Orchid Chemicals & Pharmaceuticals Ltd
Unaudited Financial Results for nine months ended December 31, 2002
             
Sl No Particulars
Three Months Ended
31.12.2002
(Unaudited)
Three Months Ended
31.12.2001
(Unaudited)
Nine Months Ended
31.12.2002
(Unaudited)
Nine Months Ended
31.12.2001
(Unaudited)
Year Ended 31.03.2002
(Audited)
1
 Sales and Operating Income
12828.42
9571.68
34645.18
27834.87
42552.48
2
 Other Income
8.68
18.86
39.54
56.44
75.32
3
 Total Expenditure
10278.29
7421.81
27670.32
20980.29
33365.74
a) Decrease/(Increase) in Stock in trade
1034.65
(574.49)
(2424.91)
443.99
(2266.84)
b) Consumption of raw materials
5884.26
5075.77
19563.80
13476.84
23514.95
c) Staff Cost
711.17
639.22
2171.77
1778.89
2506.10
d) Other Expenditure
2648.21
2281.31
8359.66
6168.55
9611.53
4
Profit before Interest, Depreciation & Tax (1+2-3)
2558.81
2168.73
7014.40
6911.02
9262.06
5
Provision for doubtful debts
-
200.00
-
300.00
1195.43
6
 Interest and Finance Charges
1015.19
710.31
2804.80
2508.09
3141.56
7
 Depreciation
987.37
880.54
2878.11
2557.01
3582.15
8
 Profit before tax (4-5-6-7)
556.25
377.88
1331.49
1545.92
1342.92
9
 Provision for Taxation
  -Current Tax
-
0.00
-
0.00
-
  -Deferred Tax
184.50
152.74
379.83
503.38
712.30
10
 Net Profit (8-9)
371.75
225.14
951.66
1042.54
630.62
11
 Paid- up Equity Share Capital (Face value of Rs. 10 each)
3238.19
2799.92
3238.19
2799.92
2799.92
12
 Reserves excluding Revaluation Reserves
-
-
-
-
30137.32
13
 Basic & Diluted Earnings per Share (Rs.)
1.24**
0.80**
3.31**
3.72**
2.25
* EPS is for the period (not annualised)  
       
 
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
Particulars
Three Months Ended
31-12-02
Three Months Ended
31-12-01
Nine Months Ended
31-12-02
Nine Months Ended
31-12-01
Year Ended
31-03-02
1. Segment Revenue        
a. Bulk
11890.20
9275.30
31894.25
26952.48
41273.30
b. Formulations
1515.59
562.49
4154.35
1619.75
2216.28
Total
13405.79
9837.79
36048.60
28572.23
43489.58
Less: Inter segment revenue
577.37
266.11
1403.42
737.36
937.10
Net Sales / Income from Operations
12828.42
9571.68
34645.18
27834.87
42552.48
 
 
2. Segment Results
a. Bulk
1472.64
1190.02
3841.72
4534.64
5053.98
b. Formulations
90.12
(75.15)
255.03
(401.20)
(636.00)
Total
1562.76
1114.87
4096.75
4133.44
4417.98
Less:
i) Interest (Net)
1015.19
710.31
2804.80
2508.09
3141.56
ii) Other unallocable expenditure net of unallocable income
(8.68)
26.68
(39.54)
79.43
(66.50)
Total Profit Before Tax
556.25
377.88
1331.49
1545.92
1342.92
 
3. Capital Employed
a. Bulk
74785.03
59830.71
74785.03
59830.71
73590.02
b. Formulations
4423.90
1877.51
4423.90
1877.51
2786.11
Total
79208.93
61708.22
79208.93
61708.22
76376.13
 
  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