Orchid Chemicals and Pharmaceuticals has received major set back during the year ended March 2012 despite gains from exceptional/ordinary items. The company's consolidated net profit declined by 37.6 per cent to Rs.97.48 crore from Rs.156.19 crore in the previous year. The company's earnings before depreciation, interest, tax and exceptional/ordinary items improved marginally by 2.3 per cent to Rs.231.59 crore from Rs. 226.43 crore. The consolidated net sales surged by 7.1 per cent to Rs.1,839 crore from Rs.1,717 crore. The company declared equity dividend of 30 per cent for the FY'12. The earnings per share declined sharply to Rs.13.84 from Rs.22.17.

Its foreign exchange gains amounted to Rs.27.48 crore during 2011-12 as against Rs.41.20 crore, write back of certain provisions made for rebates and discounts of Rs.80 crore as compared to nil in the previous year, FCCBs loss of Rs.61.26 crore as against gain of Rs.32.57 crore and one time closure expenses of Alathur plant of Rs.22.63 crore. Thus, the company recorded total exceptional/ordinary income of Rs.23.60 crore as compared to Rs.61.89 crore in the previous year. Further Orchid has shown tax gain of Rs.22.04 crore as against expenditure of Rs.15.38 crore.

K Raghavendra Rao, chairman and managing director, said, “The financial year FY'12 witnessed progress covering several key aspects of the business from revenue growth, profitability, increased product-market expansion, unlocking of working capital levels and the FCCB redemption. Despite a few setbacks during the year like the API plant closure, higher interest costs, the weakening rupee which impacted the FCCB redemption and the fire accident at the R&D centre, it is satisfying that we are on a growth path and are confident of delivering value going forward.”

Orchid's cumulative ANDA filings count in the US stands at 43. This includes 8 para IV FTF filings. The break-up of the total ANDA filings is 13 in the cephalosporins space and 30 in the non penicillin & non-cephalosporin space. It received 29 ANDA approval up to the end of March 2012. Further, it filed 28 marketing authorizations in European Union with 13 in the cephalosporin space. It received 17 approvals from EU. It filed 89 DMFs with US FDA and 21 COS in EU.

The company's standalone net sales increased by 6.7 per cent to Rs.1,702 crore from Rs.1,595 crore and in standalone net profit declined by 35.4 per cent to Rs.103.11 crore from Rs.159.48 crore.