Financial highlights for Q3 FY12 (Earnings on consolidated basis)

·Revenue grows by 4%, Rs 496.8 crore (US$ 93.6 million) in Q3 FY12 versus Rs 478.5 crore (US$ 90.1 million) in Q3 FY11
·EBITDA of Rs 129.0 crore (US$ 24.3 million) in Q3 FY12 versus Rs 131.3 crore (US$ 24.7 million) in Q3 FY11
·Profit before Tax (before exceptional item loss of Rs 49.07 crore) of Rs 41.1 crore (US$ 7.8 million) in Q3 FY12 compared to Rs 71.9 crore (US$ 13.5 million) during Q3 FY11 
·At the net level, the company registered a loss (after exceptional item loss of Rs 49.07 crore) of Rs 11.06 crore (US$ 2.0 million) in Q3 FY12 compared to Rs 56.62 crore (US$ 10.7 million) during Q3 FY11

The net profit of the company for the 9-mths ended December 31, 2011 stood at Rs 82.2 crore representing a strong performance for the period. The net profit for H1 FY12 stood at Rs 37.65 crore.

Financial highlights for 9-mths ended December 31, 2011 

(Earnings on consolidated basis)

·Revenue grows by 13% - Rs 1411.8 crore (US$ 265.9 million) in the 9-months ended December 31, 2011 versus Rs 1245.6 crore (US$ 234.6 million) in the corresponding period of last fiscal
·EBITDA growth of 9% - Rs 324.1 crore (US$ 61 million) in the 9-months ended December 31, 2011 versus Rs 296.3 crore (US$ 55.8 million) in the same period of last fiscal
·Profit before Tax (before exceptional item loss of Rs 81.6 crore / extraordinary item gain of Rs 80 crore) of Rs 91.9 crore (US$ 17.3 million) in the 9-months ended December 31, 2011 compared to Rs 116.3 crore (US$ 21.9 million) during the corresponding period of last fiscal
·Net Profit after Tax (PAT) (after exceptional item loss of Rs 81.6 crore / extraordinary item gain of Rs 80 crore) of Rs 82.2 crore (US$ 15.5 million) in the 9-months ended December 31, 2011 compared to Rs 97.4 crore (US$ 18.4 million) registered during the same period last fiscal

From the Chairman & Managing Director

“The operational performance of the company continues to register strong growth. Higher interest charges due to the hardening of interest rates coupled with the exchange loss on outstanding foreign currency loans have impacted the bottomline in the 3rd quarter. The exceptional item loss is a point-in-time restatement and with the rupee strengthening the company will have a write-back on this account”, said Mr K Raghavendra Rao, Chairman & Managing Director, Orchid Chemicals & Pharmaceuticals Ltd. 

Performance of Key Business Segments

Global API business

The Global API (Active Pharmaceutical Ingredients) business of Orchid continued to witness strong growth backed by the long-term supply arrangements with key, large global majors. 

During Q3 FY12, the API sales of Orchid rose to Rs 353.3 crore (US$ 66.5 million) as compared to Rs 329.66 crore (US$ 62.1 million), registered during the corresponding period of last fiscal.

Global Generics business (Formulations)

Aided by key launches in the oral formulations space, the Global Generic formulations business of Orchid maintained its growth momentum. 

During the quarter ended December 31, 2011 (Q3 FY12), the formulations division registered a sale (global, including India) of Rs 114.0 crore (US$ 21.5 million) as compared to a sale of Rs 90.24 crore (US$ 17.0 million) achieved during the corresponding 3rd quarter of last fiscal.

* 1 US$ = Rs 53.1