Orchid Chemicals posts Rs 81 cr loss for Jan-Mar

Orchid Chemicals & Pharmaceuticals today posted a net loss of Rs 80.79 crore for the quarter ended March 31, 2014.
The company had registered a net loss of 132.26 crore during the same period of previous fiscal.
Net sales of the company, however, rose to Rs 448.45 crore for the quarter, compared to Rs 268.15 crore during the same period of previous fiscal, Orchid Chemicals & Pharmaceuticals said in a filing to the BSE.
The company said it has designated K N Venkatasubramanian, currently non-executive independent director, as the chairman of the company.
Consequent to the appointment of Venkatasubramanian as chairman, K Raghavendra Rao has been re-designated as the Managing Director of the company, it added.

During the current quarter, the corporate debt restructuring empowered group approved the debt restructuring package for the company, it added.
"With the approval of the corporate debt restructuring (CDR) package in place, the company is in a better platform to complete the penicillin and carbapenem business transfer to Hospira and achieve improved performance in the ensuing quarters with availability of working capital through implementation of CDR," Orchid Chemicals & Pharmaceuticals Managing Director K Raghavendra Rao said.
Shares of the company today closed at Rs 53.50 apiece on the BSE, down 1.29 per cent from previous close.