Orchid Pharma’s shares declined by more than 8% following the release of their Q4 results, which missed market expectations.
Net profit for the quarter ending March 2024 fell by 44.27% to Rs 32.96 crore, compared to Rs 59.14 crore in the same quarter the previous year. However, sales saw a modest increase of 3.43%, rising to Rs 217.10 crore from Rs 209.90 crore in the previous year’s quarter.
Despite the weak quarterly performance, the company reported strong annual results. For the full financial year, net profit increased by 98.99% to Rs 92.17 crore, up from Rs 46.32 crore in the previous year. Sales for the year grew by 23.05%, reaching Rs 819.37 crore compared to Rs 665.90 crore in the previous year.
As of 10:53 AM, Orchid Pharma shares were trading 8.3% lower, reflecting investor disappointment with the quarterly performance despite the positive annual results.
Orchid Chemicals & Pharmaceuticals Limited is an Indian pharmaceutical company based in Chennai, founded on 1 July 1992, by Kailasam Raghavendra Rao, an alumnus of IIM Ahmedabad.
