Orchid Chemicals dips as Q3 loss widens
Q3 net loss has surged over seven-fold to Rs 75 crore due to the tight working capital levels and debt leverage.
Orchid Chemicals and Pharmaceuticals is trading lower by 4.4% at Rs 73.60 after reporting over seven-fold year-on-year (YoY) jump in its net loss at Rs 72.36 crore in the October-December quarter (Q3) due to lower operational income and higher interest cost. The pharmaceutical company had a loss of Rs 10.12 crore in a year ago quarter.
“The overall performance of the company continues to witness pressure due to the tight working capital levels and debt leverage," said K Raghavendra Rao, chairman and managing director, Orchid Chemicals & Pharmaceuticals.
The company’s total income from operations in Q3FY13 has declined by 33% to Rs 322 crore from Rs 471 crore during the same quarter of previous fiscal, while finance cost increased 45% to Rs 71 crore on YoY basis.
The stock opened at Rs 75 and hit a 52-week low of Rs 72.85 on NSE. A combined 237,579 shares have changed hands on the counter in early morning deals on NSE and BSE.
“The overall performance of the company continues to witness pressure due to the tight working capital levels and debt leverage," said K Raghavendra Rao, chairman and managing director, Orchid Chemicals & Pharmaceuticals.
The company’s total income from operations in Q3FY13 has declined by 33% to Rs 322 crore from Rs 471 crore during the same quarter of previous fiscal, while finance cost increased 45% to Rs 71 crore on YoY basis.
The stock opened at Rs 75 and hit a 52-week low of Rs 72.85 on NSE. A combined 237,579 shares have changed hands on the counter in early morning deals on NSE and BSE.