Orchid Chemicals & Pharmaceuticals Ltd has reported a 65 per cent drop in net profit at Rs 21 crore for the quarter ended March 2012. This is against a net profit of Rs 61 crore in the same period last year.
Revenue declined by eight per cent to Rs 452 crore (Rs 495 crore).
The drop in net profit was despite a 27 per cent lower in expense on cost of material consumed to Rs 186 crore (Rs 256 crore).
The company's board has recommended a dividend of 30 per cent.
For the year ended March 2012, the company reported a 36 per cent drop in net profit to Rs 103 crore as against Rs 160 crore in the previous year.
Revenue, however, increased by seven per cent to Rs 1,702 crore (Rs 1,595 crore).
The financial year 2011-12 witnessed progress covering several key aspects of the business from revenue growth, profitability, increased product-market expansion, unlocking of working capital levels and the FCCB redemption, said Mr K. Raghavendra Rao, Chairman and Managing Director.
Regulatory filings - US
During the financial year 2012, Orchid continued its focus on the US generics market with the number of regulatory filings steadily increasing. The cumulative Abbreviated New Drug Application (ANDAs) filings count in the US stands at 43.
On the approvals front too, the count of approved ANDAs stood at 29.
On the BSE, the company's share closed at Rs 128.6, a decline of 7.65 per cent.