Orchid registers turnover of Rs173.86 crore for Q1 FY 2004-05

31 July 2004

Orchid Chemicals and Pharmaceuticals Ltd (Orchid) achieved a turnover and operating income of Rs173.86 crore for the quarter ended June 30 2004 in comparison to Rs172.92 crore registered during the corresponding first quarter of last fiscal.

Gross profit before interest, depreciation and extraordinary items was up by 13 per cent to Rs37.24 crore from Rs33.09 crore during the corresponding quarter of last year. Profit before tax was Rs5.09 crore, as against Rs8.20 crore of Q1 last fiscal. Net profit after tax stood at Rs4.69 crore compared to Rs7.57 crore of Q1 last fiscal.

At the EBITDA level, the company posted an increase from Rs33.09 crore to Rs37.24 crore, despite the top line pressures, reflecting the operational strengths and process efficiencies of the company. EBITDA margins of the company at around 21 per cent are the highest in the industry.

Orchid has filed 12 drug master files and four Abbreviated New Drug Applications (ANDAs) with the US FDA as well as 18 drug master files with regulatory authorities in various European countries and nine Certificates of Suitability (CoS) dossiers with the European Directorate for the Quality of Medicines (EDQM).

The company had an exclusive alliance with Par Pharma for marketing oral cephalosporin formulations in the US market. It also extended its exclusive alliance with Apotex for sterile antibiotic formulations to the Canadian market.

Orchid has successfully completed phase one trials of lead anti-diabetic molecule (BLX-1002); the phase 2(a) trials are underway.