Orchid Chem Q1 profits up

Our Corporate Bureau
25 July 2003

Chennai: Orchid Chemicals and Pharmaceuticals Ltd achieved a turnover and operating income of Rs 172.92 crore for the quarter ended 30 June 2003 (Q1 FY 03-04) in comparison to Rs 106.84 crore registered during the corresponding first quarter of the last fiscal.

The gross profit before interest, depreciation and extraordinary items was Rs 33.09 crore compared to Rs 22.08 crore during the corresponding quarter of the last year.

The profit before tax was Rs 8.20 crore as against Rs 4.29 crore of the corresponding Q1 of the last fiscal despite a higher depreciation (Rs 13.80 crore against Rs 10.23 crore) and a higher expenditure (Rs 36.82 crore against Rs 23.17 crore) incurred on various expansion initiatives.

The net profit after tax stood at Rs 7.57 crore compared to Rs 2.91 crore of the Q1 last fiscal.

"Our focus on entry into the high-growth regulated markets and on future growth drivers like new drug discovery and novel drug delivery systems has given us a good growth platform. The joint venture in China has also progressed well and will start yielding revenues during this fiscal. Most of the capital expenditure that we had planned in terms of setting up new plants and ramping up existing facilities has been completed and we are confident that we will draw strong revenues from these initiatives in the quarters to come," says Orchid managing director K Raghavendra Rao.

The formulations division generated an income of Rs 27.82 crore, higher than the revenues generated during the corresponding quarter of the last fiscal.