Orchid Chemicals Q3 net turnaround at Rs 57 cr

Orchid Chemicals & Pharmaceuticals today posted a consolidated net profit of Rs 56.62 crore for the third quarter ended December 31, 2010.

The company had a net loss of Rs 18.91 crore in the same period previous fiscal, Orchid Chemicals said in a filing to the Bombay Stock Exchange (BSE).

"Our business has arrived at a strong earnings platform that will see sustainable robust growth from here on. This is despite transferring our injectable formulations business to Hospira," Orchid Chemicals CMD K Raghavendra Rao said.

The company's net sales stood at Rs 427.14 crore for the third quarter.

For the same period last fiscal the company's net sales stood at Rs 308.83 crore.

During the quarter, the company's active pharmaceutical business registered revenues of Rs 339.27 crore.

For the period under review the same stood at Rs 111.8 crore a year ago.

The Chennai-based company's formulations segment achieved sales of Rs 91.85 crore for the third quarter.

A year ago the formulations segment's sales was Rs 198.86 crore in the same period last fiscal.

"We are confident of registering strong double digit growth couped with more than proportionate profitability year-on-year going forward," Rao said.

Shares of Orchid Chemicals & Pharmaceuticals today closed at Rs 301.65 on BSE, down 0.33 per cent from its previous close.