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Our Bureau

Chennai, Oct. 30 Due to an Rs 81.57-crore hit on account of restatement of foreign currency loans, Orchid Chemicals and Pharmaceuticals reported a loss of Rs 40.66 crore for the July-September quarter of the current year, compared with a net profit of Rs 63.27 crore in the corresponding quarter last year.

But even if the charge due to foreign exchange fluctuations is not considered, the company’s performance was relatively poor — its operating profit, before interest and exceptional items, was lower by 16 per cent, at Rs 67.23 crore, compared with Rs 81.67 crore previously.

The company, whose sales are almost entirely from exports, reported sales of Rs 339 crore against Rs 287 crore previously.

A spokesman of the company did not want to disclose how much of the increase could be attributed to the depreciation of the rupee. No figures relating to volumes of sales were given.

Orchid has also had to bear the burden of a near-doubling of interest costs.

The spokesman said that this was because of a 200-300 basis points increase in cost of borrowing.

More Stories on : Financial Performance | Pharmaceuticals | Forex

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