The company announced the results after market hours on Friday, 9 November 2012.

Meanwhile, the BSE Sensex was almost flat at 18,684.82.

On BSE, 1.56 lakh shares were traded in the counter as against average daily volume of 3.25 lakh shares in the past one quarter.

The stock hit a high of Rs 108 and a low of Rs 102 so far during the day. The stock had hit a 52-week low of Rs 100.55 on 16 August 2012. The stock had hit a 52-week high of Rs 197.20 on 6 February 2012.

The stock had underperformed the market over the past one month till 9 November 2012, declining 6.73% compared with the Sensex's 0.58% fall. The scrip had also underperformed the market in past one quarter, falling 0.56% as against Sensex's 6.39% rise.

The small-cap pharmaceutical company has equity capital of Rs 70.45 crore. Face value per share is Rs 10.

Orchid Chemicals & Pharmaceuticals' consolidated total income declined 18.75% to Rs 378.37 crore in Q2 September 2012 over Q2 September 2011. Earnings before interest, taxation, depreciation, and amortization (EBITDA) dropped 14.61% to Rs 83.65 crore.

Orchid Chemicals & Pharmaceuticals' said that Q2 September 2012 results include the exceptional gain/loss on account of the profit on stake sale in the Chinese joint venture (JV) and the exchange loss on foreign currency loans aggregating to Rs 46.22 crore.

Commenting on the Q2 results, Mr. K Raghavendra Rao, Chairman & Managing Director, Orchid Chemicals & Pharmaceuticals said, "The increased interest outflow and the continuing liquidity pressure leading to working capital constraints have impacted the revenues and profitability during the second quarter / half year. This continuing pressure will lead to the current financial year witnessing a flat trend in terms of our overall performance. We are working on a long-term growth strategy encompassing both the existing business verticals and foray into new product segments which should improve the revenue and margin profile next fiscal onwards".

Separately, Orchid Chemicals & Pharmaceuticals said on Friday, 9 November 2012 that it was exiting its 50:50 manufacturing JV in China. The 50% stake that Orchid holds in the JV company (NCPC-Orchid Pharmaceuticals) will be transferred to the partner company (NCPC) for a total cash consideration of $13.9 million (RMB 87.5 million), Orchid said in a statement.

Orchid had in 2002 entered into a 50:50 JV with North China Pharmaceutical Corporation (NCPC) to set up a Cephalosporin API manufacturing facility located in Shijiazhuang, China.

Commenting on the development, Orchid's Chairman & Managing Director Mr. K Raghavendra Rao said, "With the local Chinese players fast integrating, the operating conditions have grown quite competitive in China. Moreover, the products that the JV manufactures and markets in the local Chinese market have reached a mature stage resulting in flat growth prospects going forward. Hence, it was a prudent decision to relinquish our stake to the partner and exit the JV".

Orchid Chemicals & Pharmaceuticals is involved in the development, manufacture and marketing of diverse bulk activities, formulations and nutraceuticals.