Orchid Chemicals and Pharmaceuticals, a Rs.1,785 crore pharma giant from Chennai, has achieved consolidated net profit growth of 19.6 per cent during the second quarter ended September 2011 to Rs.20.73 crore from Rs.17.33 crore in the corresponding period of last year. Its consolidated total operating income also moved up by 15.9 per cent to Rs.465.72 crore from Rs.402.46 crore.
The company's standalone net profit, however, declined by 2.4 per cent to Rs.23.43 crore from Rs.24.01 crore basically due to exceptional loss of Rs.86.45 crore as against gain of Rs.8.13 crore in the similar period of last year. Exceptional items represents exchange loss on FCCBs, FCTL's of Rs.78.90 crore during the quarter under review. Further, exceptional items includes one time closure cost of Alathur plant of Rs.11.30 crore. The extraordinary item of Rs.80 crore represents write back of certain provisions made for rebates and discounts as the amounts have been fully realised during the quarter.
The company's standalone net sales increased by 11.9 per cent to Rs.412.22 crore from Rs.368.32 crore in the similar period of last year. The EBDITA has taken quantum jump of 39 per cent to Rs.105.93 crore from Rs.76.12 crore. The interest burden increased by 59.6 per cent to Rs.40.07 crore from Rs.25.11 crore and its employees cost increased to Rs.35.69 crore from Rs.32.34 crore.
K Raghavendra Rao, chairman and managing director, said, “Our operational performance continues to tread on a strong path. The business model change that we had initiated post the injectable business transfer to Hospira last year continues to augur well with the several long-term supply contracts entered into with large global players paving the say for continued robust earnings.”
The cumulative filings of Certificate of Suitability (CoS) for the European market stood at 21 which includes 14 cephalosporin space, 6 in NPNC space and one in the betalactam segment. The company's cumulative ANDA filings stand at 43. In the EU region the cumulative count of marketing authorizations filed stood at 25. So far, it received 28 ANDAs approvals from US FDA. In the API space, Orchid's cumulative filings of DMFs stood at 86.
The standalone net profit for the first half ended September 2011 declined by 14.6 per cent due to exceptional item to Rs.38.97 crore from Rs.45.63 crore. Its net sales for first half increased by 17 per cent to Rs.785.98 crore from Rs.671.82 crore in the similar period of last year.