Orchid Chemicals & Pharmaceuticals’ FY11 (April-March) revenues rose 33% to Rs 1786 crore, ahead of the company’s guidance of Rs 1600 crore. Full year net profit was Rs 156 crore, but cannot be compared to the previous year’s figure of Rs 339, as that included exceptional gains from the sale of the generic injectables unit.
“Given the strong order book and supply arrangements, we are confident of delivering a 25% increase in revenues and a more than proportionate growth in profits,” Orchid chairman and managing director Raghavendra Rao said in a press release.
Orchid Chemicals said it expects to maintain its EBITDA (earnings before interest, taxes, depreciation and amortization) margin at 24% in 2011-12.
Rao told CNBV-TV18 that Orchid plans to raise USD 200-225 million through a qualified institutional placement by the second quarter of 2011-12, to lower its debt to equity ratio of 1.5:1.
The company’s current net debt is Rs 1600 crore.
The QIP will dilute the company’s equity base by 25-30%.
The company has declared a dividend of Rs 3 per share.
Shares of Orchid Chemicals ended at Rs 294.75, down 4.64% on the Bombay Stock Exchange.
Source: www,moneycontrol.com.
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