Orchid Pharma Profit Down 47% To Rs 3 Cr

Chennai, July 29: | Updated: Jul 30 2002, 05:30am hrs
The Chennai-based Orchid Chemicals & Pharmaceuticals Ltd on Monday reported a 47 per cent drop in its net profit for the quarter ended June 30, 2002.

The net profit of the company stood at Rs 2.91 crore as against Rs 5.51 crore during the corresponding period of the previous year.

The total turnover of the company stood at Rs 106.84 crore (Rs 88.87 crore), an increase of 20 per cent.

The lower net profit was due to higher depreciation of Rs 10.23 crore (Rs 8.24 crore) and higher expenditure of Rs 23.17 crore (Rs 16.79 crore) incurred on various expansion initiatives, according to a company statement.

Many of the operational and strategic initiatives that the company embarked on during the fiscal 2001-02 have started yielding results and have contributed to a higher turnover and consolidation of operating margins of the company, the release added.

A ramp-up in the production of a high potential - high market value nutraceutical product, major product mix improvements will have positive impact in the future.