Orchid Chemicals Q1 net dips 28% to Rs 17 cr

Orchid Chemicals & Pharmaceuticals today said its consolidated profit after tax declined by 28.09% to Rs 16.92 for the first quarter ended June 30, 2011, over the same period previous fiscal.

The company had posted a net profit of Rs 23.53 crore in the same period previous financial year, Orchid Chemicals said in a filing to the Bombay Stock Exchange (BSE).

The company's total operating income rose to Rs 449.23 crore for the April-June quarter, 2011, compared to Rs 364.57 crore in the same period previous fiscal.

Commenting on the results Orchid Chemicals & Pharmaceuticals CMD Raghavendra Rao said: "We have entered into long-term contractual agreements with large MNCs, including Hospira, for supply of our niche APIs and formulations which have augured well".

"Given the less competitive landscape for most of our products, we are confident of a strong growth going forward," Rao added.

On a standalone basis, the company posted a profit after tax of Rs 15.54 crore for the quarter, compared to Rs 21.61 crore in the same period previous fiscal.

Shares of Orchid Chemicals were trading at Rs 213.50 on the BSE in late afternoon trade, down 4.28% from previous close.