"Fiscal 2002-03 has been marked by a number of strategic initiatives with long term beneficial impact. New joint ventures in China for manufacture of cephalosporins and in the US for drug discovery, acquisition of a domestic chronic therapy business and physical presence in high volume and high growth markets of Russia and Brazil as well as successful US FDA inspection of our facility for our flagship product support a major transformation of Orchids business profile. These initiatives and the foray into the regulated markets based on progressive approvals by US FDA would be future business drivers. We are in the meantime, poised to post significant growth this fiscal," said K Raghavendra Rao, managing director, Orchid Chemicals & Pharmaceuticals Ltd.
Samtel Color Posts Rs 8.56-cr Net In Q3
Samtel Color Ltd (SCL) has posted a gross turnover of Rs 254.07 crore for the quarter ended December 31, 2002, registering an increase of 29 per cent over Rs 196.74 crore reported in the corresponding period of 2001. Part of the Rs 1,200 crore Samtel Group, SCL, market leader in color picture tubes reported a net profit of Rs 8.56 crore for Q3 ended December 31, 2002, dropping from Rs 13.48 crore in the same period in 2001.
The lower net profit was on account of the impact of interest, depreciation and other costs of the new production line commissioned in March 2002.
The production on this line has been under a ramp-up, with capacity utilisation of 50 per cent during the quarter ended December 31, 2002. The release also stated that with a substantial increase in energy costs in this financial year, on account of suspension of natural gas supply from Gail, the company has been making efforts to reduce energy costs.
SCL chairman and managing director Satish Kaura said: "In the coming quarter, the market is expected to remain buoyant due to the world cup cricket tournament." In line with its strategy, SCL is making efforts to develop a larger market for its CPTs in Europe, Asia and Africa. In the first nine months of financial year 2002-03, Samtel exported 5,42,000 tubes against 3,11,00 tubes during the same period in 2001-02, registering a growth of 74 per cent.
Alembic Net Increases 67% To Rs 26 Crore
The net sales of Alembic Ltd rose nine per cent to Rs 432.32 crore for the quarter ending December 31, 2002 compared to Rs 398.07 crore for the same period of the previous financial year.
Net profit rose 67 per cent from Rs 15.51 crore to Rs 25.94 crore for the same period respectively.
Net Sales and profit for the third quarter of the current financial year were Rs 140.06 crore and Rs 10.79 crore. The figures for the third quarter of 2001-02 stood at Rs 139.59 crore and Rs 8.18 crore respectively.