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Orchid Chemicals and Pharmaceuticals Ltd (OCPL) has posted a net loss of Rs 54.50 crore for the quarter ended June 30, 2013, compared to the net loss of Rs 50.80 crore for the quarter in 2012.
The total operating income stood at Rs 256.78 crore for the three months ended June, 2013, as against Rs 357.23 crore for the same period of last year, a drop of 28%.
The company has also informed that it is expecting the transaction of sales of its Penicillin and Penem Active Pharmaceutical Ingredient (API) business and the API facility in Maharashtra to Hospira Healthcare India Private Limited, to be completed before September 30, 2013. The company has earlier informed BSE that the deal agreement has been extended to the end of June 30, 2013.
In its filing of quarterly results today, the company said, "The Company has entered into a Business Transfer Agreement (BTA) dated August 29, 2012 with Hospira Healthcare India Private Limited for the sale and transfer of Orchid’s Penicillin and Penem API business and the API facility located in Aurangabad (Maharashtra) together with an associated Process R&D infrastructure located in Chennai. The transaction is expected to be completed before September 30, 2013."
It may be noted that the company earlier said that it has received all the no objection certificates (NOCs) from the lenders to complete its $200 million deal with the Indian subsidiary of US-based Hospira Inc.
However, the company later went into Corporate Debt Restructuring (CDR) and considering the transaction also part of the CDR discusions, the process would take a little more time, said Ch Ram, head - corporate communications & investor relations, OCPL.
The company expects that once the CDR process is completed there would be an ease in flow of working capital, which would help the company in returning to growth, he added.
The company has extended its financial year (FY 2012-13) by six months to September 30, 2013.
