Chennai-based pharma company, Orchid Chemicals and Pharmaceuticals Ltd, said its net profit more than doubled in the second quarter to touch Rs63.27 crore compared with the same period of the previous fiscal.
Orchid said the increase in profits was mainly because of two new antibiotic products launched during the quarter. However, revenues increased by only around 20% to Rs295.12 crore.
“The formulations business contributed around 40% to our total revenues and the launch of two antibiotic products, Cefepime and Cefdinir were the key drivers of this growth. We will continue to focus on the formulations business as they provide better margins,” a company spokesperson said. On Thursday, Orchid’s shares closed 5.2% lower on the Bombay Stock Exchange to end the day at Rs221.95.