Orchid logs marginal 2% decline in net

CORPORATE SCORECARD

Orchid Chemicals and Pharmaceuticals reported a marginal 2 per cent decline in net profit at Rs 28.32 crore for the quarter ended December 31, 2006, against Rs 28.96 crore in the corresponding period last year.

Net sales of the company grew marginally to Rs 238.73 crore from Rs 237.60 crore. Gross profit before interest, depreciation and tax stood at Rs 78.11 crore, up by 12 per cent as compared with Rs 69.76 crore in the same period. Profit before tax was Rs 31.28 crore against Rs 28.95 crore.

For the nine months ended December 2006, net profit of the company grew by 14 per cent to Rs 72.36 crore from Rs 63.51 crore in the same period last year.

Net sales of were higher by 6 per cent at Rs 686.17 crore against Rs 647.17 crore. Gross profit before interest, depreciation and tax grew by 13 per cent at Rs 214.94 crore compared with Rs 190.49 crore during the corresponding period last year.

On a consolidated basis for the nine months ended December 2006, Orchid reported net sales of Rs 721.27 crore compared with Rs 695.62 crore in the previous year's corresponding period. Profit after tax grew by 24 per cent to Rs 59.90 crore compared with Rs 48.17 crore.

"The third quarter witnessed further consolidation and growth of our US business based on ramp-up of the notable product introductions made earlier," said K Raghavendra Rao, managing director, Orchid Chemicals. "More importantly, a further strengthening of our regulatory pipeline has happened, laying the foundation for significant boost in revenues and profits in ensuing quarters. In addition to the existing USFDA approvals, we have secured the UK MHRA approvals for certain facilities, which will further broadbase and accelerate our regulated market business in the US as well as the European Union," Rao added.