Orchid Pharma registers 6% growth in FY12. Long-term supply contracts continue to add value to earnings.Higher interest costs & one time exceptional item of exchange loss on FCCB redemptions dent earnings.
Consolidated revenue of Rs 1902 crore for FY12.
| May 14, 2012
Net Profit of Rs 97 crore for FY12
Board recommends dividend of 30%
Consolidated earnings for the fiscal ended March 31, 2012 (FY12)
Orchid’s strategy of entering into long-term supply arrangements with marquee clients has paid off well and continues to contribute to the earnings.
* 1 US$ = Rs 50.88
- Turnover of Rs 1902.04 crore (USD 373.8 million) in FY12 compared to Rs 1785.57 crore (USD 350.9 million) during FY11
- Earnings before Interest, Depreciation and Tax stood at Rs 412.73 crore (USD 81.1 million) for the fiscal under review compared to Rs 401.12 crore (USD 78.8 million) registered during FY11
- Profit before tax (PBT) for the fiscal ended March 31, 2012 stood at Rs 79.32 crore (USD 15.6 million) compared to Rs 150.87 crore (USD 29.6 million) for the corresponding fiscal
- The Net Profit (PAT) for the fiscal ended March 31, 2012 stood at Rs 97.48 crore (USD 19.2 million) compared to Rs 156.19 crore (USD 30.7 million) for the corresponding fiscal
- EPS for the fiscal ended March 31, 2012 stood at Rs 13.84
Orchid’s board that met today to adopt the audited financial results for the fiscal ended March 31, 2012 recommended a dividend of 30%.
From the Chairman & Managing Director
“The financial year FY11-12 witnessed progress covering several key aspects of the business from revenue growth, profitability, increased product-market expansion, unlocking of working capital levels and the FCCB redemption. Despite a few setbacks during the year like the API plant closure, higher interest costs, the weakening rupee which impacted the FCCB redemption and the fire accident at the R&D centre, it is satisfying that we are on a growth path and are confident of delivering value going forward” said Mr. K Raghavendra Rao, Chairman & Managing Director, Orchid Chemicals & Pharmaceuticals Ltd.
Update on Regulatory filings
During the financial year 2012, Orchid continued its focus on the US generics market with the number of regulatory filings steadily increasing. The cumulative ANDA (Abbreviated New Drug Application) filings count in the US stands at 43. This includes 8 Para IV FTF (First–To–File) filings. The break-up of the total ANDA filings is 13 in the Cephalosporins space and 30 in the NPNC (Non-penicillin, Non-cephalosporin) space.
On the approvals front too, Orchid made good progress. The count of approved ANDAs stood at 29 as of March 2012. The break-up of the approved ANDAs comprises of 11 in Cephalosporin space and 18 in the NPNC space.
The cumulative count of Marketing Authorizations (MAs) filed in the EU region stood at 28 as of March 2012 with 13 in the Cephalosporin space and 15 in the NPNC space.
On the approvals front, Orchid has received approvals for 17 MAs comprising 9 in the Cephalosporin space and 8 in the NPNC space.
Active Pharmaceutical Ingredients (API)
During the fiscal year 2012, Orchid increased the filing count of its US DMFs to 89. Of these 28 DMFs pertain to the Cephalosporin category, 47 to NPNCs, 2 to the Betalactam segment and 12 to the Carbapenems segment.
Similarly, the filings of COS (Certificate of Suitability) for the European market stood at 21 which includes 14 in Cephalosporin space, 6 in the NPNC space and 1 in the Betalactam segment.