Posts Rs.57-crore profit in third quarter
The Chennai-based global pharma major, Orchid Chemicals & Pharmaceuticals (Orchid), reported a net profit of Rs.56.62 crore for the quarter ended December 31, 2010, against a loss of Rs.19 crore in the same period in the previous year. The company's consolidated turnover and operating income at Rs.478.50 crore (Rs.360.45 crore) was up 33 per cent.
The operating profit was up 78 per cent at Rs.134.95 crore (Rs.75.90 crore) and the profit before tax at Rs.75.61 crore against a loss of Rs.17.12 crore.
During the quarter, Orchid's API (Active Pharmaceutical Ingredients) business gained traction and registered revenues of Rs.339.27 crore (Rs.111.8 crore).
The long-term exclusive API supply arrangements with Hospira and other majors have aided an increased API offtake for Orchid.
In its global generics business (formulations), Orchid maintained a steady growth. The formulations segment achieved sales (global, including India) of Rs.91.85 crore (Rs.198.86 crore).
Among the commercialised products in the oral cephalosporins segment, products like cefdinir capsules, cephalexin capsules and oral suspension, cefadroxil capsules, cefprozil tablets and oral suspension and cefuroxime axetil tablets continued to show steady growth.
The more recently launched products in the non-penicillin, non-cephalosporin (NPNC) segment also continued to deliver steady sales.
According to Orchid Chairman & Managing Director, K Raghavendra Rao, “Our business has arrived at a strong earnings platform that will see sustainable robust growth from here on.”