Orchid income at Rs 162 crore

Chennai: Bulk drug major Orchid Chemicals and Pharmaceuticals has posted a turnover and operating income of Rs 161.83 crore for the quarter ended 30 September 2003 (Q2 FY 2003-04) in comparison to Rs 111.33 crore registered during the corresponding second quarter of last fiscal.

The company's gross profit before interest and depreciation stood at Rs 39.10 crore while the profit before tax was Rs 8.99 crore as against Rs 3.46 crore of the corresponding Q2 of the last fiscal. The after tax profit is Rs 7.30 crore compared to Rs 2.89 crore of the corresponding Q2 last fiscal.

"This quarter [Q2 FY 2003-04] has seen a superior performance compared to the corresponding quarter of the last fiscal. This has primarily been due to the strategic shift to the regulated markets and a value-added product mix. In line with this strategy, several new manufacturing blocks have been commissioned. During this quarter, we also commissioned the first phase of our manufacturing joint venture facility in China. We are confident that these continuing initiatives will help us post robust topline and bottomline performance during this fiscal," says K Raghavendra Rao, managing director.

For the half year ended September 30,2003 the company's total revenues stood at Rs 334.75 crore. Earnings before interest, depreciation and tax stood at Rs 72.18 crore and the profit after tax was Rs 14.87 crore as compared to Rs 5.80 crore of the corresponding half-year of the last fiscal.

According to a company press release, work on establishing a state-of-the-art sterile and oral cephalosporin formulations plant aimed at the US generics market at Irungattukottai, near Chennai, has been completed.