP                -             -
Price / Sales ratio                   x                   2.8            1.7           0.8                               No. of months                  12           12             12
Avg P/E ratio                         x                 20.0           11.0         -20.8                                  Year ending            31/12/06     31/12/07       31/12/08
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                 15.9             9.1        -79.6
Price / Book Value ratio              x                   4.5            3.3           2.8    From Operations                          Rs   m       1,885             3,772      1,245
Dividend payout                       %                 22.7           31.9            0.0    From Investments                         Rs   m      -8,763           -16,707    -11,981
Avg Mkt Cap                           Rs m            48,154         42,353        28,892     From Financial Activity                  Rs   m       9,539             6,777     10,399
No. of employees                      `000                  5              6             7    Net Cashflow                             Rs   m       2,661            -6,157       -337
Total wages/salary                    Rs m             2,692          4,679         6,320
Avg. sales/employee                   Rs Th          3,602.3        4,151.3       5,132.1                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            560.8          779.8         902.9                                          3QCY08 4QCY08                1QCY09         2QCY09
Avg. net profit/employee              Rs Th            502.5          642.8        -198.4     Net sales                   Rs    m     9,235   9,519               8,694          9,542
                                                                                              Gross profit                Rs    m     2,137   2,102               1,701          1,585
INCOME DATA                                                                                   Gross profit margin         %            23.1     22.1               19.6           16.6
Net Sales                             Rs     m        17,291        24,908        35,925      Net profit                  Rs    m     1,164   3,263                 258            748
Other income                          Rs     m           573           774           347      Net profit margin           %            12.6     34.3                 3.0            7.8
Total revenues                        Rs     m        17,864        25,682        36,272
Gross profit                          Rs     m         4,002         4,800         6,887                                           KEY DATA
Depreciation                          Rs     m           621           785         1,026      Parameters                          Unit               CY06             CY07       CY08
Interest                              Rs     m           409         1,638         2,703      India                               % of sales          39.1             29.4       25.5
Profit before tax                     Rs     m         3,545         3,151         3,505      Europe                              % of sales          41.4             53.1       51.6
Minority Interest                     Rs     m             0             0              0     US                                  % of sales           9.6             10.2       18.3
Prior Period Items                    Rs     m             0             0              0     R&D expenditure                     % of sales           3.5              1.9        1.4
Extraordinary Inc (Exp)               Rs     m          -604         1,623        -5,810      Raw material costs                  % of sales          38.6             37.4       37.2
Tax                                   Rs     m           529           917          -916
                                                                                                                                     NOTES
Profit after tax                      Rs     m         2,412         3,857        -1,389
Gross profit margin                   %                 23.1          19.3          19.2     Wockhardt is one of the leading domestic pharmaceutical companies with strong
Effective tax rate                    %                 14.9          29.1         -26.1     presence in the lifestyle segment and a growing focus on biotechnology. While the
                                                                                             company made a string of acquisitions in the past namely 'Esparma GmbH' in
Net profit margin                     %                 13.9          15.5           -3.9
                                                                                             Germany, 'Pinewood' in Ireland, 'Negma' in France and Morton Grove in the US, high
BALANCE SHEET DATA                                                                           debt levels and cash problems have forced it to sell some of its assets. Europe
                                                                                             contributes the most to Wockhardt's overall revenues at 52%. While the US accounts
Current assets                        Rs m            20,024        20,109        29,637     for 18% of Wockhardt's total revenues, India contributes 25% and the balance is by
Current liabilities                   Rs m             5,808         8,875        14,752     the Rest of the World (ROW) markets.
Net working cap to sales              %                 82.2          45.1          41.4
Current ratio                         x                   3.4           2.3           2.0    Wockhardt's performance during 1HCY09 was poor as revenues grew by a staid 5%
Inventory Turnover                    Days                91           113             84    YoY. Due to high debt on its books and the subsequent cash crunch that it is facing,
Debtors Turnover                      Days                97            98             87    the company divested its German business Esparma to Lindopharm, Germany and
Net fixed assets                      Rs m            17,068        30,713        36,297     its animal health business to Vetoquinol, France. Operating margins during 1HCY09
Share capital                         Rs m               547           547           547     plunged 4.7% as costs grew at a much faster pace than the topline. Further, the
"Free" reserves                       Rs m             9,320        11,737        10,349     company had an exceptional expense to the tune of Rs 2.8 bn which represented
                                                                                             forex losses incurred during the half year period. As a result, Wockhardt reported a
Net worth                             Rs m            10,663        12,736        10,177
                                                                                             loss at the net level to the tune of Rs 1.4 bn. Even after excluding the extraordinary
Long term debt                        Rs m            19,180        22,579        27,988
                                                                                             expenses during both the periods, net profits fell steeply by 51% YoY.
Total assets                          Rs m            37,095        51,531        66,866
Interest coverage                     x                   9.7           2.9           2.3    The outstanding liabilities of Wockhardt are being restructured under the aegis of
Debt to equity ratio                  x                   1.8           1.8           2.8    Corporate Debt Restructuring (CDR). While the company did reasonably well till
Sales to assets ratio                 x                   0.5           0.5           0.5    CY08, the performance in 1HCY09 has not been much to talk about and the surge in
Return on assets                      %                   9.5         15.6            3.4    debt has left it strapped for cash. Thus, due to its various troubles, the outlook for its
Return on equity                      %                 22.6          30.3         -13.6     business remains uncertain.
Return on capital                     %                 11.2          18.2            1.0
Exports to sales                      %                 20.9          14.6          14.6
Imports to sales                      %                   8.1           7.6           5.6
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posted:11/6/2010
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