The Chennai-based pharma major, Orchid Chemicals & Pharmaceuticals Ltd (Orchid) registered a turnover and operating income of Rs 1238.92 crore for the fiscal year ended March 31, 2008 compared to the previous year’s revenues of Rs 912.92 crore, recording a growth of 35.7%.Earnings before Interest & Tax (EBIT) grew by 24.8% to Rs 248.40 crore compared to Rs 198.96 crore of last fiscal. After providing for lower interest expenses of Rs 81.12 crore (Rs 98.3 crore last fiscal) and depreciation and amortisation expenses of Rs 97.67 crore (Rs 82.47 crore last fiscal), Orchid’s profit before tax (PBT) grew by 115.7% to Rs 238.54 crore as against the previous year’s PBT of Rs 110.59 crore.Net profit after tax (PAT) registered a growth of 91% and rose to Rs 184.54 crore as against Rs 96.63 crore registered during the last fiscal. Orchid’s Earnings per share (EPS) for the fiscal stood at Rs 28.03 compared to Rs 14.70 of last fiscal.
Consolidated earnings for the fiscal ended March 31, 2008
On a Consolidated basis, Orchid’s turnover grew by 35% to Rs 1300.96 crore for the fiscal ended March 31, 2008 compared to Rs 963.82 crore of the corresponding fiscal.EBIT (Earnings before Interest and tax) grew by 31.5% to Rs 239.30 crore compared to Rs 181.91 crore of the same period last fiscal.Net profit stood at Rs 175.34 crore for the fiscal March’08 compared to Rs 78.55 crore of the corresponding fiscal registering a growth of 123.2%.The Board of Directors of Orchid met today to adopt the audited financial results for the fiscal ended March 31, 2008. The Board recommended a dividend of 30%.Net profit figures for the year, consolidated and standalone reflect the impact of the exceptional item related to the foreign exchange gain on the FCCBs as applicable for the relevant periods.
Standalone earnings for the fourth quarter (Q4) ended March 31, 2008
Orchid’s turnover for the fourth quarter ended March 31, 2008 grew by an impressive 56% to Rs 379 crore as compared to Rs 243 crore registered during the corresponding period of last fiscal.Earnings before Interest and tax stood at Rs 48.63 crore compared to Rs 44.87 crore registered during the corresponding quarter of the last fiscal.Profit from ordinary activities before the exceptional item related to the foreign exchange loss / gain on the FCCBs stood higher by 18% at Rs 24.35 crore compared to Rs 20.62 crore for the corresponding quarter of last fiscal.Net profit stood at Rs 15.85 crore compared to Rs 24.27 crore for the corresponding quarter of last fiscal.Orchid’s Managing Director Mr K Raghavendra Rao, commenting on the earnings said, “We are happy about the growth that has been achieved in the business. FY08 has been marked by positive developments and milestone achievements in various spheres of our operations. We could introduce high-value, niche antibiotic formulations Cefepime and Cefdinir in the US market reinforcing our position in that market. We have commenced our foray into the non-antibiotic (NPNC) segment. During the last quarter of FY08, we have taken steps to enter Japan, the second-largest pharmaceutical market in the world. We have also recently forged a significant business alliance with Ranbaxy to leverage each other’s strengths. Our regulatory journey has also moved well with our key formulation facilities receiving the nod from the South African MCC and product filings increasing in both the US and EU markets. Another salient feature of fiscal 2007-08 was that we crossed the USD 100 million revenue mark in the US generics market, a milestone achieved in just 3 years of our entry into the US market. Overall, we are happy about the performance that has been delivered and are hopeful of a stronger and more robust performance in the current fiscal.”
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