Pharmaceutical company, Orchid Chemicals has said that it has turned profitable in the recently concluded quarter ending December 31, 2010. The company attributed the turnaround to its steady growth across segments. It reported consolidated PAT of Rs 56.62 crore for the Q3FY11 against a net loss of Rs 18.91 crore in the corresponding period of the previous fiscal. Expressing hope to continue the growth momentum, K Raghavendra Rao, CMD of Orchid Chemicals said, “Our business has arrived at a strong earnings platform that will see sustainable robust growth from here on.” “This is despite transferring our injectable formulations business to Hospira,” he added further.
The Chennai-based drug maker’s net sales rose to Rs 427.14 crore from Rs 308.83 crore, during the same period. In another positive, the company's Active Pharmaceutical Ingredients business revenues grew more than tripled to Rs 339.27 crore from Rs 111.8 crore, during the period under review. However, the firm’s formulations revenues declined to Rs 91.85 crore from Rs 198.86 crore, during the said period. “We are confident of registering strong double digit growth couped with more than proportionate profitability year-on-year going forward,” the company’s CMD said in a statement.
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