Chennai-based Generic pharma major, Orchid Chemicals & Pharmaceuticals Ltd. (Orchid) achieved a total income of Rs 306.33 crore for the quarter ended June 30, 2008 (Q1 FY08-09) in comparison to Rs 236.27 crore registered during the corresponding first quarter of last fiscal, growing by 29.6%.

Earnings before Interest and tax (EBIT) was Rs 57.16 crore compared to Rs 43.23 crore during the corresponding quarter of last year (EBIT grows 32%). The Profit before exceptional item and tax was Rs 26.91 crore as against Rs 23.05 crore of the Q1 of last fiscal. The Company registered a net loss after tax of Rs 31.65 crore after exceptional item (loss) of Rs 58.80 crore compared to a net profit of Rs 51.30 crore after exceptional item (gain) of Rs 52.86 crore for the Q1 last fiscal.

Consolidated earnings for the first quarter ended June 30, 2008

On a consolidated basis, Orchid’s total income for the first quarter ended June 30, 2008 grew by 31.6% and stood at Rs 328.30 crore in comparison to Rs 249.55 crore registered during the corresponding first quarter of last fiscal. Earnings before Interest and tax (EBIT) stood Rs 55.01 crore compared to Rs 40.76 crore during the corresponding quarter of last year. The Profit before exceptional item and tax was Rs 24.71 crore as against Rs 20.35 crore of the Q1 of last fiscal. At the net level after tax, the company registered a loss of Rs 33.85 crore after exceptional item (loss) of Rs 58.80 crore as against a profit after tax of Rs 48.59 crore after exceptional item (gain) of Rs 52.86 crore of Q1 last fiscal.

During the first quarter of this fiscal, Orchid continued to achieve steady growth in its US Generics business. Though there were no new products launched during the first quarter, the earlier launched products like Cefoxitin and Cefdinir continued to show increasing trends in demand. Products like Ceftriaxone and Cefepime among others also witnessed a positive consolidation despite additional competition.