| Orchid Chem Q2 net up 587% to Rs 27.22 crore
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| Orchid Chemicals and Pharmaceuticals recorded a net profit of Rs 27.22 crore in the second quarter of 2005-06, a rise in 587 per cent compared with the Rs 3.96 crore recorded in the corresponding quarter of the previous year.
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| The company’s new formulation launches in the US postively affected its performance. The launch of an injectible, Ceftriaxone, during the second quarter also had a significant impact. Orchid’s turnover in the second quarter of 2005-06 increased by 46.12 per cent to Rs 239.32 crore (Rs 163.77 crore in Q2 of FY05).
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| The lucrative regulated markets, such as the US, contributed Rs 92.48 crore (39 per cent) of the total turnover of Rs 239.32 recorded in the second quarter.
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| The net profit in the first half of 2005-06 stood at Rs 34.55 crore (Rs 8.65 crore), higher by about 299 per cent. The turnover for the same period was Rs 409.57 crore (Rs 337.64 crore), higher by about 21 per cent.
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| Indo Rama net up 30 per cent to Rs 25.96 crore
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| Indo Rama Synthetics has recorded a 29.7 per cent increase in net profit from Rs 25.96 crore in Q2 2004-05 to Rs 33.67 crore in the second quarter of 2005-06. Net turnover has, however, come down marginally in the quarter from Rs 463.02 crore in 2004-05 to Rs 456.74 crore in 2005-06.
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| The company also plans to raise $100 million overseas through a foreign currency convertible bond, American depository receipts or global depository receipts in five to six months. Chairman and managing director O P Lohia said the company was expanding its capacity from 300,000 million tonne to 600,000 MT by the second quarter of fiscal 2006.
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| On plans to raise funds overseas, Lohia said it would be done in about six months. The money will be used either for acquisitions or expanding capacities.
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| The company expressed the hope that with cotton prices firming up and new PTA/MEG capacities slated to come up in different parts of the world, unit value realisation and profitability in the man made fibre segment will go up in the near future.
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| “The last 18 months have been terrible for the industry but we still managed to show growth during this period. With Indian Oil’s PTA plant coming up in Panipat and our own 630,000 MT PTA unit about to start operations things are changing for the better now,” Lohia said.
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| Mastek consolidated net up 24 % in Q1 to Rs 15.02 crore
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| IT application outsourcing major Mastek has posted a 23.51 per cent increase in net profit at Rs 15.02 crore on a consolidated basis in the first quarter ended September 30, 2005, compared with Rs 12.16 crore registered during the same period of the previous financial year.
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| Total income rose to Rs 153.09 crore during the quarter under review from Rs 130.55 crore posted during the same period of last year. On a standalone basis, the company has posted a net profit of Rs 12.62 crore during the reporting quarter, up from Rs 10.61 crore recorded during the same period of last year.
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| The company’s total income rose to Rs 87.12 crore in the first quarter of the financial year, while that during the comparable period stood at Rs 41.15 crore, Mastek said in a release here today.
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| However, the figures of the previous quarters were not comparable as Mastek had changed its business model during the year. The company changed its business model for UK operations, effective January 1, 2005, and had begun executing onsite projects in UK that were earlier done through its subsidiary.
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| Meanwhile, commenting on the performance, Mastek chairman Ashank Desai said: “While this quarter has been in line with expectations, I am happy that we have achieved a level of consistency and predictability over the last 6 to 7 quarters. Our focus, currently, is to retain this predictability while we step-up our growth towards building a worldclass software solutions organisation.”
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| Mastek had also added 200 people during the quarter, taking its total headcount to 2,900 personnel. The plans to be the largest company in the software arena, and is looking at acquisitions “if needed” like the recent acquisition of US-based Entegram LLC. |
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