Orchid Chemicals & Pharmaceuticals’ first quarter net profit fell 28% year-on-year to Rs 15.54 crore due to higher interest and finance charges and increased expenses.
During the April-June quarter, Orchid Chemicals’ net sales were up 23% from a year ago to Rs 373.76 crore.
The company’s interest and finance charges increased 35% in the three-month period to Rs 30.74 crore. There was also pressure from higher expenses, which rose 19% to Rs 331.92 crore.
Orchid Chemicals’ first quarter EBITDA (earnings before interest taxes, depreciation and amortization) were up 9% to Rs 85.90 crore, it said Friday.
On a consolidated basis, Orchid Chemicals’ net profit for the first quarter fell 28% year-on-year to Rs 16.92 crore. Consolidated turnover for the quarter increased 23% to Rs 449.23 crore.
Orchid Chemicals said it has 43 ANDA (abbreviated new drug applications) filings with the US FDA (Food and Drugs Administration). As of the end of first quarter, it had 21 final approvals for its ANDAs it had filed.
Orchid Chemicals' shares were trading down 1.9% at Rs 218.20 on NSE in morning trade.
Source: www.moneycontrol.com
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