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Orchid
Orchid Chemicals (Orchid) reported strong set of numbers for 3QFY2011. Net sales came in
at `462.5cr (`337cr), an increase of 37.3% yoy. On the segmental performance front, the
global API business grew by strong 203% to `339.3cr (`111.8cr), led by supply
arrangements with Hospira and other major customers. However, there was a dip in the
global formulations division (inclusive of India) to `91.9cr (`198.9cr). Gross margins came
in lower at 51.6% (60.5%) on the back of higher contribution of API sales in the overall sales
mix, which during 3QFY2011 was at 73% vis-à-vis 33% during the last corresponding
period. However, OPM increased to 24% (14.4%), aided by the drop in other expenses,
which fell by 27.5%. During the quarter, Orchid reported declines in interest cost and
depreciation cost to `27.1cr (`53.8cr) and `32.2cr (`39.2cr), respectively, the key factors
that boosted the bottom line. Net profit during the quarter stood at `56.6cr as compared to
loss of `18.9cr in the same quarter last year. The stock is currently under review
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