Orchid Chemicals and Pharmaceuticals Ltd, a Rs 900 crore pharma major from Chennai, achieved impressive financial performance during the first quarter ended June 2006. The company's net profit has taken a quantum jump of 99 per cent to Rs 14.59 crore from Rs 7.33 crore in the corresponding period of last year. Its operating income touched to Rs 201.71 crore as against Rs 170.26 crore, registering a growth of 18.5 per cent.
The consolidated operating income increased to Rs 212.65 crore from Rs 187.82 crore and its consolidated net profit worked out to Rs 10.83 crore as compared to Rs 2.74 crore in the last period.
Commenting on the financial performance, K Raghavendra Rao, managing director, said, "Our increased foray into the more lucrative regulated markets has sustained the growth momentum. Increased rate of regulatory filings, both in the anti-biotic and non-antibiotic space coupled with a niche product pipeline will drive business growth in the further quarters."
The company filed 5 DMFs and 5 ANDAs during the quarter ended June 2006 taking the cumulative count to 31 DMFs and 30 ANDAs. Two of the ANDA filings pertain to Paragraph IV, first-to-file launches in the non-antibiotic space. Further, product launches based on approvals will propel the strong growth anticipated by the company in the coming quarters. Its presence in the niche cephalosporin US generics segment coves 5 products in 11 dosage forms and 33 dosage strengths. The company has also been successful converting its API business for Cefazolin, a key injectable product into finished dosage form supplies.
Orchid's domestic formulations business generated revenues of Rs 19.42 crore as against Rs 17.47 crore in the similar period of last year.