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Thursday, Apr 28, 2005

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Corporate Results - Pharmaceuticals

No growth in Orchid's net profit

Our Bureau

Chennai , April 27

CHENNAI-BASED Orchid Chemicals and Pharmaceuticals has reported a net profit of Rs 31.01 crore for 2004-05, same as for the previous year. The company said in a press release that it was able to maintain profits despite a fall in turnover, which decreased to Rs 689.29 crore from Rs 713.41 crore for 2003-04.

Earnings per share dropped to Rs 6.55 from Rs 9.58 earlier. The company's board has recommended a dividend of Rs 4 per share (40 per cent).

Orchid's revenues for the fourth quarter ended March 31, 2005 stood at Rs 178.10 crore against Rs 207.75 crore for the corresponding period of last fiscal. The net profit was Rs 16.60 crore compared with Rs 7.75 crore for the corresponding quarter of last fiscal.

Sale of bulk actives (Oral and Sterile) accounted for Rs 600.93 crore (Rs 624.55 crore).

The domestic formulations business (Orchid Healthcare and Mano Pharma) was impacted by the slow-down in the trade channels due to VAT related issues. This, in turn, affected the overall formulations turnover. This business achieved a turnover of Rs 96.20 crore (Rs 104.41 crore).

During the fiscal under review, Orchid achieved progress in its US generics foray. In the very first year of its Abbreviated New Drug Application activity, Orchid filed 18 ANDAs leading to a top rank in such filings related to cephalosporin and anti-infective products in the country.

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