Orchid net loss at Rs 200 cr

Company plans to wind up Japanese operation & hopes Hospira to conclude by January

Orchid Chemicals & Pharmaceuticals Limited reported a net loss of Rs 200.34 crore during the quarter ended September 30, 2013, as compared with Rs 19.94 crore, a year ago. Net sales rose to Rs 377.25 crore from Rs 330.54 crore.

The performance continued to be hit due to liquidity crunch, working capital and high interest flow, said a company spokesperson. Interest outflow during the quarter stood at Rs 120.88 crore (Rs 76.47 crore a year ago).

The company has also decided to wind up its subsidiary in Japan and said it was expecting the  Business Transfer Agreement (BTA) with US-based Hospira Healthcare to be complete by January, after the approval of the CDR package.