Orchid Chemicals up 5% as Q3 loss shrinks to Rs 53.90 cr

Moneycontrol Bureau

Shares of Orchid Chemicals & Pharmaceuticals jumped 5 percent intraday on Wednesday post its December quarter results. The drug company’s third quarter net loss shrunk to Rs 53.90 crore against a net loss of Rs 72.35 crore year-on-year.

During the quarter, its total operating income jumped 18.5 percent to Rs 371.60 crore from Rs 313.53 crore in the same period last fiscal.

"Though the company continues to face tight working capital situation, the approval for the corporate debt restructuring package (CDR), expected before end of February 2014 would facilitate completion of Penicillin and Carbapenem Business transfer to Hospira. It will also bring in working capital availability from deal proceeds besides de-leveraging debt profile," said R Raghavendra Rao, Chairman and managing director of the company.