Orchid Chemicals declares 30 percent dividend

May 18th, 2011 - 6:23 pm ICT by IANS  

Chennai, May 18 (IANS) Pharmaceuticals major Orchid Chemicals and Pharmaceuticals Ltd Wednesday recommended 30 percent dividend for the year 2010-11.

The company closed last fiscal with a consolidated revenue of Rs.1,786 crore and a net profit of Rs.156 crore, as compared to Rs.1,343 crore and a net profit of around Rs.339 crore in 2009-2010.

During 2009-2010, the company sold its injectibles business and hence the profit figures of the current year are not exactly comparable.

“We believe that our performance of the fiscal year 2010-11 is the start of a strong, growth journey for the company. We have put in place an operating canvas that incorporates long term supply arrangements involving niche products thereby ensuring sustainable growth with strong margins going forward,” the company’s chairman and managing director K. Raghavendra Rao said.

According to him, the shift to a more sustainable and robust business model has helped to significantly de-leverage the balance sheet, improving key parameters like working capital, debt equity and asset turnover.

“Given the strong order book and supply arrangements, we are confident of delivering a 25 percent increase in revenues and a more than proportionate growth in profits during the current financial year,” he added.

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