Orchid Chemicals & Pharmaceuticals Ltd
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2003
             
(Rs. Lakhs)
Sl No Particulars
Nine Months ended
31.12.2002
(Unaudited)
Three Months ended
31.03.2003
(Unaudited)
Three Months ended
31.03.2002
(Unaudited)
Year ended
31.03.2003
(Audited)
Year Ended 31.03.2002
(Audited)
Consolidated Accounts 31.03.03
(Audited)
1
 Sales and Operating Income
34645.18
19496.25
14717.61
54141.43
42552.48
54097.38
2
 Other Income
39.54
71.84
18.88
111.38
75.32
111.56
3
 Total Expenditure
27670.32
15619.38
12385.45
43289.70
33365.74
43364.24
a) Decrease/(Increase) in Stock in trade
(2424.91)
(2278.08)
(1822.85)
(4702.99)
(2266.84)
(4636.38)
b) Consumption of raw materials
19563.80
12347.12
10038.11
31910.92
23514.95
31910.91
c) Staff Cost
2171.77
1231.39
727.21
3403.16
2506.10
3403.16
d) Other Expenditure
8359.66
4318.95
3442.98
12678.61
9611.53
12686.55
4
Profit before Interest, Depreciation & Tax (1+2-3)
7014.40
3948.71
2351.04
10963.11
9262.06
10844.7
5
Provision for doubtful debts
-
895.43
-
1195.43
-
6
 Interest and Finance Charges
2804.80
1402.89
633.47
4207.69
3141.56
4215.49
7
 Depreciation
2878.11
1152.60
1025.14
4030.71
3582.15
4031.34
8
 Profit before tax (4-5-6-7)
1331.49
1393.22
(203.00)
2724.71
1342.92
2597.87
9
 Provision for Taxation-Deferred Tax
379.83
390.82
208.92
770.65
712.30
770.65
10
 Net Profit (8-9)
951.66
1002.40
(411.92)
1954.06
630.62
1827.22
11
 Paid- up Equity Share Capital (Face value of Rs. 10 each)
3238.19
3238.19
2799.92
3238.19
2799.92
3238.19
12
 Reserves excluding Revaluation Reserves
36990.13
30137.32
36775.83
13
 Basic & Diluted Earnings per Share (Rs.)
3.31*
3.10
(1.47)
6.61
2.25
6.18
14 Aggregate of Non-Promoter Shareholding          
  -Number of equity shares of Rs.10/- each      
27640677
23358770
  
  -Percentage of Shareholding      
85.36
83.43
  
  * EPS is for the period (not annualised) after providing for deferred tax.
   
(Rs. Lakhs)
  SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
 
 
Particulars
Nine Months ended
31-12-02
Three Months ended
31-03-03
Three Months ended
31-03-02
Year ended
31-03-03
Year Ended
31-03-02
Consolidated Accounts
31.3.03
  1. Segment Revenue      
  a. Bulk
31894.25
18172.00
14320.83
50066.25
41273.30
49945.62
  b. Formulations
4154.35
2191.72
596.53
6346.07
2216.28
6422.65
  Total
36048.60
20363.72
14917.36
56412.32
43489.58
56368.27
  Less: Inter segment revenue
1403.42
867.47
199.75
2270.89
937.10
2270.89
  Net Sales / Income from Operations
34645.18
19496.25
14717.61
54141.43
42552.48
54097.38
   
 
  2. Segment Results
  a. Bulk
3841.72
3473.43
646.74
7315.15
5053.98
7187.88
  b. Formulations
255.03
(707.43)
(234.80)
(452.40)
(636.00)
(444.17)
  Total
4096.75
2766.00
411.94
6862.75
4417.98
6743.71
  Less:
  i) Interest (Net)
2804.80
1402.89
633.46
4207.69
3141.56
4215.49
  ii) Other unallocable expenditure net of unallocable income
(39.54)
(30.11)
(18.52)
(69.65)
(66.50)
(69.65)
  Total Profit Before Tax
1331.49
1393.22
(203.00)
2724.71
1342.92
2597.87
   
  3. Capital Employed
  a. Bulk
74785.03
98935.81
13759.31
98935.81
73590.02
98808.93
  b. Formulations
4423.90
9350.00
908.60
9350.00
2786.11
9262.57
  Total
79208.93
108285.81
14667.91
108285.81
76376.13
108071.50
 
  1. The above financial results were adopted by the Board of Directors at its meeting held on Monday, April 28, 2003.
  2. The Board of Directors have recommended a dividend of 40% (Rs 4/-per share) on the equity share of Rs 10 each.Full dividend will be paid on 2,79,99,192 equity shares and Pro-rata dividend will be paid on 43,82,727 equity shares allotted to International Finance Corporation, Washington upon conversion of FCCBs on November 21, 2002.
  3. The consolidated Financial Statements include the financial statement of Orchid Nutricare Limited, U.K being the Wholly Owned Subsidiary. The Consolidated financial statements of the group have been prepared as at March 31, 2003 based on line-by-line consolidation of Profit and Loss account and Balance Sheet. All inter-company transactions and balances are eliminated on consolidation.
    The Company's consolidated Financial statements have been prepared by
    - consolidating the accounts of NCPC Orchid Pharmaceuticals Company Ltd, China by adopting AS 27 issued by the Institute of Chartered Accountants of India.
    - consolidating the accounts of BChD Biotechnological Chemical Development Limited, UK by adopting AS 23 issued by the Institute of Chartered Accountants of India.
  4. The Company has decided for an early implementation of Accounting Standard 26 (Intangible Assets) issued by the Institute of Chartered Accountants of India. Accordingly, the financial results for the financial year have been prepared in line with the new Accounting Standard AS-26. Due to the early implementation of AS-26, the profits for the year are lower by Rs. 291 lakhs. Further, in line with the said Standard, the Miscellaneous Expenditure of Rs. 2971 lakhs which includes, amongst others, Preliminary expenses, Share issue expenses, Research & Development, Product Registration and Development expenses outstanding as at March 31, 2002 has been set off against the reserves.
  5. The Company has acquired the assets, brands and business of Chennai based formulations company Mano Pharmaceuticals Private Limited (including its sister company Sali Healthcare) in January 2003. The figures for the last quarter of 2002-03 include the figures pertaining to the operations of the acquired business, now operating as Mano Pharma, a division of the Company.
  6. The Board approved the change of the registered office of the Company to its new owned corporate headquarters, "Orchid Towers" ,152, Village Road, Nungambakkam, Chennai 600034, Tamil Nadu, India.
  7. Previous period figures have been regrouped wherever necessary.

Place : Chennai
Date : 28-04-2003

For and on behalf of the Board

K.Raghavendra Rao
Managing Director