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High interest charges and forex losses have dragged Orchid Chemicals and Pharmaceuticals into the red.
For the quarter ended December 31, 2011, the company posted a net loss of Rs 11 crore, compared to a net profit of Rs 56 crore in the corresponding quarter last year. Net sales were up 4.3 per cent to Rs 482 crore.
“The exceptional item loss (Rs 49 crore) 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 and Managing Director.
The company's share price was down 9.35 per cent on Wednesday to close at Rs 172 on the BSE.
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